Rayence Reports Q3 Fiscal Results, Continues Strong Growth
- Record Q3 results of all time, consisting of 33.06b KRW in sales and 6.23b KRW in operating profits.
- Set record third consecutive quarterly results
- Further growth expected from an expanding portfolio consisting of industrial CMOS detectors, low-dose medical detectors and more
Rayence (228850, www.rayence.com, CEO: Kim Tae-woo), a manufacturer that specializes in digital x-ray components and materials, reported its preliminary fiscal report for Q3, consisting of 33.06b KRW in sales and 6.23b KRW in operating profits, on the 9th. Sales increased by 42.5% compared to the previous year, and operating profits grew by an astounding 2200%. Both figures are record highs for the equivalent quarter.
Continuing the trend of setting record highs from the first half of the year, this 3rd quarter results are its highest ever results for the equivalent quarter. Even when compared to 2019, the previous record, 3Q sales and operating profits increased by 8.7% and 12.7% respectively. Coming back from a year of hesitant growth in 2020 due to the COVID-19 crisis, Rayence’s strong growth momentum continues.
Rayence captured the market’s demand as it recovered from the COVID-19 crisis with its high quality and exceptional service, marking growth across the board - medical(+48.7%), dental(+39.4%), industrial(+80.0%), veterinary(+27.7%) - over the previous year. It is notable that Rayence recorded significant growth in the industrial and veterinary markets, as they were markets marked as prime candidates that would fuel future growth.
Rayence launched multiple innovative products for the industrial market, while Woorien, Rayence’s subsidiary that specializes in the veterinary market, expanded its market presence with its wide product portfolio consisting of veterinary EMR(electronic medical records), pharmaceuticals, and medical devices. These factors are expected to accelerate Rayence’s growth.