Vieworks H1 2019 Sales Results

Vieworks, the Korean originated manufacturer of medical imaging solutions published it’s 2019 first-half results during August. These indicate that the business achieved continued and faster sales growth during the second quarter. The companies sales revenue reached 64,629 million KRW representing 7.6% growth year-on-year (YoY). Growth in sales revenue was driven by the medical imaging solutions business which grew by 17% YoY and accounted for approximately 2/3 of revenues. The industrial imaging solutions business which accounts for the remaining third experienced a moderate contraction due to weaker demand for its industrial camera products.

With respect to medical imaging solutions, sales revenue growth was achieved across its core products including the VIVIX series of static and dynamic flat-panel detectors (FPDs) for digital radiography, veterinary, fluoroscopy and mobile c-arm applications. Sales revenue from FPDs increased by approximately 10% YoY and 14% YoY for CCD-type detectors for R/F tables. Strong sales revenue growth was achieved from software solutions for image acquisition, processing and viewing, accompanying growth in hardware sales.

Despite the increase in sales revenue, overall production volumes decreased by approximately 8% YoY to a significant reduction in unit volumes from the industrial imaging solutions business. Production volumes for the medical imaging solutions business grew in-line with revenues, indicating only marginal changes in the average selling price of detectors. The average price of FPDs marginally increased while the price of CCD-type detectors for R/F tables marginally decreased. The production capacity of manufacturing operations did not materially change, therefore the production output of the medical solution business indicate a strong increase in production capacity utilisation which averaged 92% in the first half of 2019. Overall, production capacity utilisation decreased by approximately 5% to 55%, due to the significant reductions in unit volumes from the industrial imaging solutions business.

Vieworks continues to invest in its Medical Imaging Research Center which seeks to provide the companies core source of competitiveness. The company increased its research and development expenditures both on a nominal and relative basis, with R&D costs increasing to 13.17% of sales revenue, after deducting government subsidies. Some of the recent products commercialised as a result of this continued R&D investment includes the VIVIX-S series of high-resolution FPDs for various medical applications as well as the development of a small video FPD for industrial applications.

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