Rayence Corporation, the Korean originated manufacturer of medical equipment and x-ray detectors recently published it’s half-yearly 2019 results. Its Group consolidated financial statements indicate that the firm returned to growth during the second quarter following a marginal contraction at the start of the year. The companies sales revenue reached 60,998 million won which represents 3% growth year-on-year (YoY).
Growth in sales revenue was driven by the domestic market which accounted for approximately 53% of revenues during the first half of 2019. The domestic market demonstrated strong demand for all core detector products, in particular, for the EZ series of bendable intra-oral (I/O) sensors using CMOS technology. Domestic sales revenue from the sale of I/O sensors reached 8,141 million won which represents 550% growth YoY. The demand for its range of TFT and CMOS FPDs was also strong as domestic sales revenue grew by 35% and 40% YoY respectively. The portfolio of TFT FPDs includes it’s 10″x12″ (1012WCA) and 17″x17″ (17SCC/SGC) detectors for veterinary, industrial and medical digital radiography applications. The portfolio of CMOS FPDs includes it’s 17″x24″ detector for breast imaging as well as various detectors for industrial applications.
In contrast, sales revenue from exports contracted significantly across its core products. None of the companies external customers account for more than 10% of the group’s sales revenue, therefore the contraction in sales could potentially be indicating a general slowdown in the international demand for x-ray detectors. That said, it’s main domestic competitors, DRTECH and Vieworks, recorded strong sales growth from their export markets during the first half of 2019, suggesting that weaker international sales performance is specific to Rayence. While the overall export business contracted, sales results varied by geography. For example, sales originating from OSKO Inc and it’s Mexican counterpart, the subsidiaries Rayence acquired in 2016 covering the Latin America region, increased by low double-digits YoY, indicating a return to growth following a contraction across 2017/18.
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