Hugel (145020) Q3 2024 earnings summary

Executive summary

• Net sales reached KRW 105.1bn in 3Q24, up 23.9% year-over-year.

• Operating profit rose to KRW 53.4bn in 3Q24, a 54.5% increase year-over-year.

• Net income was KRW 42.0bn in 3Q24, up 1.1% compared to the same quarter last year.

• Achieved consolidated revenue of 274.8 billion KRW for the first nine months of 2024, with strong contributions from botulinum toxin and HA filler products.

• Overseas sales accounted for 59.1% of total product revenue, reflecting robust global expansion.

Financial highlights

• Gross profit increased to KRW 82.9bn in 3Q24, up 25.2% year-over-year, with gross margin at 78.8%.

• SG&A expenses decreased 6.9% year-over-year to KRW 29.5bn.

• Pre-tax income was KRW 53.0bn in 3Q24, down 1.2% year-over-year.

• Cash and cash equivalents: 182.9 billion KRW as of September 30, 2024.

• EPS (basic): 8,868 KRW for 2024 Q3 YTD.

Segment performance

• Toxin product sales grew 40.9% year-over-year to KRW 64.7bn in 3Q24.

• Filler sales declined 4.4% year-over-year to KRW 29.9bn in 3Q24.

• Cosmetics sales rose 37.4% year-over-year to KRW 9.0bn in 3Q24.

• Botulinum toxin (Botulax): 148.8 billion KRW (54.15% of sales) for 2024 Q3 YTD.

• HA filler (The Chaeum): 95.7 billion KRW (34.8% of sales) for 2024 Q3 YTD.