Rayence, a Korean company specializing in digital X-ray imaging solution, said Monday that it recorded 30.7 billion won ($27.4 million) in sales in the second quarter of this year, a 15.5 percent increase from the same period of 2017.
The company also registered 6.4 billion won in operating profit in the same period, a drastic 59.6 percent increase from a year ago.
Thanks to the robust second-quarter performance, sales and operating profit in the first half grew to double digits, reaching 59.26 billion won and 11.6 billion won, respectively.
The first-half year's earnings improvement was primarily due to an increase in sales of complementary metal oxide semiconductor (CMOS) detectors. The CMOS detector, which supports high-speed and high-resolution shooting, is popular in the field of healthcare, dental X-ray as well as industrial inspection equipment market.
The company's CMOS detector sales grew 35.8 percent year to year was thanks mainly to the expansion of its sales to global healthcare groups.
In the industrial detector sector, which is a new market for the company, the export increase for security inspection equipment in North America helped the company’s sales to increase by 15 percent compared to the same period of last year.
Rayence also saw optimal growth in the field of animal detectors, which is one of its main future businesses, with sales increasing 46.3 percent year to year.
The company believes that the promising outcome is the result of its cost-innovative products and innovation activities in its production line.
To actively diversify its product portfolio on CMOS detectors in the second half of the year, the company plans to launch a new CMOS detector for the unique healthcare market such as the mammography, C-Arm (tomography for cervical spine surgery), and a CMOS detector optimized for the particular industrial market.
The company also plans to continue to its advance into the North American animal market by developing and supplying special products for pet image market through its subsidiary Woorien.
“Despite the intensifying competition in the market for detectors, the company has by specializing product development, expanding customers, and discovering new markets by taking advantage of the strengths of both TFT / CMOS technologies,” Rayence CEO Kim Tae-woo said. “We will continue to strengthen our differentiated competitiveness using our proprietary CMOS technology, and make a second leap forward by continuing to discover areas that we can do better than anyone else.”