Rayence said Tuesday that it recorded 28.3 billion won ($24.2 million) in the first quarter of this year, up 0.59 percent from the same period of last year.
The company also registered 4.9 billion won in operating profit, down 3.8 percent.
"Our overall sales and operating profit are projected to improve as the company's sales and profits are rising compared to the previous year," the company said. "Since the second half of last year, the company has started to supply complementary metal–oxide–semiconductor (CMOS) image sensor- based dental detectors and intraoral sensors (IOS) to other manufacturers besides Vatech, our parent company."
As customer acquisitions are proceeding smoothly in China and Europe, the company expects gradual sales growth in the future, it added. The company has also been expanding its business by selecting a solution for the companion animal market as a new growth engine.
As part of this effort, the company has separated its animal business division and established "Woorien," which has become the number one veterinarian hospital platform provider.
"The company is in the process of restructuring its business portfolio, which has been focused on one field of detectors," Rayence CEO Kim Tae-woo said. "We plan to expand our detector market into industrial and medical specialty fields while achieving solid results in new businesses, including animal products with high growth potential."