Increase of 916% Year-over-year
EOFlow Co. announced financial results for the third quarter on Nov. 14.
The company posted 3.5 billion won in sales in the third quarter, an increase of 916% compared to 342 million won in the prior year. The company recorded the highest quarterly earnings of all time.
“Exports of EOPatch production line to the Chinese joint venture contributed to the increase in sales in the third quarter. The production equipment, components and technical service export to China account for about 2.2 billion won. Despite the COVID-19 crisis, executives at Sinoflow Co. recently visited Korea and toured our production line to learn about the EOPatch production process. We are getting ready for the new market entry in China,” Richard An, chief financial officer at EOFlow, commented.
“2022 is the year that EOFlow establishes its global presence. In addition to Menarini’s official launch in Europe in September, the company received regulatory approvals for EOPatch in the United Arab Emirates and Indonesia. We expect to make the first shipments to the United Arab Emirates by the end of the year, and to Indonesia in the first half of next year," he added.
EOFlow announced operating loss of 8.1 billion won and net loss of 5.5 billion won. According to the company, the loss is primarily due to increased expenditures in the areas of sales, general and administrative expenses (SG&A) such as personnel expenses from the increased workforce, and increased expenses from the subsidiaries. The deficit is expected to shrink as sales volume increases.
EOFlowwill host a conference call on Nov. 23 at 11:00 a.m. (Korean Time) to discuss the financial results and business outlook.