PROTIA Expands Export Destinations Sevenfold... Overseas Sales Exceed Half of Total Revenue

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[Edaily Reporter Yoo Jin-hee] PROTIA (303360), a diagnostic device specialist, is firmly laying the foundation to achieve its goal of KRW 100 billion in revenue by 2030. PROTIA has expanded its exports, which had been concentrated in India, Russia, Southeast Asia, and the Middle East, into the North American market. As a result, exports are expected to account for more than half of PROTIA’s total revenue for the first time this year.

Number of Distributors Expected to Expand from 21 Worldwide to More Than 90 by Year-End

According to industry sources on the 4th, PROTIA has focused on transforming itself into an export-oriented company since its KOSDAQ listing in 2023. As a result, the number of countries to which it exports has increased from 68 at the beginning of the year to 80. The number of distributors is also expected to rise from 69 to more than 90 by the end of the year.

The results of this aggressive strategy are reflected in the figures. The share of exports, which stood at just 5.4% in 2015, is projected to exceed 50% for the first time this year, reaching 52.3%. PROTIA does not intend to stop there. To achieve KRW 100 billion in revenue, the company plans to raise the share of exports in total revenue to 60% next year and more than 90% by 2030.

The results of PROTIA’s aggressive strategy are also reflected in its performance. In the third quarter, PROTIA recorded revenue of KRW 4.034 billion and operating profit of KRW 1.175 billion. Revenue and operating profit increased by 36.9% and 117.6%, respectively, compared with the same period last year.

As a result, its annual performance is also expected to reach a record high. According to a recent initial public offering report published by Kiwoom Securities, PROTIA’s 2025 annual revenue and operating profit are estimated at KRW 15.5 billion and KRW 4.2 billion, respectively. If realized, this would represent year-on-year growth of 47% and 120%, respectively.

Even steeper growth is expected next year. Expansion into global markets and increased sales of new products are projected to drive performance. In fact, sales of the Q-Station diagnostic instrument, which may serve as a leading indicator of next year’s revenue, have increased significantly.

PROTIA sold approximately 400 diagnostic instruments this year, up 54% from the previous year. PROTIA’s diagnostic instruments are specialized for testing its independently developed diagnostic reagents, meaning that increased instrument sales lead directly to subsequent reagent sales.

Expanding Business into Three Pillars: Allergy, Antimicrobial Susceptibility, and Immune Management

This external growth is based on PROTIA’s differentiated technological competitiveness and expansion of its new product portfolio. The first key factor is its advanced technology in allergy diagnostics.

PROTIA holds the No. 1 share of the domestic market with Allergy-Q 192D, which applies the world’s first Parallel Line Array technology and can test for up to 176 allergens at once. In overseas markets, the company is penetrating a global market dominated by diagnostic devices with 60 or fewer lines by offering Allergy-Q 128L, an upgraded version of its flagship 96-line product, at a competitive price.

A PROTIA official said, “The global allergy diagnostics market reached USD 5.3 billion, or approximately KRW 7.8 trillion, last year, and our long-term goal is to capture more than 10% of that market. As we are focusing on overseas markets with the strength of multiplex testing, allergy diagnostic instruments will be a key driver of continued record performance.”

PROTIA views PROTIA AST, its antimicrobial susceptibility testing instrument, as another growth pillar following its allergy diagnostic instruments. PROTIA AST is the world’s first system to adopt a capacitance measurement method, reducing a test that previously took an entire day to less than four hours.

The global antimicrobial susceptibility testing market is also comparable in size to the allergy diagnostics market. According to market research firm Global Information, the global antimicrobial susceptibility testing market is expected to grow at a compound annual rate of 5.9%, from USD 3.5 billion, or approximately KRW 5.2 trillion, in 2023 to USD 5.4 billion, or approximately KRW 8 trillion, in 2031.

IMSAFE Saliva, the world’s first saliva-based non-invasive immune diagnostic device introduced this year, is also expected to begin generating full-scale revenue from next year. IMSAFE Saliva can quantitatively measure immunoglobulin A concentrations within 15 minutes using only a few drops of saliva, without blood collection, and is regarded as opening the era of personalized immune management.

Saliva-based testing also offers the advantage of enabling rapid sales in domestic and overseas markets without medical device approval. The bio industry expects it to play a key role in expanding PROTIA’s portfolio into the three pillars of allergy, antimicrobial susceptibility, and immune management, in line with growing demand in the immune health supplement market, which is projected to reach KRW 620 trillion.

A PROTIA official explained, “Although IMSAFE Saliva was introduced for the first time this year, it has already successfully entered overseas markets through actual distribution agreements in major markets such as Canada. It eliminates the inconvenience of collecting blood and analyzing it with specialized equipment. The convenience of storing the reagent kits at room temperature has also received a strong response.”

PROTIA is also accelerating the expansion of its production facilities to prepare for increasing product demand. The company plans to increase its annual production capacity from the current level of 1.2 million tests, meaning the number of patient samples it can process, to more than 2 million tests next year. PROTIA plans to secure a total production capacity of 3.5 million tests within two years.

A PROTIA official said, “We have been preparing to establish ourselves as a solid company by securing both technological competitiveness and profitability. Beginning next year, we will reward investors with the results of these efforts.”

Source: Edaily