Vieworks, Q3 2020, Sales Results (Full)

Image credit: Vieworks, CMEF 2018

On November 16th, Vieworks published its audited financial results for Q3 2020. These show that sales continued to grow strongly during the quarter. Total Group sales revenue reached ₩40.1 bn, compared with ₩32.5 bn during Q3 2019, an increase of approximately +24% YoY. This took cumulative 2020 sales to ₩119.2 bn, compared with ₩97.1 bn during 2019, an increase of approximately +23% YoY.

Note: The VIVIX-V series of detectors, targeted for industrial applications, reported under the medical segment by Vieworks, have been resegmented by PMI under “industrial” within these figures. Therefore a discrepancy will exist with the Vieworks published accounts.

The sales growth during the quarter was driven by higher sales from both the medical and industrial segments. During the quarter, sales from the medical segment increased by ₩6.7 bn (+30%), relative to Q3 2019, resulting in a cumulative 2020 sales growth of +35% year-on-year. Sales growth from the medical imaging segment was led by increased sales of the VIVIX-S series of radiographic detectors for DR applications, partly due to the heightened demand for diagnostic imaging solutions in response to the COVID-19 pandemic. Demand also increased for dynamic video detectors such as the VIVIX-D series of video detectors. This product is targeted toward fluoroscopy, angiography and interventional (mobile c-arm) medical applications. The majority of export sales were to customers based within the United States, Europe, China and Japan. The United States remains the companies largest market, in terms of revenue contribution, with sales and distribution occurring through its subsidiaries MedLink Imaging and Vieworks America.

From the industrial segment, quarterly sales increased by ₩0.9 bn (+9%), relative to Q3 2019, resulting in flat cumulative 2020 sales growth for the year. Sales of industrial camera solutions for machine vision and bio-imaging applications continued to decline, which were more than offset by higher sales of the VIVIX-V series of TFT-type detectors. 

Note: The VIVIX-V series of detectors, targeted for industrial applications, reported under the medical segment by Vieworks, have been resegmented by PMI under “industrial” within these figures. Therefore a discrepancy will exist with the Vieworks published accounts.
Cumulative 2020 production and pricing trends

For FPDs:

  • Production capacity increased from 4,800 units to 7,200 units
  • Production volume increased from 4,397 units to 7,011 units
  • Capacity utilisation increased from 92% to 97%
  • Portfolio ASP was approximately -7% lower year-on-year
Increase in FPD production capacity

The production capacity for FPD detectors has significantly increased, relative to the same period in 2019. The company reports that the average daily production capacity has increased from circa 30 units per day to 40 units per day. At the board meeting on May 24, 2019, the parent company decided to invest in new facilities to improve the performance of medical imaging equipment and expand production facilities. The location of the facility is Block 1-2, Hwaseong Jeongnam General Industrial Complex, located in Jeongnam myeon, Hwaseong-si, Gyeonggi-do, with a total investment of 29,570 million won.

For CCD-type R/F detectors:

  • Production capacity remained stable at 720 units.
  • Production volume decreased from 685 units to 551 units
  • Capacity utilisation decreased from 95% to 77%
  • Portfolio ASP remained stable

For industrial camera solutions:

  • Production capacity remained stable at 18,000 units.
  • Production volume decreased from 8,153 units to 7,434 units
  • Capacity utilisation decreased from 45% to 41%
  • Portfolio ASP was approximately -20% lower year-on-year
The Vieworks Group
SubsidiaryIncorporationControl
Vision ViewerHong Kong100%
Shinui TechnologyChina100%
New Medical ImagingTaiwan70%
Vieworks AmericaUSA100%
Senso HerbKorea100%
Vieworks EU GmbHGermany100%
Medlink Imaging LLCUSA100%
VWTKTurkey100%
SONOTECHKorea60%
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