Osstem Implant 2022 revenue breaks records in South Korea

Osstem Implant

www.osstem.eu

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Boosted by strong financial results, Seoul-headquartered Osstem Implant aspires to become the world’s top dental implant manufacturer. (Image: Joshua Davenport/Shutterstock)

Dental Tribune International

Fri. 28. April 2023

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SEOUL, South Korea: Osstem Implant is the first South Korean dental implant company to exceed KRW 1 trillion in revenue, according to its 16 March 2023 business report. The company’s 2022 total revenue of KRW 1.05 trillion (€754 million, based on 16 March 2023 exchange rates) represents a 27.8% increase compared with the previous year. Its operating profit for 2022 increased by 63.7%, amounting to KRW 234.5 billion (€168 million). Osstem says that it ranks fourth in terms of revenue among dental implant companies around the globe.

Osstem saw an increase in revenue in both domestic and overseas markets. Its revenue in South Korea for 2022 jumped by 16.9% year on year to reach KRW 376.4 billion, and the aggregated revenue in other countries surged by 34.7% year on year to KRW 677 billion. The share of overseas revenue as part of Osstem’s total revenue surpassed 50% in 2017 and has continued to grow ever since. For 2022, the company’s revenue from the European market was remarkable, rising by 42.4% compared with 2021. Its revenue in the Americas increased by 25.2% from the previous year.

The company currently operates 32 overseas subsidiaries in 28 countries and exports its products to more than 92 countries. Recently, Osstem established new local subsidiaries in Spain and France. Osstem plans to increase the number of its overseas subsidiaries to 50 in 46 countries by 2026 and aspires to become the world’s top dental implant manufacturer by increasing its overseas revenue to 70% of its total target revenue of KRW 2 trillion by 2026.

The dental implant manufacturer intends to enhance its professional clinical training for dentists around the world to increase the number of dentists capable of implant procedures and publicise its outstanding products and technologies. This year, it will invite 1,500 dentists from 22 countries to its headquarters in South Korea to receive clinical training.