Bio Plasma deep tech company Plasmapp (CEO Youbong Lim) is undergoing a transformation into a profitable enterprise as it ventures into the U.S. and global markets in earnest.

Plasmapp recently secured a large-scale supply contract worth hundreds of billions of won with Covetrus, a U.S.-based company, securing contracts totaling over 2 trillion won.

Covetrus, with annual revenues of 6 trillion won, ranks 593rd among U.S. companies and is the world's largest veterinary medicine supplier with over 100,000 customers globally and more than 1,000 sales personnel.

Through this contract, jointly conducted with its subsidiary Plasmapp America (CEO Marty Trabish, Han Seung-jin), Plasmapp expects stable expansion in the U.S. and global markets.

Marty Trabish, Co-CEO of Plasmapp America and former executive of global medical device company Stryker, stated, "Covetrus selected Plasmapp products for their superior performance, competitive pricing, and eco-friendliness after comparing various sterilizers."

This supply contract, which includes FDA-certified STERLINK FPS and STERLINK mini undergoing FDA certification, validates the high technological prowess and marketability of Plasmapp's products.

Under the agreement, Covetrus will sell the contracted quantity of products quarterly to U.S. animal hospitals over five years. If certain sales thresholds are met, Plasmapp will supply its sterilizers to the global market.

Han Seung-jin, Co-CEO of Plasmapp America and a former consultant at Kim & Chang and BCG, explained, "Covetrus was determined to establish Plasmapp's sterilizer series in the U.S. and global markets, leading to the successful conclusion of this contract."

Plasmapp recorded sales of 7.7 billion won in the first half of this year, up from 6.4 billion won last year. Increased sales of medical device low-temperature sterilization solutions (STERLINK) and implant regenerative solutions (ACTILINK) significantly reduced losses, alongside diversification efforts.

With contracts totaling approximately 219.1 billion won, including the Covetrus deal, higher revenue in the second half of this year and even greater revenue next year are expected, leading to improved profitability.

Plasmapp CEO Youbong Lim stated, "The contract with Covetrus not only secures a reference in the U.S. animal hospital market but also provides an opportunity to expand into the global animal hospital market."

He emphasized, "The 220 billion won in contracts, including this one, is the result of our company's efforts focused on growth based on 45 global product certifications. We will actively pursue growth and profitability in the future."

Source: Dailymedi ( www.dailymedi.com )