DEEP RESEARCH · INBODY
InBody 2024 Q1 Quarterly Report Review
A report-style review of earnings, balance sheet, cash flow, and regional sales from the Q1 filing
0. Bottom Line First
For InBody's 2024 Q1, revenue appears to be moving well, while operating profit was partly down year over year. Subsidiary investment and simultaneous increases in receivables and payables are the items that stand out. Regional sales totaled 48,429,417 thousand won in Q1 versus 43,026,999 thousand won in the previous quarter.
I waited for Friday and reviewed InBody's 2024 Q1 quarterly report right after work. The analysis tool used was https://www.butler.works.
1. Earnings: Revenue Moving Well, Profit Partly Lower
Official fact: The original review's first judgment was: revenue is moving well, while operating profit was partly down year over year.
Interpretation: The revenue direction does not look bad, but I need to keep watching how subsidiary investment and higher costs flow through profit.
2. Balance Sheet: Subsidiary Investment and Claims Growth
On the balance-sheet side, subsidiary investments continue, while receivables and payables are rising at the same time.
- Subsidiary investment: Continued investment in Kort and InBody BWA, the North American sales subsidiary, is expected to reduce net income.
- Claims growth: Trade payables and trade receivables are both increasing. Cash turnover does not look abnormal, but the reason for the increase remains a question.
3. Cash Flow: Investment Impact, No Unusual Issue
Official fact: Cash flow declined partly due to subsidiary investment, but the original review did not identify an unusual issue.
Interpretation: For now, the bigger watch points are whether the investments lead to sales growth and whether claims growth impairs turnover.
4. Regional Sales: 2024 Q1
The following table shows regional sales for 2024 Q1. Unit: thousand won.
| Region | Current quarter | Previous quarter |
|---|---|---|
| Korea | 9,568,650 | 9,560,176 |
| U.S. | 14,166,731 | 12,874,987 |
| Mexico | 2,021,141 | 1,318,165 |
| Europe | 6,182,955 | 4,915,898 |
| Japan | 5,012,100 | 5,673,022 |
| China | 4,215,685 | 3,888,750 |
| Asia | 3,659,437 | 2,540,576 |
| Latin America | 2,183,574 | 1,495,887 |
| Middle East/Africa | 1,419,144 | 759,538 |
| Total | 48,429,417 | 43,026,999 |
48,429,417 thousand won
Up from 43,026,999 thousand won in the previous quarter.
14,166,731 thousand won
Higher than 12,874,987 thousand won in the previous quarter.
4,215,685 thousand won
Started rising again after 3,888,750 thousand won in the previous quarter.
3,659,437 thousand won
Increased from 2,540,576 thousand won, and Asia was separated as its own line item.
5. Regional Sales from the 2023 Annual Report
For comparison, I also looked at regional sales from the 2023 annual report. Unit: thousand won.
| Region | Current year | Previous year |
|---|---|---|
| Korea | 37,334,440 | 38,235,560 |
| U.S. | 52,422,315 | 45,564,932 |
| Mexico | 6,286,843 | 4,149,366 |
| EU | 21,626,057 | 20,121,021 |
| Japan | 18,243,560 | 18,185,738 |
| China | 13,716,868 | 13,387,569 |
| Latin America | 7,003,413 | 6,348,246 |
| Asia/Middle East/Africa | 13,717,734 | 14,011,342 |
| Total | 170,351,230 | 160,003,774 |
Interpretation: China has started to increase again, and Asia being broken out separately is notable. In the second half, I will wait to see when LB Trainer and India subsidiary sales are separated.
Sources
- Original Naver Blog post: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=223457356300
- Analysis tool, Butler Works: https://www.butler.works