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DEEP RESEARCH · INBODY Q2 REVIEW

InBody 2024 Q2 Semiannual Report Review

A quick check of 2024 Q2 revenue, operating profit, and regional/subsidiary trends

Published: 2024-08-18 · Semiannual report review · Naver Blog

Investment decisions are your own responsibility. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

InBody's 2024 Q2 revenue increased 23.6% YoY and operating profit increased 8% YoY. Revenue growth was large in China and the U.S., and sales for DBA and the China segment were identified as new highs.

This is a quick semiannual report review written right after work after waiting for Friday. The analysis tool used was https://www.butler.works/.

Revenue

+23.6% YoY

Revenue growth versus the prior year was confirmed.

Operating profit

+8% YoY

Operating profit also increased YoY, though less than revenue.

Regions

China and U.S. growth high

The large revenue increase in China needs additional checking.

1. Revenue and operating profit

Official fact: The original post summarizes 2024 Q2 revenue growth as 23.6% YoY and operating-profit growth as 8% YoY.

InBody trailing four-quarter revenue and operating profit chart

Interpretation: Revenue growth rates in China and the U.S. are large. The reason for the particularly large increase in China is something I need to verify rather than just accept from the headline numbers.

2. Items to verify

The disposal of short-term financial products looks fairly large, so I need to check what exactly happened.

InBody financial statement screen for disposal of short-term financial products
Follow-up checklistItems that should not be skipped in the semiannual report
Cash flowDisposal of short-term financial products
Regional salesChina and U.S. growth
SubsidiariesDBA and China new highs
ProfitNo special issue
The growth numbers are good, but the drivers and one-off items need more work.

3. Subsidiary trends

By subsidiary, sales for DBA and the China segment appear to have reached new highs.

InBody subsidiary revenue trend chart

There was nothing unusual in the subsidiary operating-profit trend.

InBody subsidiary operating profit trend chart

4. Next analysis

Interpretation: I plan to analyze the rest later. For now, the key notes are revenue growth, China and U.S. sales growth, new highs for DBA and China, and the need to verify the disposal of short-term financial products.