Vantive's 1st report since spin-off…renal-focused strategy worked

Operating profit improves despite sales decline…interpreted as impact of business restructuring

Peritoneal dialysis policy extended…home-based renal management emerges as market variable

Differentiation through innovative technology…digital connectivity services

Vantive Korea, which spun off from Baxter, disclosed its financial performance since becoming independent through its first audit report.

While sales decreased, operating profit doubled, confirming the spin-off's positive effect. This performance indicates that the strategic shift toward a renal-care-centered business led to improved profitability.

Notably, the extension of the home-based renal management policy focused on peritoneal dialysis aligns with the company's future business direction and is attracting attention as a medium- to long-term growth driver.

First performance since spin-off…improved profitability amid shrinking outer growth

Vantive was launched in February of last year after spinning off from Baxter's 'Kidney Care and Acute Therapy' business units.

According to Vantive Korea's audit report, 2025 sales amounted to approximately KRW 199.7 billion, down from KRW 222.1 billion the previous year.

However, the sales decline is due to the timing of the spin-off. While the audit report's fiscal year covers January to December 2025, Vantive Korea was spun off in February of last year, limiting the accuracy of a simple comparison.

In fact, sales for Baxter Korea, which included the business unit before the spin-off, increased from KRW 65.0 billion to KRW 91.3 billion. There is an aspect in which the business unit's revenue was split between the two companies, which appears as a decrease.

Ultimately, the reduction in outer growth can be interpreted as a fluctuation caused by business restructuring during the division process.

In this situation, the key is improving profitability. Vantive Korea's operating profit last year was approximately KRW 7.8 billion, roughly double the KRW 3.7 billion from the previous period. Net income also amounted to approximately KRW 3.0 billion in surplus.

This structure shows improved profitability despite reduced outer growth. Gross profit increased, and selling and administrative expenses decreased, leading to expanded operating profit.

Unlike 2024, when initial spin-off costs were reflected, the renal-centered structure was fully reflected in 2025.

In fact, while discontinued operations' gains and losses were separately reflected in 2024, only performance from continuing operations remained in 2025. This signifies the first complete performance since the spin-off.

Vantive Korea's Sales and Operating Profit Changes, (2022-2025) (unit: KRW 100 million). BLUE LINE: Sales, RED LINE: Operating profit

Focus on Renal Therapy...Strengthening the Peritoneal Dialysis Strategy

After a successful spin-off and transition to independence, Vantive Korea is solidifying its identity as a specialist in 'Vital Organ Therapy.'

As the number of patients with chronic kidney disease surges amid an aging population, sustained business growth in renal care was one of the major reasons for the spin-off.

Against this background, Vantive is currently focusing on providing innovative products to support dialysis at home and in hospitals, digitally enhanced solutions, advanced services, and treatment options to support the renal and vital organ functions of critically ill patients.

Among these, the area Vantive is focusing on and strengthening investment in the most is 'Peritoneal Dialysis (PD).' Unlike hemodialysis, which requires patients to visit a hospital three times a week and lie down for 4 hours, peritoneal dialysis allows patients to exchange dialysis fluid themselves at home or at work, maintaining daily life and economic activity.

Specifically, Automated Peritoneal Dialysis (APD), in which a machine automatically exchanges dialysis fluid during sleep, is considered a solution that drastically improves a patient's Quality of Life (QoL).

The policy environment for peritoneal dialysis is also expected to expand Vantive's influence as it improves.

This is because the Ministry of Health and Welfare (MOHW )decided to extend the peritoneal dialysis pilot program, which was scheduled to end last December, by three years. Specifically, the Ministry plans to extend the pilot program by 3 years, until December 2028, and to allocate an additional budget of 75.2 billion KRW.

The peritoneal dialysis pilot program began in 2019 and involved 8,881 patients at 80 medical institutions. Registered patients showed results where KRW 130,000 reduced monthly medical expenses per person compared to other patients.

Additionally, hospitalization expenses decreased by KRW 390,000, and the number of days stayed was shortened by 0.6 days. The fact that improved efficiency in medical resource utilization was proven led to the extension of the project.

Vantive has put forward the expansion of home peritoneal dialysis and digital solutions as core values alongside the spin-off.

Growth Potential Amid Policy Variables…Expanding the Market Is Key

Of course, since this is an extension of the pilot stage, several hurdles exist for the peritoneal dialysis market to expand explosively immediately.

Given that the medical expense burden is increasing due to the entry into an ultra-aged society, the proportion of home-based medical care is rising, and demand for peritoneal dialysis, which enables economic activity and daily life, is gradually increasing, especially among young patients.

Consequently, for Vantive Korea, which can now concentrate its corporate capabilities on the renal therapy field through the spin-off, the government's policy to expand the peritoneal dialysis market inevitably becomes a momentum for company growth.

To this end, Vantive Korea is focusing on creating an optimized treatment environment so that patients can proceed with peritoneal dialysis more conveniently at home using digital solutions.

Vantive stated that it is making various efforts to increase R&D capabilities at the global headquarters level.

Lim Kwang-hyeok, CEO of Vantive Korea, stated, "As a vital organ therapy company, Vantive will continue to collaborate with academic societies and medical staff to create a patient-centered treatment environment and will actively support efforts to expand home-based dialysis."