Medipost said Thursday that it recorded an operating loss of 780 million won ($690,600) and a net loss of 740 million won in the third quarter of this year.

The company managed to increase its sales by 18 percent to 10.9 billion won over the cited period. “Despite operating loss due to continuous R&D investment, overall growth has been steady,” a company official said.

Medipost’s umbilical cord blood bank sector posted a cumulative sale of 15.9 billion won in the first nine months, up 8 percent from the same period last year, and its stem cell therapy posted accrued sales of 9.78 billion won, up 53 percent from the previous year.

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