"IoFlow Enters Top 2 in Wearable Insulin Pump Market...Stock Price Upgrade Expected"

[Asia Economy Reporter Park Jihwan] Sangsangin Securities on the 26th stated that Eoflow is expected to enter the top 2 in the wearable insulin injection device market, and forecasted that the upward trend of its stock price will continue.

Kim Jang-yeol, Head of Research Center at Sangsangin Securities, said, "Although there will be volatility in the stock price movement, it is expected to continue rising." Eoflow is a wearable insulin pump company. Kim evaluated, "Although there is no revenue yet, the market potential is large."

Eoflow's foreign ownership recently increased significantly. It rose from 3.13% at the end of November to about 6.5% currently. Kim believes this indicates that foreign investors are betting on the market growth potential.

He emphasized, "If we accept the basic premise that the company possesses technology that maximizes convenience for patients in the diabetes market, which requires technological innovation, then what remains is the speed at which product launches and partner/customer acquisitions proceed according to schedule and goals."

The market capitalization of the leading company Insulet (PODD), which is developed on NASDAQ, is about $16.8 billion. Kim explained, "The fact that the number of patients using Insulet's wearable insulin injection device is still only 300,000 means there is very large potential for growth." He forecasted, "Considering the current market outlook alone, it does not seem unreasonable to expect Eoflow, entering the market as the second after Insulet in a market exceeding 2 trillion KRW, to achieve a future market share of 5 to 10%."

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