[Click eStock] "Noeul's Sales Will Rapidly Increase Upon Entering Cancer Diagnosis Field"

Korea Investment & Securities Report

[Asia Economy Reporter Minji Lee] On the 10th, Korea Investment & Securities expressed the opinion that Noeul is expected to see rapid revenue growth once it successfully enters the cancer diagnosis field following its malaria and blood analysis solutions.

Noeul is an artificial intelligence (AI)-based fully automated microscope diagnostic platform company. Noeul's diagnostic platform, miLab Dx, uses disposable cartridges for diagnosis, enabling the diagnosis of various diseases and conditions with a single device.

Noeul's decentralized diagnostic platform allows diagnosis on-site without a laboratory through automation, AI, and the use of disposable cartridges. Conventional microscope diagnosis is limited to a few diagnostic laboratories due to laboratory infrastructure requirements, the need for highly skilled analysts, and limitations in miniaturizing automated equipment.

Currently, Noeul possesses malaria diagnostic and blood analysis solutions and is developing a cancer diagnostic solution. The commercialization of cartridges for malaria diagnosis has been completed, and miLab Dx addresses the cost and speed issues of microscope diagnosis used for malaria diagnosis, as well as the low accuracy problem of rapid diagnostics, directly on-site.

Songhoon Jeong, a researcher at Korea Investment & Securities, said, "We plan to apply for WHO PQ by the end of this year or early next year, and depending on the results, long-term sales growth in the public procurement market is possible." He added, "The blood analysis solution launched in the second quarter of this year is currently undergoing customer validation, and full-scale sales reflection is expected from next year."

Researcher Jeong further stated, "We plan to enter the cervical cancer and thyroid cancer diagnostic markets through the release of new cartridges and software upgrades." He analyzed, "The cervical cancer diagnostic market is worth 5 trillion KRW, and since the miLab platform is more convenient to use compared to existing diagnostic methods, significant sales growth is expected starting next year."

Noeul also has long-term plans to enter the cancer profiling and precision cancer diagnosis markets for immuno-oncology drug development. Furthermore, although the current stock price has fallen about 35% compared to the public offering price (10,000 KRW), attention should be paid to the fact that the order backlog is growing. Researcher Songhoon Jeong stated, "It is important to note that the order backlog exceeds 80 billion KRW, and that once references are established in malaria diagnosis and success is achieved in expanding into blood analysis and cancer diagnosis fields, rapid revenue growth will be possible."

This content was produced with the assistance of AI translation services.