[Special Stock] Plazmap's Orders Increase 40x After FDA Approval... 'Unique Technology That the US FDA Cannot Help But Approve'

[Asia Economy Reporter Hyungsoo Park] Plazmap, which plunged sharply on its first day of listing, is rebounding.

As of 9:45 a.m. on the 24th, Plazmap is trading at 7,080 KRW, up 5.67% from the previous trading day.

Plazmap was listed on the KOSDAQ market on the 21st at a public offering price of 7,000 KRW. It opened at 8,420 KRW but closed at 6,700 KRW.

Plazmap is a bio-plasma deep-tech company that started in 2015 at the KAIST Department of Physics Plasma Laboratory. Using bio-plasma technology, it is developing medical device care solutions, beginning with surgical device low-temperature sterilization (biological inactivation) solutions and implant regenerative activation solutions.

The low-temperature sterilization solution completes sterilization in just 7 minutes at temperatures below 55 degrees Celsius, the fastest speed in the world, using the world's only impermeable sterilization pouch (STERPACK). Unlike existing solutions focusing on large hospitals, Plazmap has successfully commercialized targeting small and medium-sized clinics, providing sterilization that is 10 times faster and 10 times more economical than existing solutions. The unique technology that the FDA cannot help but approve is Plazmap's strength.

Plazmap's implant regenerative activation solution effectively treats implant surfaces using vacuum plasma while maintaining sterility in the packaged state, providing more than three times impurity removal performance and highly effective implants at 30 times more economical costs. Currently, it is expanding its application fields from the dental implant market to orthopedic implants and skin tissue treatment.

Based on a differentiated bio-plasma technology supported by a total of 174 patents, Plazmap is developing medical device solutions. It has received 45 certifications, including from the U.S. FDA, and is generating actual sales in over 55 countries.

Plazmap claims to have entered an accelerated sales growth phase in the global medical device market. In the second half of last year, it became the first non-U.S. company to obtain U.S. FDA certification for a medical low-temperature plasma sterilizer, and with the launch of the implant regenerative activation solution using vacuum plasma, it expects stable sales growth based on order contracts. After FDA approval, orders poured in from global medical device manufacturers and sales channels. Plazmap's cumulative order amount surged more than 40 times from 5.2 billion KRW last year to 219.1 billion KRW as of September this year.

Plazmap has achieved more than double sales growth since 2020. Sales in the first half of this year reached 7.7 billion KRW, exceeding last year's sales of 6.4 billion KRW. It expects sales of about 20 billion KRW this year and forecasts 40 billion KRW in sales next year. Plazmap expects to "achieve a turnaround to profitability and establish a stable mid- to long-term growth foundation."

Do-hyun Kim, a researcher at SK Securities, analyzed, "Based on secured order backlog, sales are expected to grow to 146.1 billion KRW in 2025," adding, "The secured order backlog alone allows for product sales of 27.2 billion KRW in 2023 and 44.8 billion KRW in 2024." He emphasized, "Additional orders are expected with the expansion of overseas partnerships," and "From next year, deliveries to orthopedic and dermatology clinics are also planned."

Plazmap has formed a partnership with L&C Bio to develop solutions that improve engraftment performance through surface treatment of skin tissue. It is promoting commercialization after recently being selected for the Ministry of SMEs and Startups' purchase condition project. Through technological innovation, Plazmap is commercializing in advanced medical device markets such as 3D printing, robotic surgery, implantable IoT medical devices, and skin tissue.

Hyun-dong Sung, a researcher at KB Securities, explained, "Since the second half of 2021, with U.S. FDA certification and the launch of the implant regenerative activation solution as a turning point, mid- to long-term supply contracts have been signed, securing orders worth 219.1 billion KRW," adding, "In 2024, the product lineup will be expanded with a sterilization solution that treats and manages skin inflammation using low-temperature plasma." However, he noted, "The high cost of sales ratio is a burden," adding, "The cost ratio recorded 99.0% last year and 90.8% in the first half of this year."

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