[Click e-Stock] "Seers Technology, a Leading Medical AI Player with Even Greater Growth Ahead"

On November 5, Kiwoom Securities analyzed that Seers Technology has entered a full-fledged growth trajectory in its diagnostic and monitoring service business, which is based on biosignal analysis AI algorithms and wearable medical devices. In particular, the rapid growth of its inpatient monitoring solution, 'thynC,' which has been driving recent performance, is attracting attention.

Oh Hyunjin, a researcher at Kiwoom Securities, stated, "Seers Technology is rapidly expanding its sales channels through Daewoong Pharmaceutical's sales network," and projected, "Accordingly, after turning a profit with 9.4 billion won in operating profit this year, the company is expected to achieve 22.2 billion won in operating profit in 2026, representing 136% year-on-year growth." He added, "Depending on the overseas expansion performance of mobiCARE, the scope for mid- to long-term growth will be even greater."

Seers Technology focuses on diagnostic and monitoring services using biosignal analysis AI algorithms and wearable medical devices, with its main products being 'mobiCARE' and 'thynC.' As of the first half of this year, mobiCARE accounted for 18% of sales, while thynC made up 82%.

'mobiCARE' is an electrocardiogram analysis service for arrhythmia screening and diagnosis. As of the first half of the year, it had been adopted by more than 960 medical institutions, with over 420,000 cumulative tests performed. 'thynC' is a solution that automatically monitors inpatients in hospital wards in real time, measures vital signs, and alerts staff to abnormal signs. It has been applied to approximately 3,000 hospital beds.

Notably, thynC became the first domestic healthcare device to receive insurance reimbursement (EX871) for remote heart rate monitoring, laying the foundation for market expansion. Researcher Oh explained, "The company is rapidly expanding its sales channels through Daewoong Pharmaceutical's network, and is benefiting from increased demand by securing an early lead in the market."

Accordingly, the number of hospital beds equipped with thynC is expected to increase from 90 in 2023 to 840 in 2024, 10,000 in 2025, and 30,000 in 2026. Thanks to this expansion, third-quarter results are also expected to show sales of 12.3 billion won (up 1,151% year-on-year) and operating profit of 4 billion won (returning to profit).

He assessed, "Although the stock price has risen rapidly this year, considering that the growth phase driven by thynC is still in its early stages, there is significant potential for further increases in corporate value." He also added, "Results from both domestic and overseas segments through mobiCARE will begin in earnest next year, and since the market penetration rate for both thynC and mobiCARE is only about 1-2% compared to the domestic target market, the growth potential remains substantial."

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