[Click eStock] "JLK, US Medical AI Recommendation... Earnings Visibility This Year"

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On March 5, Hanyang Securities analyzed that JLK is expected to benefit as the U.S. stroke treatment guidelines have been updated for the first time in about eight years.

Joonseok Lee, a researcher at Hanyang Securities, stated, "The recently updated U.S. stroke treatment guidelines, revised for the first time in about eight years, have included AI-based imaging analysis solutions as recommended tools, reaffirming the clinical effectiveness of medical AI technology." He added, "This means that medical AI is becoming established as a standard diagnostic tool integrated into actual clinical processes, beyond being a simple auxiliary technology."

The structural imbalance caused by an increase in patients due to aging and a shortage of specialists is cited as a background for the spread of medical AI. In particular, stroke is a representative emergency condition where whether treatment is administered within the golden hour of approximately 4 hours and 30 minutes after onset determines survival and prognosis. As delays of even a few minutes in decision-making during imaging-based diagnosis using CT, CTA, or MRI can directly affect treatment outcomes, the need for AI solutions that support quick and quantitative interpretation is growing.

Lee explained, "The fastest-growing area for medical AI adoption is stroke," and "Delays of just a few minutes in decision-making during imaging-based diagnosis have a direct impact on treatment outcomes."

Against this backdrop, JLK has built a portfolio of 12 AI solutions covering the entire stroke treatment process, including emergency care, diagnosis, procedures, hospitalization, prognosis, and rehabilitation. Unlike competitors that focus on a single solution, the company's full product lineup encompassing the entire cycle is a differentiating factor. Their solutions can rapidly and quantitatively analyze lesion location and severity based on patients' CT and MRI imaging data and can be applied without additional workflow changes as they integrate with hospital PACS and EMR systems.

Currently, JLK's solutions are installed in more than 210 hospitals in Korea, with a subscription-based paid model being applied at some hospitals. There is also discussion about the potential for establishing a recurring revenue base as the number of subscription hospitals increases. The software's architecture, which can adapt to various medical imaging equipment environments, and the mobile-based medical AI application, are also seen as competitive advantages.

Lee emphasized, "Now, the story the company has prepared is entering a phase where it is being converted into actual figures." In Korea, the number of non-reimbursed medical AI items has increased from one to three. While the previous innovative medical technology item had a price ceiling of 18,100 won, there is now no price ceiling for newly approved non-reimbursed medical technology items, raising expectations that the non-reimbursed price per case will be around 50,000 won or higher in the future.

There are also signs of tangible results overseas. In the United States, the business model is shifting from a per-case billing model to a subscription-based model, with initial adoption underway at around 23 hospitals. The competitor, HeartFlow, has been valued at approximately 3 trillion won in market capitalization since its NASDAQ listing in August last year. Despite having less than 10% market share in the U.S., HeartFlow posted annual sales of about 240 billion won, demonstrating the growth potential of the medical AI industry.

In Japan, JLK is working with the medical device distribution subsidiary of the Marubeni Group to target about 500 hospitals, with installations expected at around 150 hospitals this year.

Hanyang Securities forecasts that JLK will record sales of 6 billion won in Korea, 5 billion won in Japan, and 2.5 billion won in the United States in 2026, for a total of 13.5 billion won. There is also the possibility of achieving breakeven on a quarterly basis by the fourth quarter. Key events such as the outcome of the deferred evaluation system for new medical technologies in the second quarter, the full-scale launch of sales in Japan, and the acquisition of CPT insurance codes in the U.S. in the fourth quarter are also cited as factors that may positively affect the stock price.

Lee noted, "For the past two years, the company has remained in the stage of obtaining approvals and building references related to medical AI." He added, "However, now it is entering a phase where this is being translated into actual sales and profit structures, and 2026 will be an important inflection point for the company."

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