Mezoo

MEZOO was founded in 2007 by medical engineering PhDs from Yonsei University's Wonju Campus and has built its core competencies around precision biosignal measurement and on-device biosignal processing technologies.

Its flagship HiCardi platform is an integrated monitoring system comprising a SmartPatch wearable device, a SmartView mobile application, and a LiveStudio central monitoring software suite, offering a patient monitoring solution that extends beyond the ICU to general wards and patient transport environments where conventional fixed monitors fall short.

The revenue model is a hybrid of hardware device sales and recurring LiveStudio software subscription and operating service revenue, generating ongoing income streams after initial device deployment.

Domestically, MEZOO channels all sales exclusively through Dong-A ST, a strategic investor and distribution partner since 2022, with the relationship evolving from a pure distribution arrangement to a deeper revenue-sharing (RS) model introduced in H2 2025.

For 2026, the two parties renewed and expanded their domestic exclusive sales agreement to an annual contract volume of 12,000 units, while also exploring joint overseas expansion in Southeast Asia and Latin America.

In terms of installed base, HiCardi has been adopted by approximately 53% of Korea's 47 tertiary hospitals and is deployed across more than 700 clinics and hospitals nationwide.

The regulatory portfolio covers 9 countries and 16 device certifications, including MFDS, FDA 510(k), CE, and ANVISA, with the HiCardi+ H100 holding the distinction of being the first Korean smart patch with on-device machine-learning to receive FDA 510(k) clearance.

The next-generation HiCardi M350, for which MFDS manufacturing approval was recently obtained, measures multiple vital parameters—SpO2, blood pressure, body temperature, and respiration—continuously for up to 48 hours, potentially expanding the addressable market and supporting higher average selling prices.

MEZOO listed on KOSDAQ on March 26, 2026, setting its IPO price at KRW 21,600—the top of its indicated range—amid exceptionally strong retail demand that yielded a subscription competition ratio of 2,428:1.

On listing day, the stock closed approximately 80% above its offering price, implying a market capitalization of approximately KRW 370–380 billion, before surging further to a 52-week intraday high of KRW 73,500, partly driven by a float scarcity effect as freely tradable shares represented only approximately 22.9% of total shares outstanding.

The stock has since retraced sharply, returning to KRW 21,600 as of June 5, 2026 (down 3.79% on the day), with market capitalization settling back to approximately KRW 200 billion, as post-IPO profit-taking and broader market sentiment weighed on the shares.

On the fundamental side, FY2024 revenue was KRW 2.3 billion (operating loss KRW 5.9 billion) and FY2025 revenue was KRW 7.3 billion (operating loss KRW 2.8 billion), reflecting a steep top-line growth trajectory accompanied by persistent operating losses.

The decisive inflection came in Q1 2026, when revenue of KRW 3.9 billion—approximately 1,417% growth year-over-year—and operating profit of KRW 1.0 billion were reported, marking the company's first profitable quarter on record.

Net profit attributable to controlling shareholders in Q1 2026 also came in at KRW 0.9 billion, confirming that profitability improvement was broad-based across the income statement.

Q1 2026 unit sales were estimated at approximately 2,600 patient monitoring devices, reflecting the combined effect of Dong-A ST's intensified commercial push and accelerating hospital uptake for HiCardi.

Additionally, MFDS manufacturing approval for the next-generation HiCardi M350 added a positive catalyst, with market commentary highlighting potential initial deployment at Severance Hospital as a gateway to broader top-tier hospital rollout.

The company's FY2026 guidance calls for revenue of KRW 15.4 billion and an operating loss of KRW 0.9 billion; however, given that Q1 alone generated KRW 1.0 billion in operating profit, the full-year profitability trajectory may prove better than guidance if operational momentum is sustained through the remaining quarters.

The medium-to-long-term roadmap targets operating profit of KRW 10.8 billion in FY2027, scaling to KRW 27.0 billion in FY2028 and KRW 42.0 billion in FY2029—implying a 26-fold revenue increase over five years—a projection that industry observers have characterized as ambitious and in need of substantive quarterly validation.

The HiCardi M350's multi-parameter capability is a near-term catalyst that should both expand addressable clinical use cases and drive a higher average selling price compared to the existing single-parameter ECG-focused lineup; if Dong-A ST's projected adoption of ~12,000 hospital beds materializes in 2026, revenue acceleration could be substantial.

In the U.S., proof-of-concept activities across approximately 30 hospitals in six states are planned to precede a 2027 commercial launch, with CMS reimbursement integration serving as the essential gateway to scalable monetization in the world's largest medical device market.

Longer-term optionality around the home-care "Homespital" model is also under evaluation, though the pace of domestic remote medical care regulatory reform will be a material determinant of timing.

The Q2 and Q3 2026 results will be the most closely watched data points for confirming whether Q1's profitable quarter represents a durable inflection in the company's operating trajectory.