KOSDAQIT & Software032620

GC MediAI

₩3,200▼ 0.93%2026-10-02 close

Market Cap

₩168.6B

Turnover

₩96,982,091

Volume

30,000 shares

Shares out.

52.2M

PER

—

PBR

1.1×

EPS

-₩32

Dividend Yield

1.61%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close

Report overview

AI Medical OS Pivot Amid Growing Pains

Leveraging its leading EMR infrastructure, GC Mediai has added AI clinical tools and platform fee businesses while guiding for KRW 13.5 billion operating profit in 2026, even as owner net income has continued to swing quarter to quarter.

1
2025 consolidated revenue reached KRW 197.7 billion with operating profit of KRW 7.5 billion (3.8% margin), marking a fourth straight year of revenue growth.
2
The company issued its first-ever formal guidance of KRW 13.5 billion in operating profit for 2026, and reached KRW 6.2 billion in the first half, close to half of the annual target.
3
The key new growth driver, the AI clinical solution 'Uisarang AI', has secured pre-orders from about 300 clinics and targets installation at 2,000 or more sites by year-end.
4
Operating profit over the trailing four quarters (Q3 2025 to Q2 2026) accelerated to roughly KRW 12.2 billion combined, while owner net income over the same window was slightly negative.
5
A large one-off gain recorded in Q2 2025 pushed full-year owner net income up to roughly KRW 37 billion, but subsequent quarters have again shown volatility.

Business structure

GC Mediai (formerly Ubcare), founded in 1994, is an EMR (electronic medical record) solutions company that adopted its current name in March 2026 following its integration into the GC Group (Green Cross Holdings) affiliate structure.

Its business is organized into five portfolios: Medical Infra (EMR solutions), Data & Marketing (pharmaceutical prescription data and marketing), Commerce (medical supplies and pharmaceutical distribution), Platform (digital healthcare integration), and other businesses.

The company supplies its 'Uisarang' EMR to roughly 16,000 clinics and hospitals nationwide and states it holds the leading share in the domestic clinic-level EMR market, offering an integrated platform under specialized brands including Doctorsgreen and Upharm.

The Medical Infra segment maintains an operating margin above 20% and serves as the core earnings base, while Data & Marketing sustains profitability in the 30% range.

The Commerce segment centers on medical supply and MRO consumables sales through the online medical mall 'Misomall.com', with earnings improving via an EMR-linked automated ordering system.

The Platform segment is pursuing a 'toll road' fee model, charging when external services connect to its EMR—starting with membership integration fees from the patient platform 'Ddoc Doc'—and is currently in talks with 21 digital healthcare companies for integration contracts.

In the competitive landscape, GC Mediai has traditionally been strong at the clinic level, while Bit Computer leads in general hospitals and EzCaretech (affiliated with Seoul National University Hospital) is strong at the university hospital tier; cloud-based newer entrants such as Cenacle Soft and Aegis Healthcare are eroding share through aggressive pricing.

Earnings trend

Quarterly revenue · Operating profit

₩48.7B₩1.1B25Q2₩50.6B₩3B25Q3₩53.1B₩3B25Q4₩49.8B₩2.2B26Q1₩51.5B₩4B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩133.3B₩6.7B2022₩154B₩3.5B2023₩190.6B₩5.2B2024₩197.7B₩7.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩48.7B	₩1.1B	2.3%
2025Q3	₩50.6B	₩3B	5.9%
2025Q4	₩53.1B	₩3B	5.6%
2026Q1	₩49.8B	₩2.2B	4.5%
2026Q2	₩51.5B	₩4B	7.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩133.3B	₩6.7B	₩3.6B	5.1%	3.1%	31.1%
2023	₩154B	₩3.5B	-₩1.7B	2.3%	−1.6%	36.5%
2024	₩190.6B	₩5.2B	-₩1.6B	2.7%	−1.6%	48.5%
2025	₩197.7B	₩7.5B	₩37B	3.8%	26.1%	43.3%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Consolidated revenue rose for four straight years, from KRW 133.3 billion in 2022 to KRW 154.0 billion in 2023, KRW 190.6 billion in 2024, and KRW 197.7 billion in 2025.

The operating margin dipped to 2.3% in 2023 before recovering to 2.7% in 2024 and 3.8% in 2025, with 2025 operating profit of KRW 7.5 billion up 45.7% from KRW 5.2 billion the prior year.

Owner net income swung from a KRW 3.6 billion profit in 2022 to losses of KRW 1.7 billion in 2023 and KRW 1.6 billion in 2024, before surging to roughly KRW 37 billion in 2025—a jump driven largely by a large one-off gain booked in the second quarter of 2025 alone (KRW 36.2 billion in owner net income that quarter).

Stripping out that one-off effect, owner net income was KRW 1.9 billion in Q3 2025, swung back to a loss of KRW 3.5 billion in Q4 2025, and has hovered near breakeven since, at KRW 0.07 billion in Q1 2026 and a loss of KRW 0.14 billion in Q2 2026.

By contrast, operating profit has climbed steadily by quarter—KRW 3.0 billion in Q3 2025, KRW 3.0 billion in Q4 2025, KRW 2.2 billion in Q1 2026, and KRW 4.0 billion in Q2 2026—totaling roughly KRW 12.2 billion over the trailing four quarters, already exceeding full-year 2025 operating profit.

In other words, operating performance is improving steadily, but below-the-line volatility continues to weigh on the owner net income line.

First-half 2026 revenue reached KRW 101.4 billion (up 7.9% year over year) with operating profit of KRW 6.2 billion (up 302.3%), putting the company at roughly 46% of its full-year operating profit target of KRW 13.5 billion, implying a need for a larger improvement in the second half.

Industry analysis

In the domestic EMR market, GC Mediai (formerly Ubcare) has traditionally held the leading share at the clinic level, while Bit Computer is strong in general hospitals and EzCaretech, affiliated with Seoul National University Hospital, leads at the university hospital tier.

Competition has intensified recently as cloud-based startups such as Cenacle Soft and Aegis Healthcare have entered the clinic-level market with aggressive pricing.

Industry-wide, EMR is evolving from a simple record-keeping tool into an AI-enabled intelligent platform, with the four major players—Ubcare (GC Mediai), Bit Computer, Aegis Healthcare, and EzCaretech—all pursuing AI adoption in parallel.

EzCaretech has pursued an AI transformation strategy integrated into hospital information systems for large hospitals, while GC Mediai is focused on building an integrated data platform connecting clinics, pharmacies, and insurers, reflecting differing company strategies.

The pharmaceutical and medical device advertising market is estimated at over KRW 2 trillion, with the top 50 domestic pharmaceutical companies' ad spending alone reaching roughly KRW 800 billion, a market that EMR-data holders view as a new revenue opportunity.

Multiple EMR operators are simultaneously pursuing fee-based integration models with digital healthcare platforms, suggesting future market leadership will likely hinge on the pace of data ecosystem integration and AI feature sophistication.

Outlook

In May 2026, the company issued its first-ever annual operating profit guidance of KRW 13.5 billion, roughly 80% above the prior year.

The key trigger is the AI clinical solution 'Uisarang AI', officially launched in June, which secured pre-orders from about 300 clinics at KIMES 2026 and targets installation at 2,000 or more sites within the year.

The company said it plans to offer the service free of charge through the end of 2026 to build a user base, before transitioning to a subscription model combining AI with cloud EMR.

In the Platform segment, the company is negotiating integration fee contracts with 21 digital healthcare companies, with some collaborations already underway, and in July it signed a memorandum of understanding with Lagenka AI for a clinic operating-fund service called 'MediBaro', expanding into financial integration services.

Subsidiary Cretem (automated drug packaging systems) is targeting break-even in the fourth quarter through expanded exports, cited as an additional source of consolidated earnings improvement.

The company is building an in-house AI team and an H100-based large language model infrastructure to continue advancing healthcare-specific AI services.

However, with first-half cumulative operating profit of KRW 6.2 billion falling short of half the annual target, the pace of Uisarang AI adoption and actual monetization of platform fee contracts in the second half will likely be key to achieving the goal.

Valuation

PER

—

PBR

1.1×

ROE

-1.2%

EPS

-₩32

BPS

₩2,726

Dividend per share

₩50

GC Mediai's net income has swung between losses and profits in recent years, and on a trailing four-quarter basis owner net income remains slightly negative, making earnings-based valuation metrics difficult to compute at this point.

As a result, the market has tended to rely more on the relationship between share price and book value (price-to-book ratio), and the current share price sits close to book value, without a pronounced premium or discount evident.

Operating profit itself has shown a steady quarter-by-quarter improvement, so if net income volatility eases going forward, the basis for interpreting valuation metrics could shift. The company has continued annual cash dividends, though the dividend yield remains modest.

Whether the company achieves its 2026 operating profit guidance and how much revenue the AI and platform businesses ultimately contribute are likely to be key variables for any future valuation reassessment.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23

Bull factors

Accelerating AI Medical OS Transition

Built on its existing 'Uisarang' EMR infrastructure deployed at roughly 16,000 clinics nationwide, the company is positioned to rapidly scale its 'Uisarang AI' clinical solution.

Following pre-orders from about 300 clinics, it targets installation at 2,000 sites within the year, and a future shift to a subscription model could create an additional revenue stream beyond existing EMR monthly fees. In-house H100-based LLM infrastructure is also boosting technological self-sufficiency.

Solid Core Business Profitability

The Medical Infra segment maintains an operating margin above 20% and Data & Marketing maintains one in the 30% range, providing a stable cash-generating base that supports investment in new businesses. Subsidiary Cretem is also continuing to improve its cost structure, targeting break-even in the fourth quarter. Annual operating profit has grown steadily, from KRW 3.5 billion in 2023 to KRW 7.5 billion in 2025.

Expanding Platform Fee Business

The company is pursuing a 'toll road' fee model based on integration with digital healthcare services such as Ddoc Doc, and is in talks for integration contracts with 21 companies.

New partnerships such as a financial-service integration MOU with Lagenka AI are also underway, marking a diversification away from a purely EMR-fee-centered revenue structure.

Bear factors

Persistent Net Income Volatility

While operating profit has improved every recent quarter, owner net income posted losses in both Q4 2025 and Q2 2026. Most of the roughly KRW 37 billion in full-year 2025 net income stemmed from a one-off gain in the second quarter, meaning underlying earnings power is considerably lower once that item is excluded.

Intensifying EMR Market Competition

Cloud-based newer entrants such as Cenacle Soft and Aegis Healthcare are eroding share at the clinic level with aggressive pricing, while established rivals like Bit Computer and EzCaretech are also rolling out AI features, intensifying competition. If price competition deepens, it could pressure profitability tied to existing EMR monthly fees.

Pressure to Meet Guidance

First-half 2026 operating profit of KRW 6.2 billion represents roughly 46% of the annual target of KRW 13.5 billion, requiring a larger improvement in the second half.

If the free-of-charge period for Uisarang AI or the timing of revenue recognition from new platform fee contracts is delayed, achieving the target could be at risk.

Risk factors

Subsidiary Earnings Volatility

If earnings improvement at consolidated subsidiaries such as Cretem does not proceed as planned, it could weigh on overall consolidated results. The fourth-quarter break-even target depends on execution of second-half export expansion.

Data Security and Regulation

Given the nature of handling large volumes of medical data, regulatory changes related to personal data protection and medical data, as well as data-processing safety issues for AI services, remain ongoing business risks.

Share Pressure from Intensifying Competition

As cloud-based EMR startups pursue aggressive pricing and established competitors simultaneously roll out AI features, defending clinic-level market share requires continuous investment and response.

What to watch next

Mid-November 2026
The Q3 earnings disclosure will show progress against the KRW 13.5 billion annual operating profit guidance and whether Uisarang AI revenue is beginning to show up in results.
December 2026
This is when to check whether the year-end target of 2,000-plus Uisarang AI installations was met and how the subscription-model transition strategy is finalized after the free-of-charge period ends.
Q4 2026
Watch whether subsidiary Cretem achieves break-even and whether export expansion results are reflected in consolidated earnings.
Second half of 2026
Track progress on platform integration fee contracts with the 21 digital healthcare companies under discussion, and whether the 'MediBaro' service with Lagenka AI officially launches.

Overall view

GC Mediai is leveraging Korea's largest EMR network to add AI clinical solutions and platform fee businesses, pursuing a transition into a 'Medical OS' company, and has set its first formal guidance of KRW 13.5 billion in operating profit for 2026.

Annual revenue has grown for four consecutive years, and the operating margin has steadily recovered since bottoming in 2023.

However, excluding a large one-off gain in Q2 2025, owner net income has shown an unstable pattern of small losses and gains through recent quarters, and first-half operating profit fell short of half the annual target, making second-half execution critical.

The competitive environment is also challenging, with low-cost cloud-based entrants and AI adoption by established rivals occurring simultaneously. On valuation, with earnings-based metrics difficult to compute at this stage, the relationship to book value tends to be more commonly referenced.

Investors will want to continue monitoring concrete business indicators such as Q3 results, the pace of Uisarang AI adoption, and progress on platform fee contracts.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.