PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Dio has posted four consecutive quarters of operating profit since 2025Q3, entering a recovery phase driven by overseas sales after completing a large-scale balance-sheet cleanup in 2024.
2025 annual revenue reached KRW 164.1bn (+37.2% YoY) and operating profit turned positive at KRW 10.1bn, though net income attributable to owners remained slightly negative at -KRW 1.36bn
2026Q1 net income attributable to owners hit a quarterly record of KRW 9.63bn, followed by KRW 44.95bn revenue and KRW 4.41bn operating profit in 2026Q2
Implant products account for about 87% of sales and exports about 84%, reflecting a shift toward an overseas subsidiary-driven business model
The Ziyang, Sichuan production base in China has begun operation, and a low-cost 'Economic' product line is being prepared to compete for China's second-round volume-based procurement (VBP)
The company retired about 4.05% of shares outstanding last year and conducted additional buybacks, making treasury-share actions the primary shareholder-return tool amid a no-dividend policy
Founded in 1988, Dio is a Kosdaq-listed company specializing in dental implants and digital dentistry.
Its core products include implant fixtures alongside the in-house developed digital navigation system 'DIOnavi.', and the company has recently expanded its lineup with the new 'UNICON' product and next-generation flagship 'UFII'.
Implant products accounted for about 87.3% of sales as of 2025Q3, while exports rose to about 83.8%, reflecting a shift toward an overseas-centered business structure. The share of revenue generated through overseas subsidiaries is estimated to have risen from about 56% in 2020 to around 71% in 2025.
Key markets include China, Portugal, Turkey, India, the United States, Russia, and Australia, with China representing roughly 32.5% of regional sales in the first half of 2026, its single largest market.
In the domestic market Dio competes with Osstem Implant and Dentium, while overseas it faces global players such as Straumann and Nobel Biocare as well as Chinese local manufacturers such as Bioconcept.
Production is run on a dual-track basis between the Busan headquarters and a newly operating production base in Ziyang, Sichuan, China, which the company says has annual capacity of 750,000 units, expandable to as much as 3 million.
The company has also been expanding into AI-based digital dentistry, partnering with LG CNS on implant-design automation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩40.1B | ₩3B | 7.5% |
| 2025Q3 | ₩41.4B | ₩4.2B | 10.0% |
| 2025Q4 | ₩46.7B | ₩1.4B | 3.0% |
| 2026Q1 | ₩41.3B | ₩4.1B | 10.0% |
| 2026Q2 | ₩44.9B | ₩4.4B | 9.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩131.3B | -₩4.4B | -₩20.5B | −3.4% | −12.3% | 97.5% |
| 2023 | ₩155.8B | ₩20.9B | ₩2.6B | 13.4% | 1.3% | 89.1% |
| 2024 | ₩119.6B | -₩40.7B | -₩41.3B | −34.0% | −20.2% | 68.2% |
| 2025 | ₩164.1B | ₩10.1B | -₩1.4B | 6.2% | −0.7% | 71.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Dio's annual results have swung sharply in recent years.
From revenue of KRW 131.3bn and an operating loss of KRW 4.4bn (operating margin -3.4%) in 2022, the company turned profitable in 2023 with revenue of KRW 155.8bn (+18.6%) and operating profit of KRW 20.9bn (margin 13.4%), before revenue fell sharply to KRW 119.6bn (-23.2%) in 2024 and the operating loss widened to KRW 40.7bn (margin -34.0%), with net loss attributable to owners reaching KRW 41.3bn.
This is understood to reflect a large one-off 'big bath' involving receivables cleanup and asset impairments. In 2025, revenue hit a record KRW 164.1bn (+37.2%) and operating profit turned positive at KRW 10.1bn (margin 6.2%), though annual net income attributable to owners remained slightly negative at -KRW 1.36bn.
On a quarterly basis, 2025Q2 posted operating profit of KRW 3.0bn but a net loss attributable to owners of KRW 8.9bn, while 2025Q3 showed a clear improvement with revenue of KRW 41.4bn, operating profit of KRW 4.2bn, and net income of KRW 5.9bn; 2025Q4 revenue rose to KRW 46.7bn but operating profit moderated to KRW 1.4bn.
Entering 2026, the company posted revenue of KRW 41.3bn, operating profit of KRW 4.1bn, and net income of KRW 9.6bn in Q1, followed by revenue of KRW 44.9bn, operating profit of KRW 4.4bn, and net income of KRW 5.0bn in Q2, showing that quarterly profit levels have been sustained.
Combined net income attributable to owners over the most recent four quarters (2025Q3-2026Q2) reached KRW 22.1bn, marking a clear directional shift from the earlier loss-making stretch.
According to the company, in 2026Q2 the SG&A-to-revenue ratio fell to 55% from a year earlier, bad-debt expense roughly halved, and quarterly cash collections reached a record KRW 50.4bn, indicating improving cash flow as well.
The global dental implant market continues to grow moderately on the back of aging populations and expanding dental infrastructure in emerging markets, with China remaining the key battleground for Korean makers.
When China implemented its first-round VBP (volume-based procurement) in 2023, implant supply prices dropped sharply, and Dio's allocated volume came to only about 2% of the total, far below Osstem Implant (29%) and Dentium (24%).
Since then, lower implant procedure prices appear to have expanded the overall market size, and the industry expects a second round of VBP to follow a bidding announcement around the end of 2026, results in early 2027, and implementation around April 2027.
In response, Dio has built a three-tier product lineup of Premium (UV surface treatment), Value, and Economic, pursuing a two-track strategy of local Chinese production for the low-price segment and Korean-made products for the premium segment.
Rivals Osstem Implant and Dentium are pursuing similar localization and low-price strategies, suggesting price competition in China will persist.
Outside China, demand growth continues in India, Turkey, Portugal, and the Middle East/CIS region amid aging populations and improving healthcare access; Dio's revenue from seven key strategic countries (China, Mexico, Australia, India, Portugal, Turkey, Russia) rose about 23% year-on-year in the first half of 2026.
In Europe, the company has completed MDR (Medical Device Regulation) certification across its entire implant lineup, securing regional market access.
The company is understood to have guided for 2026 revenue of roughly KRW 200bn and an operating margin of about 15%, though there is some room for estimate adjustment given discussion that the China second-round VBP implementation, initially expected around mid-2026, could be delayed.
Hanyang Securities, in a February 2026 report, forecast Dio's 2026 consolidated revenue at KRW 205.3bn (+25.7% YoY) and operating profit at KRW 30.6bn (+180.7%).
The Ziyang, Sichuan production base in China began mass production in July 2026, and the company has said its flagship new product 'UFII' was scheduled to enter full-scale production from August 2026.
The low-cost 'Economic' line targeted at China, produced locally, is aimed at expanding volume allocation under the second-round VBP, with some industry observers suggesting it could eventually contribute around 10% of total revenue.
The US subsidiary posted first-half 2026 revenue of KRW 4.7bn and is targeting KRW 10bn for the full year, while key strategic markets including Turkey (+51%), Portugal (+40%), India (+29%), and Australia (+25%) showed broad-based growth in the first half.
The company is also advancing an AI-based digital dentistry platform, including implant-design automation, in partnership with LG CNS.
Since large impairments in 2024, Dio's operating profit has turned positive from 2025 and net income over the most recent four quarters has also moved into positive territory, indicating a shift from loss to recovery in earnings direction.
The stock trades at a discount to net asset value, and shareholder returns center on treasury-share buybacks and cancellations rather than cash dividends.
Last year the company retired treasury shares equal to about 4.05% of shares outstanding and conducted additional buybacks, leaving further cancellation decisions as a variable that could affect share count going forward.
Samsung Securities, in an April 2026 report, maintained a Buy rating and a target price of KRW 22,000, citing the expanding overseas-subsidiary sales trend. The durability of the earnings recovery and the outcome of China's second-round VBP are cited as key variables for future valuation discussions.
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 2026-08-21
Dio posted four consecutive quarters of operating profit from 2025Q3 through 2026Q2, with combined net income attributable to owners improving to KRW 22.1bn over the period.
Cost efficiencies, including a lower SG&A ratio and reduced bad-debt expense, have accompanied revenue growth, forming a structure in which sales gains flow through to profit. Cash collections hit a quarterly record in 2026Q2, underscoring improved cash-flow stability as well.
With implant products accounting for about 87% of sales and exports about 84%, the business has shifted to an overseas-centered structure. Beyond China, key strategic markets including Turkey, Portugal, India, and Australia posted double-digit revenue growth in the first half of 2026. Completion of MDR certification across the entire implant lineup has also secured European market access.
The Ziyang, Sichuan production base has begun operation, and a low-cost 'Economic' line is being developed to prepare for the second round of VBP. A three-tier lineup of Premium, Value, and Economic products creates a structure capable of addressing demand across different price points. An AI-based digital dentistry business developed with LG CNS is also cited as a new growth pillar.
While operating profit turned positive in 2025, annual net income attributable to owners remained slightly negative at -KRW 1.36bn. Quarterly volatility from non-operating factors remains significant—for example, 2025Q2 posted operating profit of KRW 3.0bn but a net loss of KRW 8.9bn. Additional quarters of results will be needed to confirm the quality and durability of the earnings recovery.
In the first round of VBP, Dio's allocated volume was only about 2% of the total, far below Osstem Implant (29%) and Dentium (24%). There is discussion that the second-round VBP implementation timeline itself could be delayed, and whether volume allocation will improve remains unconfirmed. Actual sales performance of the new low-cost 'Economic' line has also yet to be tested in the market.
With exports at about 84% of sales, the company is significantly exposed to currency fluctuations, region-specific regulations, and geopolitical variables. Given the large receivables cleanup experienced in 2024, continued confirmation of stability in managing overseas trade receivables is needed. Political instability in some regions, including the Middle East, also remains a potential variable.
The timing and volume-allocation criteria of China's VBP policy directly affect the company's results. Domestically, discussions around expanding health-insurance coverage for implants are also underway, which could be a variable for the domestic revenue structure. Changes to medical device certification rules in major markets such as Europe also require ongoing monitoring.
Given the history of a large receivables write-off in 2024, managing overseas trade receivables remains a key monitoring metric. The debt ratio stood at 71.4% at the end of 2025, more stable than in prior years but still requiring ongoing management. If collection management falters, bad-debt expenses could expand again.
Domestically, price and technology competition with Osstem Implant and Dentium continues, while in China, low-price competition with local player Bioconcept has intensified. In the global market, competition also exists with premium brands such as Straumann and Nobel Biocare. Intensifying competition could exert price pressure on margins.
Around this time the 2026Q3 earnings release is expected, providing a check on whether revenue and operating profit continue the recent four-quarter improvement trend and whether China sales growth persists.
China's government is expected to announce second-round VBP (volume-based procurement) bidding around this time, warranting a check on potential changes to Dio's allocation criteria and volume.
Second-round VBP bidding results are expected around this time; whether Dio's allocated volume share improves compared with the first round (2%) is a key variable for China sales outlook.
Second-round VBP implementation is expected around this time, when actual sales performance and volume-expansion effects of the low-cost 'Economic' line should begin to show up in results.
Dio has entered a profit-recovery phase, posting four consecutive quarters of operating profit from 2025Q3 through 2026Q2 after completing a financial restructuring in 2024 that included large receivables cleanup and asset impairments.
The share of revenue from overseas subsidiaries has risen to about 71%, with exports reaching roughly 84%, reflecting a shift toward growth driven by diversified overseas markets including China, Turkey, Portugal, and India.
However, annual net income attributable to owners in 2025 remained slightly negative (-KRW 1.36bn), and quarterly net income volatility driven by non-operating factors has been significant, warranting further confirmation of earnings quality and durability.
The timing and outcome of China's second-round VBP will be a key variable for future results, with the newly operational local production base and the launch of the low-cost 'Economic' line serving as the company's response.
Shareholder returns have come through treasury-share buybacks and cancellations rather than cash dividends, with further cancellation decisions a point to watch.
Overall, the earnings trajectory shows a shift from loss to recovery, but both China policy variables and profit stability remain factors to monitor going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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