Mediana

Founded in 1995, Mediana is a South Korean medical device specialist built around two core lines: hospital patient monitoring devices (PMD) and automated external defibrillators (AED). Patient monitors and defibrillators are its main products, sold through both ODM arrangements and its own brand.

Having operated for 31 years, the company has maintained a leading domestic position and currently supplies its existing products to roughly 3,000 hospitals. As a new business area, it has launched consumable catheter (PICC) products to expand its business scope.

Mediana has continuously expanded overseas sales through export and distribution agreements with device makers such as Medtronic (US) and Siemens (Germany), and past disclosures show exports once accounted for as much as 80% of total revenue, with the overseas share still above 70% in 2023.

In January 2026, the company officially launched its new wireless patient-monitoring (wearable ECG) business, securing 300 beds immediately after launch.

This new business is built on a partnership with wearable diagnostics firm ATsens to establish a new standard model for in-hospital cardiac monitoring and to commercialize integrated wired-wireless monitoring.

Mediana's largest shareholder is AI specialist Selvas AI, and the affiliate relationship is being leveraged to expand into medical AI and wearable-convergence businesses.

In June, the company supplied patient monitors to a 300-bed national fire service hospital, extending its reference base into the public healthcare sector.

Consolidated 2025 revenue came in at roughly KRW64.9 billion, up from about KRW57.0 billion in 2024, while operating profit jumped to about KRW5.95 billion from roughly KRW1.31 billion, lifting the operating margin from 2.3% to 9.2%.

Net income attributable to owners, however, actually declined to about KRW5.27 billion in 2025 from roughly KRW6.21 billion in 2024, suggesting non-operating items moved independently of the operating improvement.

Looking further back, 2022 revenue of about KRW68.3 billion carried a 15.5% operating margin and 2023 revenue of about KRW78.4 billion carried a 12.0% margin, before margins collapsed to 2.3% in 2024 and then recovered progressively from 2025 onward.

Narrowing to the trailing four quarters (Q3 2025 through Q2 2026), revenue came in at roughly KRW15.0 billion, KRW19.2 billion, KRW16.1 billion and KRW21.1 billion, showing an expanding trend despite quarter-to-quarter swings.

Operating profit over the same period rose to about KRW1.58 billion, KRW1.87 billion, KRW1.61 billion and KRW2.95 billion, with the operating margin climbing from 10.5% to 9.7% to 10.0% to 13.9%, its highest point in Q2 2026.

Owners' net income also stayed positive for four straight quarters, swinging to about KRW2.27 billion in Q3 2025, KRW1.88 billion in Q4 2025, KRW2.35 billion in Q1 2026 and KRW3.11 billion in Q2 2026.

Just before that stretch, Q2 2025 posted revenue of about KRW15.7 billion and operating profit of about KRW1.24 billion yet still recorded a net loss of roughly KRW0.43 billion attributable to owners, an episode that illustrates how non-operating items can temporarily distort results.

Operating cash flow came to about KRW5.50 billion in 2025, exceeding net income and roughly in line with about KRW5.11 billion in 2024, though still below the roughly KRW14.6 billion generated in 2023, indicating the company's cash-generation capacity has remained fairly steady.

The upstream market for hospital patient monitors and emergency medical devices is generally classified as a steady, moderately growing sector driven by population aging and rising acute-care demand.

According to Global Growth Insights, the global patient-monitoring device market is expected to reach USD21.03 billion in 2026 and grow to USD34.05 billion by 2034.

Domestically, the market is already mature with roughly 3,000 hospitals already supplied, but a new category combining wearable and wireless monitoring has recently opened up, shifting the axis of growth.

In the high-end, large-hospital segment, major global device makers such as Medtronic and Siemens remain dominant, and Mediana is integrated into that value chain through ODM and export agreements with them.

In wearable diagnostics, competition with leading players such as Seers Technology appears unavoidable, though some observers note the market is still in an early expansion phase.

Having operated for 31 years while maintaining a leading domestic position, the company's brand strength and nationwide distributor network are seen as providing a barrier to entry as it expands into the new business.

CEO Kwak Min-cheol has stated that in 2026 the company plans to expand its business around an integrated wired-wireless monitoring solution, a new patient-monitor lineup, and a new motorized automated cardiopulmonary resuscitation device (ACM).

The 2025 earnings improvement was reportedly driven by growth in North American patient monitors, European AEDs and VAD-related sales, along with greater in-house manufacturing.

Since its launch, the wireless patient-monitoring business has continued signing supply contracts with general and public hospitals, and in June it secured a supply contract for a 300-bed national fire service hospital, adding a public-healthcare reference.

According to brokerage research, the annual target is to contract 150 hospitals and 15,000 beds, equivalent to about 5% of the company's sales network. On overseas expansion, the company is reportedly in discussions with major Japanese trading houses and comprehensive healthcare firms about business development.

The core wired patient-monitor business is also said to have shown a confirmed earnings recovery starting in Q4 2025, following an inventory-adjustment phase that persisted after the COVID-19 period.

Leading Investment & Securities stated in a March 11, 2026 report that it was maintaining its target price of KRW32,000 with a buy rating, unchanged from its prior January 30 target.