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
Following its simultaneous return to operating and net profit in 2025, Curexo continues to show sharp quarter-to-quarter swings while pushing overseas expansion on the strength of newly secured US and European regulatory approvals.
FY2025 consolidated revenue reached KRW 74.5 billion (+34.2% YoY), with operating profit and net profit both turning positive.
Medical robot segment revenue fell roughly 43% year-on-year in Q1 2026, pushing the company back into an operating loss, before rebounding to its largest quarterly results on record in Q2 2026.
The flagship CUVIS-Joint surgical robot obtained US FDA clearance and European CE MDR certification in succession during 2026.
Curexo signed an approximately KRW 8.457 billion supply contract with India's Bioradmedisys, with shipments scheduled to be delivered sequentially through year-end.
Taiwan's reimbursement decision and the expansion of the hip indication in Japan are flagged as key inflection points for future emerging-market growth.
Curexo is a diversified medical device company organized into three business segments: medical robotics, implants, and trading.
In the medical robotics segment, the company develops and sells the CUVIS-Joint total joint replacement surgical robot, the CUVIS-Spine spinal surgery robot, and the Morning Walk gait rehabilitation robot.
CUVIS-Joint is an active surgical robot featuring CT-image-based surgical planning and automated bone cutting via a six-axis articulated robotic arm, supplied to domestic general and specialty hospitals as well as overseas markets including India, Malaysia, Indonesia, and Japan.
CUVIS-Spine uses C-Arm and O-Arm imaging to guide pedicle screw insertion while reducing radiation exposure.
The implant segment operates the domestic distribution of Zimmer Biomet's NexGen knee implant line, and since 2025 has expanded its lineup by securing exclusive distribution rights for shoulder implants from Exactech of the United States.
As of Q1 2026, the trading segment accounted for the largest share of revenue at 41.9%, followed by medical robotics at 35.6% and implants at 22.5%.
On profitability, the implant segment (KRW 326 million) and trading segment (KRW 121 million) each posted operating profit, while the medical robotics segment recorded an operating loss of KRW 1.36 billion, weighing on overall results.
In terms of competitive positioning, large global orthopedic implant makers hold an advantage through bundled marketing of their own implants with surgical robots, whereas Curexo competes on an open-platform basis, making partnerships with implant makers or distributors a recognized challenge.
The customer base is gradually expanding from domestic university and specialty hospitals toward India, Japan, Vietnam, Taiwan, and the Middle East.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩16.8B | -₩200M | −1.2% |
| 2025Q3 | ₩17.2B | ₩300M | 2.0% |
| 2025Q4 | ₩20.8B | ₩1.4B | 6.6% |
| 2026Q1 | ₩16.1B | -₩900M | −5.7% |
| 2026Q2 | ₩23.6B | ₩2.4B | 10.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩65B | ₩1.1B | -₩3B | 1.7% | −3.7% | 20.5% |
| 2023 | ₩72.9B | ₩1.1B | -₩4.9B | 1.6% | −4.8% | 6.9% |
| 2024 | ₩55.5B | -₩5.8B | -₩8.8B | −10.5% | −9.4% | 9.9% |
| 2025 | ₩74.5B | ₩2.4B | ₩2.8B | 3.2% | 2.9% | 5.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
FY2025 consolidated revenue came to KRW 74.53 billion, up 34.2% from KRW 55.53 billion the prior year, while operating profit turned to KRW 2.36 billion from an operating loss of KRW 5.82 billion in 2024.
Net profit attributable to owners also turned positive at KRW 2.77 billion, reversing a loss of KRW 8.76 billion in 2024.
In 2023 and 2022, operating profit was modestly positive at KRW 1.14 billion and KRW 1.11 billion respectively, yet net profit remained negative at KRW -4.86 billion and KRW -3.04 billion, making 2025 the first year in which both operating profit and net profit turned positive simultaneously.
On the balance sheet, the debt ratio declined from 20.5% in 2022 and 9.9% in 2024 to 5.1% in 2025, though operating cash flow was negative at KRW -11.26 billion in 2025, suggesting a working-capital burden distinct from the profit improvement.
By quarter, Q2 2025 marked a relative trough with revenue of KRW 16.79 billion, an operating loss of KRW 205 million, and a net loss of KRW 890 million, before improving through Q3 2025 (revenue KRW 17.23 billion, operating profit KRW 341 million, net profit KRW 823 million) and Q4 2025 (revenue KRW 20.80 billion, operating profit KRW 1.38 billion, net profit KRW 1.75 billion).
However, Q1 2026 saw revenue decline to KRW 16.10 billion with an operating loss of KRW 913 million, returning the company to a loss, driven mainly by a roughly 43% year-on-year drop in medical robotics segment revenue to KRW 5.73 billion from KRW 10.07 billion.
Operating profit in the implant and trading segments partly offset the loss. Revenue then jumped to KRW 23.62 billion in Q2 2026, with operating profit of KRW 2.44 billion and net profit of KRW 2.48 billion, the largest quarterly figures within this reporting window.
The global surgical robot market is projected to grow at a compound annual rate of 26.5%, expanding to USD 23.7 billion by 2029. The rehabilitation robot market is also estimated to grow from USD 430 million in 2024 to USD 1.776 billion by 2034, a compound annual growth rate of 15.24%.
These high-growth projections are attributed to rising orthopedic surgery demand tied to population aging and the accuracy and recovery-speed benefits of robot-assisted surgery.
However, in the joint replacement surgical robot market, large global implant makers maintain an advantage through bundled marketing of their own implants with robots, meaning Curexo, which competes on an open-platform basis, needs to secure separate partnerships with implant makers or distributors.
Domestically, Curexo is recognized as a company that holds both orthopedic surgical robots and rehabilitation robots.
In emerging markets such as India, Southeast Asia, Latin America, and the Middle East, the company has expanded its revenue base through relatively lower entry barriers and local partnerships, while in developed markets such as the United States and Europe, high regulatory barriers meant it only secured FDA and CE MDR approvals in 2026, an early-stage entry.
In markets such as Taiwan and Japan, reimbursement decisions and indication expansions serve as inflection points for market development, meaning there is often a time lag between approval and actual revenue conversion.
The company reaffirmed a target of achieving its 'largest-ever annual revenue' in 2026. It also outlined a plan to broaden its business base beyond a small number of concentrated markets into Europe, Latin America, the Middle East, and Africa.
Supporting this, the flagship CUVIS-Joint secured US FDA clearance and European CE MDR certification in succession during 2026.
In May, Curexo signed a supply contract worth approximately KRW 8.457 billion (about 11.4% of the prior year's revenue) with India's Bioradmedisys, with shipments scheduled to be delivered sequentially through year-end, which the company expects to contribute to second-half results.
In Japan, the company is pursuing a strategy to expand its product portfolio from knee-focused indications to hip indications based on an exclusive distribution agreement with the Kyocera Group, viewing hip certification in Japan as a lever for approvals in other emerging markets.
In Taiwan, the company has completed TFDA approval and built a collaboration framework with local partners Unison and United, with the reimbursement decision cited as a key inflection point for market expansion.
The Indian market has entered a normalization phase following the establishment of a local subsidiary and securing of import approvals, with new orders for CUVIS-Joint reportedly continuing even after a local competitor launched a similar product.
Mirae Asset Securities, in an April 2026 site-visit report, projected FY2026 revenue of KRW 84.9 billion (+14% year-on-year) and operating profit of KRW 6.3 billion (+172%, operating margin of 7.5%), forecasting that the medical robotics segment would drive revenue growth on the back of India's stabilization and growth in Japan and Russia.
After a string of losses from 2022 through 2024, both operating profit and net profit turned positive in 2025, and the recovery continued into Q2 2026 with the largest quarterly profit within this reporting window.
This anticipation of earnings recovery appears to be partly reflected in the share price, which is understood to trade at a higher premium to net asset value than during the earlier loss-making period.
However, because medical robotics revenue fluctuates depending on quarterly delivery and installation timing, it remains to be seen whether this profit trajectory can be sustained consistently each quarter.
The company currently does not pay a cash dividend, meaning valuation weight leans more toward the growth narrative from overseas approvals and revenue expansion rather than shareholder returns.
In periods when turnaround expectations were most pronounced, the stock has at times traded near the upper end of its historical range, making the degree to which future results align with guidance a key point to watch when assessing valuation.
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 2026-08-22
Curexo secured US FDA clearance and European CE MDR certification in succession during 2026, laying the groundwork for entry into developed markets. TFDA approval in Taiwan and IMDA approval in Vietnam have also been completed, diversifying emerging-market progress simultaneously.
Since regulatory approval is a precondition for revenue generation, this serves as the starting point for future distribution expansion.
In India, Curexo signed an approximately KRW 8.46 billion supply contract with Bioradmedisys, and more than 120 CUVIS-Joint units are already installed locally, with orders continuing every quarter.
Notably, orders have persisted despite the emergence of a copycat competing product, reflecting preference for the validated device. Regional distribution channels are also expanding, including an exclusive distribution agreement with Kyocera in Japan and a partnership structure in Taiwan.
Operating profit and net profit turned positive simultaneously in 2025, and Q2 2026 recorded the largest quarterly profit within this reporting window. The debt ratio also fell from 20.5% in 2022 to 5.1% in 2025, improving financial stability.
The implant and trading segments serve as a buffer that partly offsets volatility in the medical robotics segment.
In Q1 2026, medical robotics segment revenue fell roughly 43% year-on-year, pushing the entire company back into an operating loss. Because robot equipment revenue is recognized in large lots tied to delivery and installation timing, quarterly results tend to swing significantly.
Although a rebound followed immediately in Q2, the possibility of a recurring low-first-half, high-second-half pattern each year cannot be ruled out.
Large global orthopedic implant makers dominate the market through bundled marketing of implants and surgical robots, whereas Curexo relies on an open-platform strategy that requires securing separate partnerships with implant makers or distributors.
In India, a local competitor has launched a similar product, creating ongoing low-price competitive pressure. In markets such as Taiwan, delayed reimbursement decisions could slow revenue conversion even after regulatory approval.
Even though earnings turned positive in 2025, operating cash flow was actually negative, indicating an inventory and receivables burden associated with revenue growth. The company currently pays no cash dividend, limiting its appeal from a shareholder-return perspective.
To confirm the sustainability of profit, it will be necessary to also monitor whether cash flow improves going forward.
In Taiwan, the reimbursement decision is cited as the key determinant of market expansion, and a delay in reimbursement could postpone revenue contribution even after regulatory approval. Medical device approvals in each country may take longer than expected due to clinical and documentation review procedures. If entry into new markets is delayed beyond plan, this could also affect the company's stated growth targets.
In India, a local company has launched a similar product, creating price competition pressure, with potential for legal disputes as well. As the share of emerging-market revenue rises, exposure to currency fluctuations and local policy changes also increases. Operating local subsidiaries can also raise management costs and inventory burdens.
Because medical robotics revenue fluctuates significantly by quarter, a quarterly result falling short of market expectations could amplify share price volatility. As the stock trades at a premium to net asset value, slower-than-expected profit recovery could increase pressure for valuation adjustment. As a small-cap stock, short-term price volatility driven by trading volume is also a point of caution.
Check whether the Q2 2026 rebound continues into Q3 and whether the medical robotics segment sustains operating profitability.
Monitor whether the approximately KRW 8.457 billion Bioradmedisys supply contract in India is delivered and recognized as revenue on schedule.
Check whether Taiwan's reimbursement decision is finalized and how it affects the pace of local sales expansion.
Track whether actual distribution partnership agreements are signed and revenue begins to materialize in developed markets following US FDA and European CE MDR approvals.
Check progress on expanding the hip indication in Japan through the partnership with the Kyocera Group.
Curexo is navigating a period of significant earnings volatility, having turned both operating profit and net profit positive in 2025, only to post another operating loss in Q1 2026 before rebounding immediately in Q2.
This volatility is driven mainly by delivery and installation timing in the medical robotics segment, which accounts for a substantial share of revenue, while the implant and trading segments serve as a buffer.
The company has laid the groundwork for entry into developed markets by securing US FDA clearance and European CE MDR certification in 2026, while also broadening its revenue base in emerging markets such as India, Vietnam, and Taiwan through approvals and supply contracts.
Even so, challenges remain where actual revenue conversion still requires time, such as Taiwan's reimbursement decision and the expansion of the hip indication in Japan.
On the balance sheet, stabilization is progressing as the debt ratio declines, though negative operating cash flow in 2025 suggests a funding burden associated with growth.
Whether the company's stated goal of 'record annual revenue in 2026' is actually borne out in quarterly results is the key variable to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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