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
After resolving the trading halt triggered by a qualified 2024 audit opinion and resuming trading in May 2026, Hironic has posted steadily rising quarterly revenue and a return to annual profit while expanding North American distribution through Venus Concept and rolling out new products.
2025 consolidated revenue reached KRW 32.09bn with operating profit of KRW 4.10bn, reversing the prior year's operating loss, and quarterly revenue kept rising to KRW 9.59bn in Q1 2026 and KRW 10.80bn in Q2 2026.
The trading suspension triggered by the qualified 2024 audit opinion was lifted on May 4, 2026, and the company moved from the administrative-issue category back to the mid-sized company segment.
Cactus Private Equity became the second-largest shareholder with an 18.4% stake via a third-party share issuance and secondary purchase, with a pledge placed on part of the founder family's holdings.
Hironic began initial North American shipments in early September 2026 under an exclusive US/Canada distribution deal with Venus Concept, while expanding domestic clinic supply of the needle-free combination device SYNERJET PRO.
The company paid its first-ever quarterly dividend of KRW 233 per share, totaling roughly KRW 4.0bn, extending shareholder returns that began with treasury share cancellation.
Founded in 2007, Hironic manufactures and sells clinic-based aesthetic medical devices built on high-intensity focused ultrasound (HIFU) and radiofrequency (RF) technology, and moved its listing to KOSDAQ in 2014.
Its flagship product is the combination lifting device New Doublo 2.0, supported by a broader aesthetic lineup including the cooling fat-reduction device MiCool, the picosecond laser Pico Hi, and the general-purpose electrosurgical unit Silkro.
More recently, the needle-free combination devices SYNERJET and SYNERJET PRO, the microwave lifting device MIGLOW, and the home beauty device HomeCera have become additional growth drivers.
Sales are structured on a dual-track basis, with the parent company handling overseas sales directly while domestic sales run through its wholly owned subsidiary, Hironic Korea. Overseas sales are handled directly by Hironic, while domestic sales are conducted through its wholly owned subsidiary, Hironic Korea.
As of 2023, exports accounted for about 62.6% of sales, with the company pursuing a strategy of diversifying revenue across South America, Europe, and Asia. The export ratio reached 62.6% in 2023, with a strategy of diversifying revenue across regions such as South America, Europe, and Asia.
The revenue model benefits from recurring consumable sales such as Doublo cartridges and MiCool gel pads, which expand as the installed equipment base grows. Recurring revenue is generated through consumable sales such as Doublo cartridges and MiCool gel pads/liners.
The competitive landscape includes other Korean and global HIFU/RF/laser-based aesthetic device makers, with companies such as Lutronic and Viol Medical cited among comparable peers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.9B | -₩300M | −4.1% |
| 2025Q3 | ₩8.3B | ₩500M | 5.8% |
| 2025Q4 | ₩8.4B | ₩1.7B | 20.3% |
| 2026Q1 | ₩9.6B | ₩1.5B | 15.2% |
| 2026Q2 | ₩10.8B | ₩1.1B | 10.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩27.6B | ₩3.6B | ₩2.9B | 13.0% | 5.0% | 15.0% |
| 2023 | ₩33.7B | ₩5.3B | ₩8.2B | 15.6% | 11.4% | 9.2% |
| 2024 | ₩31.6B | -₩4.8B | -₩5.5B | −15.0% | −7.8% | 14.6% |
| 2025 | ₩32.1B | ₩4.1B | ₩3.2B | 12.8% | 5.0% | 12.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Hironic's performance peaked in 2023 with revenue of KRW 33.73bn, operating profit of KRW 5.27bn (a 15.6% operating margin), and owners' net income of KRW 8.22bn, before deteriorating sharply in 2024, when revenue fell to KRW 31.63bn and the company swung to an operating loss of KRW 4.76bn (a -15.0% margin) and a net loss attributable to owners of KRW 5.45bn.
That 2024 loss was heavily influenced by conservative accounting treatment tied to an audit scope limitation over inventory valuation. A temporary widening of losses occurred as the inventory valuation issue during the audit process was reflected conservatively in the accounts.
In 2025, the company returned to profit with revenue of KRW 32.09bn, operating profit of KRW 4.10bn (a 12.8% margin), and owners' net income of KRW 3.16bn.
By quarter, the company was still posting an operating loss of KRW 323mn and a net loss to owners of KRW 1.04bn through Q2 2025, before swinging to an operating profit of KRW 483mn in Q3, which then expanded to KRW 1.71bn in operating profit and KRW 2.04bn in net income to owners in Q4.
This trend continued into 2026, with Q1 revenue of KRW 9.59bn (operating profit KRW 1.45bn, net income to owners KRW 1.27bn) and Q2 revenue of KRW 10.80bn (operating profit KRW 1.10bn, net income to owners KRW 783mn) — revenue kept rising each quarter, though net income moderated slightly from Q1.
A media report noted first-half 2026 operating profit of roughly KRW 2.6bn, described as an 11-year high, broadly consistent with the sum of the Q1 and Q2 2026 operating profit figures. Hironic's first-half operating profit was reported at KRW 2.6 billion, the highest level in 11 years.
On the cash-flow side, operating cash flow was a positive KRW 5.24bn in 2024 despite the net loss, whereas 2025's return to net profit came with a slightly negative operating cash flow of KRW -88mn, a gap between reported earnings and cash generation worth monitoring.
The domestic and global aesthetic device market is centered on competition among Korean makers using HIFU, RF, and laser technologies, with the needle-free drug delivery segment recently emerging as a new growth area.
According to market researcher Research and Markets, the global needle-free injection market was valued at roughly $1.5bn in 2023 and is expected to grow at over 15% annually through 2028.
According to global market researcher Research and Markets, the worldwide needle-free injection market was valued at approximately $1.5 billion (about KRW 2 trillion) in 2023 and is expected to grow at an annual rate of over 15% through 2028.
Hironic is entering this segment with SYNERJET and SYNERJET PRO, built on its proprietary micro-jetting technology, and has already begun clinic supply domestically.
Industry competition involves multiple listed Korean aesthetic device makers, with positioning differentiated by company scale and the extent of overseas distribution networks. Companies cited as engaged in similar businesses to Hironic include Lutronic and Viol Medical.
Comparable companies include Lutronic and Viol Medical, among others.
Hironic's newly secured partner, Venus Concept, is a global distributor supplying products to more than 60 countries and operating its own sales organization in 11 major markets including the United States, and Hironic is leveraging this network to reduce the time and cost of entering North America.
Venus Concept supplies products to more than 60 countries and operates its own sales organization in 11 major markets, including the United States.
The broader aesthetic device sector tends to see heightened share-price volatility ahead of earnings seasons, making confirmation of actual order intake and overseas revenue growth an important variable for assessing individual companies.
The most significant recent event was the resumption of trading on May 4, 2026, after the Korea Exchange decided to exclude Hironic from the substantive listing eligibility review, ending a suspension that had lasted more than a year.
Hironic announced on the 30th that its share trading suspension would be lifted after being excluded from the substantive listing eligibility review, with the suspension lifted effective May 4, 2026.
In a July 2026 disclosure, the company said it expected US FDA approval for its needle-free device SYNERJET within the third or fourth quarter of 2026, after which it plans to launch full-scale North American sales based on its existing distribution agreement.
The company expects US Food and Drug Administration approval for the combination device SYNERJET within the third or fourth quarter.
However, reports differ on the US regulatory status of the successor product SYNERJET PRO, with some describing the review as still ongoing while the FDA's public database shows a substantial equivalence determination already recorded, a discrepancy that warrants confirmation.
Reports on the US regulatory status differ. One outlet said Hironic was still undergoing the FDA's 510(k) review process for SYNERJET PRO, while the FDA's public 510(k) database shows the product received a "substantial equivalence" determination on April 6, 2026.
In North America, the company plans to expand installed equipment and dedicated consumable supply following the initial shipment through its Venus Concept partnership.
Starting with initial equipment supply, Hironic plans to increase the number of installations in North America and expand supply of dedicated consumables such as tips.
Domestically, expanding sales of SYNERJET PRO and MIGLOW has been set as a second-half priority, alongside plans to establish a new Japanese subsidiary to begin local sales operations targeting the Asian market.
The company plans to establish a new Japanese subsidiary, Hironic Japan, within the year to begin full-scale sales operations, leading with SYNERJET PRO, which has been approved for export to that market.
On shareholder returns, the company has stated its intention to continue returning capital based on earnings and financial capacity following its first quarterly dividend payment.
The company stated its policy of continuing a shareholder-return approach based on earnings and financial capacity rather than a one-off dividend.
Hironic's share price trades against a backdrop in which the audit-opinion risk has been resolved and earnings have swung from loss to profit.
With earnings power not yet fully back to its 2023 peak, the multiple the market assigns is best assessed against the company's past earnings-cycle trading bands rather than in isolation.
The share price relative to net assets should be considered alongside the recent capital increase that expanded the equity base, with the durability of the earnings recovery mattering more than the absolute level of any per-share metric.
On shareholder returns, the company only recently began its first quarterly dividend, so its dividend track record is too short to draw firm comparisons with sector peers.
Ultimately, valuation is likely to continue moving in tandem with earnings trends until the revenue contribution from the North American and Japanese businesses is confirmed in actual reported figures.
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
Following the return to annual profit in 2025, revenue rose again in 2026 to KRW 9.59bn in Q1 and KRW 10.80bn in Q2, with a report noting first-half operating profit reached an 11-year high.
Operating profit has now been positive for four consecutive quarters since Q3 2025, a clear contrast with the temporary loss period in 2024. Net income did moderate slightly from Q1 to Q2 2026, however, so the pace of the earnings recovery still warrants monitoring.
Building on its exclusive US/Canada distribution deal with Venus Concept, Hironic began initial North American shipments in early September 2026, and can leverage Venus Concept's distribution network spanning more than 60 countries and sales organizations in 11 major markets.
The company is simultaneously expanding domestic SYNERJET PRO supply while pursuing entry into Japan through a planned local subsidiary. Because consumable sales grow alongside equipment sales, revenue stability has the potential to improve as the installed base accumulates.
In response to the inventory management issue that caused the qualified 2024 audit opinion, the company replaced roughly half of its division-head-level executives, including the CFO, to rebuild internal controls, and secured an unqualified opinion for fiscal year 2025 that resolved the delisting cause.
Cactus Private Equity's entry as second-largest shareholder brought in more than KRW 30bn in funding, and the company began shareholder returns with its first-ever quarterly dividend alongside treasury share cancellation.
Hironic has a history of a suspended trading status lasting more than a year after receiving a qualified 2024 audit opinion over an inventory valuation issue.
While the fiscal 2025 audit opinion improved to unqualified, whether internal controls have fully stabilized will need to be reconfirmed through future audit reports.
After posting an operating loss through Q2 2025 and swinging to profit in Q3, quarterly operating profit still fluctuated widely, ranging from KRW 483mn to KRW 1.71bn.
In 2026, even as revenue rose, net income attributable to owners fell from KRW 1.27bn in Q1 to KRW 783mn in Q2, showing periods where revenue growth did not translate smoothly into higher net income.
Uncertainty remains around the overseas regulatory timeline, as media reports differ on the US approval status of the new SYNERJET PRO device.
The company also competes against numerous domestic and global HIFU/RF-based aesthetic device makers, so the pace at which it can gain share in newly entered markets remains to be seen.
The company previously received a qualified audit opinion for fiscal 2024 due to an audit scope limitation on inventory valuation, which constituted a delisting cause.
While it secured an unqualified opinion for fiscal 2025, the durability of internal control improvements will need to be confirmed in future audit reports.
As Cactus Private Equity became the second-largest shareholder through a third-party share issuance and secondary purchase, a pledge was placed on part of the founder and related parties' holdings, structured such that the collateral could be exercised if contractual conditions are not met. This is a factor that could lead to future changes in major shareholder ownership.
Entry into the North American and Japanese markets and new product approvals involve multiple execution stages, and some information, such as the US regulatory status of SYNERJET PRO, still requires confirmation.
Growth in consumable sales also depends on the prior condition of an expanding installed equipment base, so its initial revenue contribution may appear with a time lag.
The Q3 2026 earnings release should show whether the revenue growth trend and operating margin pattern continue, and whether follow-on orders after the initial North American shipment are reflected in results.
It is worth checking whether the US FDA approval for SYNERJET, which the company said it expects within Q3-Q4, materializes, and how the conflicting reports on SYNERJET PRO's US regulatory status are ultimately resolved.
Progress on establishing the Hironic Japan subsidiary and beginning local sales operations, along with SYNERJET PRO's traction in the Japanese market, should be monitored.
It is worth watching for any changes in the ownership structure or pledge status related to Cactus Private Equity, as well as whether additional quarterly dividend disclosures confirm the continuity of shareholder returns.
Hironic endured a trading suspension of more than a year following a qualified audit opinion for fiscal 2024, but has resolved much of the listing-related uncertainty by securing an unqualified opinion for fiscal 2025 and resuming trading in May 2026.
On the earnings side, the recovery trend is clear, with a return to annual profit in 2025 followed by consecutive revenue increases in Q1 and Q2 2026, though quarter-to-quarter volatility in operating and net income remains.
The company's growth drivers are diversifying, including the launch of exclusive North American distribution through Venus Concept, expanded domestic supply of SYNERJET PRO, and a planned Japanese subsidiary for the Asian market.
However, reports diverge on the overseas regulatory timeline for new products, and ownership-structure variables such as Cactus Private Equity's entry as second-largest shareholder and the pledge on founder shares warrant continued attention.
On shareholder returns, the company has taken its first step with a maiden quarterly dividend since its founding.
Overall, this appears to be a phase where positive developments — resolved accounting/listing risk, an earnings recovery, and overseas expansion — coexist with items still requiring confirmation, such as the short track record of sustained profitability and ownership-structure variables.
Report written 2026-09-05 · Data as of 2026-09-04
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