PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩120 per share · Prices as of the 2026-10-02 close
Since refocusing on gastrointestinal stents, M I Tech has posted consecutive revenue and profit recovery in 2024-2025, while preparing mid-term growth infrastructure through European and Japanese distribution expansion and a planned second factory.
FY2025 revenue of KRW 67.2bn, operating profit of KRW 20.7bn, and owner net income of KRW 20.3bn mark a record annual result
Ranks No.1 in Korea and Japan market share and exports gastrointestinal stents to over 100 countries
Export ratio of roughly 70% makes earnings relatively sensitive to currency fluctuations
Pursuing mid-term capacity and distribution expansion via a planned second factory in Gyeonggi and entry into new European countries
Discontinued lithotripsy and glucose-monitoring businesses in H2 2023, refocusing the portfolio on stents
Founded in 1991, M I Tech developed Korea's first domestic gastrointestinal (non-vascular) stent and remains a specialized medical device maker.
The company is described as one of the world's top three GI stent makers, exporting biliary, esophageal, colorectal and duodenal stents to 107 countries, and holds No.1 market share in both Korea and Japan.
Its flagship product is the Benephit biliary stent, used when the bile duct narrows or becomes blocked due to conditions such as bile duct cancer, and its world-first Multihole design improves bile drainage efficiency, making it a widely adopted choice among biliary stent patients in Japan.
From 2017 the company diversified into extracorporeal shock wave lithotripsy and blood glucose monitoring devices, but judging these businesses to have limited viability, it classified them as discontinued operations in the second half of 2023 and refocused on GI stents, a move credited with reducing inefficient labor and R&D costs.
The export ratio stands at roughly 70%, with distribution in Japan handled by Boston Scientific, while in Europe, Olympus (Italy), Fuji Film (Germany), and local distributors in the UK, France and Spain each cover different countries.
The global non-vascular stent market includes roughly 100 competing firms such as Boston Scientific, Cook, Bard, Covidien and Olympus, most of which mass-produce stents using machine-based (cross-structure) methods, whereas M I Tech positions its handmade manufacturing—allowing customized designs by organ shape, ethnicity and age—as a competitive edge.
As of March, cumulative stent sales surpassed one million units, and since 2023 the company has obtained CE MDR certification for more than 300 items, described as the industry's highest certification count.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩15.7B | ₩4.1B | 25.9% |
| 2025Q3 | ₩17.1B | ₩5.7B | 33.7% |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩16.7B | ₩4.9B | 29.4% |
| 2026Q2 | ₩19.8B | ₩5.8B | 29.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩60.7B | ₩20.3B | ₩19.1B | 33.5% | 22.9% | 12.6% |
| 2023 | ₩46.4B | ₩14.1B | ₩12.8B | 30.3% | 13.8% | 6.4% |
| 2024 | ₩53.8B | ₩17.6B | ₩18.3B | 32.7% | 16.8% | 8.9% |
| 2025 | ₩67.2B | ₩20.7B | ₩20.3B | 30.8% | 16.1% | 12.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
M I Tech's annual revenue dipped once from KRW 60.66bn in 2022 to KRW 46.39bn in 2023, then recovered for two consecutive years to KRW 53.75bn in 2024 and a record KRW 67.15bn in 2025.
Operating margin stayed in the low-to-mid 30% range throughout—33.5% in 2022, 30.3% in 2023, 32.7% in 2024 and 30.8% in 2025—despite the revenue swing. Owner net income fell from KRW 19.15bn in 2022 to KRW 12.80bn in 2023 before recovering to KRW 18.29bn in 2024 and KRW 20.33bn in 2025.
On a quarterly basis, revenue of KRW 15.67bn and operating profit of KRW 4.06bn (25.9% margin) in Q2 2025 improved to KRW 17.06bn revenue and KRW 5.75bn operating profit (33.7% margin) in Q3 2025.
Growth continued into 2026, with Q1 revenue of KRW 16.73bn and operating profit of KRW 4.91bn, followed by Q2 revenue of KRW 19.75bn and operating profit of KRW 5.80bn (29.4% margin).
Notably, net margin exceeded operating margin in several quarters, suggesting non-operating items such as foreign-exchange-related gains may have contributed positively to net income.
Operating cash flow rose from KRW 8.59bn in 2022 to KRW 17.81bn in 2023 and KRW 23.66bn in 2024, before easing to KRW 14.87bn in 2025, showing that cash generation did not always move in lockstep with profit growth.
The debt ratio edged up from 6.4% in 2023 to 8.9% in 2024 and 12.6% in 2025, though it remains at a very low level overall.
Non-vascular (GI) stents are medical devices inserted when the digestive tract narrows or becomes blocked due to bile duct or esophageal cancer, helping bile or food pass through, and the category is classified as one with structurally growing demand amid population aging and rising cancer incidence.
Market size estimates vary by source and timing; a relatively recent estimate put the global non-vascular stent market at about USD 1.21bn in 2022, growing at a 4.5% CAGR to about USD 1.9bn by 2032. An earlier estimate had placed the market at roughly USD 0.9-1.0bn in 2020, growing to around USD 1.5bn by 2026.
Regionally, North America and Europe are estimated to account for more than half of the global market, followed by Asia, South America and the Middle East.
The competitive landscape includes large medical device makers such as Boston Scientific, Cook, Bard, Covidien and Olympus alongside roughly 100 smaller competitors, with large players relying on machine-based mass production while some firms, including M I Tech, differentiate through handmade custom manufacturing.
Reports suggest that large global device makers have shown interest in strategic partnerships or acquisitions of companies with handmade product portfolios, and in the past Boston Scientific attempted to acquire M I Tech, though the deal was withdrawn due to antitrust review issues in some countries.
At the European Society of Gastrointestinal Endoscopy (ESGE) meeting held in Spain in April 2025, the company set a goal of becoming the global leading GI stent maker within five years and said it was expanding into new European countries including the UK and Austria.
At the same event, CEO Kwak Jae-o mentioned plans to break ground on a second factory in Gyeonggi Province to meet demand from the US and Europe.
In Europe, the company has sequentially obtained CE MDR certification since 2023, completing certification for more than 300 items, and has pursued broader product approvals across all anatomical sites.
In Japan, distribution through Boston Scientific and strong sales of the Multihole biliary stent continue, while in Europe the company is pursuing a multi-distributor strategy by country, including Olympus in Italy and Fuji Film in Germany, to maximize sales volume.
Management has stated plans to keep expanding market share through increased R&D on Multihole stents and stronger sales and marketing efforts in the US, South America and Asia.
According to a tentative schedule compiled by data provider Investing.com, the next quarterly earnings release is expected around November 18, 2026, though this is a third-party estimate that requires confirmation through the company's official disclosure.
The current share price trades at a certain premium to net asset value, which can be interpreted as reflecting the earnings recovery since 2023 and the stable maintenance of an operating margin in the 30% range.
Compared with the price-to-earnings band (roughly 10-15x) that brokerage reports historically applied when setting target prices, the multiple at which the stock currently trades appears closer to the upper end of that band.
The company has paid a per-share cash dividend based on the most recent fiscal year, though the dividend yield itself appears to sit below that of higher-yielding names in the sector.
The fact that revenue and profit bottomed once in 2023 before recovering for two consecutive years in 2024 and 2025 is a relevant backdrop when considering valuation.
That said, given the characteristics of a small-cap KOSDAQ stock, trading multiples can swing significantly with liquidity and short-term supply-demand conditions, making it difficult to judge corporate value from the multiple level at any single point in time.
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 2026-09-05
Revenue fell from KRW 60.66bn in 2022 to KRW 46.39bn in 2023, then recovered for two straight years to a record KRW 53.75bn in 2024 and KRW 67.15bn in 2025. Operating margin stayed steady in the 30% range throughout, with 2025 operating profit of KRW 20.67bn and owner net income of KRW 20.33bn.
Growth continued into H1 2026, with Q1 revenue of KRW 16.73bn and Q2 revenue of KRW 19.75bn, illustrating the resilience of the earnings structure.
The company is described as one of the world's top three GI stent makers, holding No.1 market share in Korea and Japan while exporting to 107 countries. In Europe it has expanded CE MDR certification to more than 300 items and is broadening its distribution network into new countries including the UK and Austria.
In Japan, strong sales of the Multihole biliary stent continue alongside its ongoing distribution relationship with Boston Scientific.
Management has stated plans to build a second factory in Gyeonggi Province to meet US and European demand, along with a stated goal of becoming the global leading GI stent maker within five years.
Cumulative stent sales surpassed one million units in March, and the company holds CE certification for more than 300 items, described as the industry's highest certification count. Such infrastructure and certification expansion is cited as a factor that could support mid-term product diversification.
From 2017 the company diversified into extracorporeal shock wave lithotripsy and blood glucose monitoring devices, but classified these as discontinued operations in the second half of 2023 due to limited business viability. As a result, revenue dependence on the single GI stent product category has increased.
Reliance on specific procedures and indications can heighten earnings volatility if treatment guidelines change or alternative procedures emerge.
With an export ratio of roughly 70%, the company's earnings are directly exposed to fluctuations in the won's exchange rate against the dollar, yen and euro.
Much of the recent earnings improvement appears to reflect a combination of favorable currency effects and price increases, meaning margins could face pressure if currency movements reverse.
The global non-vascular stent market includes roughly 100 competing companies, including large device makers such as Boston Scientific, Cook, Bard, Covidien and Olympus.
As global majors have shown interest in strategic alliances or acquisitions of handmade manufacturers, changes in distribution partners' strategies or renewal terms could affect results.
In the past, a European distribution partner's attempted acquisition of a competitor led to inventory adjustment issues for the company.
With an export ratio of about 70%, sharp swings in the won's exchange rate against the dollar, yen and euro are assessed as having a relatively large impact on the company's earnings. If currency effects move in the opposite direction, the margin improvement seen in recent years could slow.
GI stents are subject to country-specific medical device approvals (such as FDA and CE MDR) and health insurance reimbursement policies, and delays in certification or reimbursement adjustments could affect new product launches or selling prices.
As the company is pursuing expanded product approvals across all anatomical sites in Europe, potential delays in the certification timeline also warrant monitoring.
The company relies heavily on a small number of country-specific distribution partners, including Boston Scientific in Japan and Olympus and Fuji Film in Europe.
A past instance where a European partner's attempted acquisition of a competitor caused inventory adjustment issues illustrates how changes in distribution partner strategy or renewal terms can affect sales volume and pricing.
According to a tentative schedule compiled by data provider Investing.com, the next quarterly (Q3 2026) earnings release is estimated around November 18, 2026. Confirmation through the company's official disclosure is needed to check whether the revenue and profit growth seen in H1 continues.
It is worth confirming whether the specific timing and investment scale of the planned second factory in Gyeonggi Province, as stated by management, are disclosed.
It is worth tracking the progress of new European distribution agreements in countries such as the UK and Austria, and whether full anatomical-site CE MDR certification is completed.
It is worth continuously monitoring won exchange rate trends against the dollar, yen and euro, along with any changes in renewal terms with distribution partners in Japan and Europe.
M I Tech, as Korea's first domestic GI stent developer, holds No.1 market share in Korea and Japan and maintains a sales network spanning more than 100 countries.
After a peak in 2022 and a one-time correction in 2023, revenue and profit recovered for two consecutive years, with 2025 marking a record year at KRW 67.15bn in revenue, KRW 20.67bn in operating profit, and KRW 20.33bn in owner net income.
Growth in revenue and profit continued into H1 2026, suggesting the recovery trend is ongoing. On the business side, the company is preparing mid-term growth infrastructure through expanded CE MDR certification in Europe, entry into new countries, and a planned second factory in Gyeonggi Province.
That said, dependence on a single GI stent product category, currency exposure from a high export ratio, and competition with large global players are factors that could contribute to earnings volatility and warrant consideration.
Investors should continue to monitor the company's growth trajectory through events such as the next earnings release, progress on the second factory, and European distribution network expansion. This report is for informational purposes only and does not include a buy or sell opinion or a target price.
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.