PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Boditech Med continues to post revenue growth on the back of expanding demand in developed European markets and domestic in-clinic testing, but operating margin remains below prior-year levels amid heavier investment in new growth areas.
2025 revenue reached KRW 162.1bn, up 17.3% year-on-year, extending four straight years of growth
Q2 2026 revenue hit a quarterly record of KRW 50.4bn (+21.5% YoY), with Europe sales surging 67%
Operating margin has slipped from the 20%-plus range in 2022-2023 to 17.9% in 2025 and around 15-16% in H1 2026
Expansion into biochemistry, hematology, veterinary diagnostics and infertility testing represents both a near-term cost burden and a potential future growth driver
A regulatory overhaul of Korea's specimen-testing outsourcing system is expanding in-clinic testing, with H1 device installations up 12% YoY to 8,234 units
Boditech Med is a point-of-care testing (POCT) specialist built on immunodiagnostics, supplying diagnostic kits across infectious disease, cardiovascular, cancer, rheumatoid, hormone and diabetes categories through its flagship iChroma and AFIAS platforms.
As of Q2 2026, cardiovascular, infectious disease and other categories together accounted for roughly 21% of sales, reflecting a portfolio not concentrated in any single disease area.
Geographically, Europe has expanded to about 30% of headquarters sales, with pronounced growth in Western and Eastern European markets such as Czechia, Germany, Switzerland and Italy.
The domestic market has entered an expansion phase for in-clinic testing following a specimen-testing outsourcing system overhaul described as the first in 27 years.
The company is broadening beyond core immunodiagnostics into biochemistry, urinalysis and hematology (including its CBChroma analyzer), while also cultivating veterinary diagnostics and infertility diagnostics (reproductive hormones) as new growth pillars.
Its revenue model is an instrument-plus-consumables structure in which installed devices generate recurring diagnostic-kit sales, making new installation volume a leading indicator of future kit revenue.
Globally, the competitive landscape is dominated by large in-vitro diagnostics companies such as Roche, Abbott, Siemens Healthineers and Danaher, while domestically SD Biosensor competes in overlapping segments.
The company has also launched a North America business division and made its first global exhibition appearance under that unit at ADLM 2026 in July 2026.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩41.5B | ₩9.2B | 22.2% |
| 2025Q3 | ₩39.9B | ₩6.6B | 16.5% |
| 2025Q4 | ₩41.6B | ₩5.1B | 12.2% |
| 2026Q1 | ₩42.8B | ₩6.8B | 15.9% |
| 2026Q2 | ₩50.4B | ₩8.2B | 16.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩118.1B | ₩24.7B | ₩25.3B | 20.9% | 15.5% | 11.9% |
| 2023 | ₩134.2B | ₩28.5B | ₩26.7B | 21.2% | 14.3% | 15.4% |
| 2024 | ₩138.2B | ₩26.2B | ₩27.2B | 18.9% | 12.9% | 14.2% |
| 2025 | ₩162.1B | ₩28.9B | ₩23.7B | 17.9% | 10.2% | 15.3% |
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
Annual revenue rose for four consecutive years, from KRW 118.1bn in 2022 to KRW 134.2bn in 2023, KRW 138.2bn in 2024 and KRW 162.1bn in 2025. Operating margin, however, trended lower over the period, from 20.9% in 2022 and 21.2% in 2023 down to 18.9% in 2024 and 17.9% in 2025.
Owner net income rose from KRW 25.3bn in 2022 to KRW 26.7bn in 2023 and KRW 27.2bn in 2024, but then declined to KRW 23.65bn in 2025, a divergence from the revenue and operating-profit growth trend.
Quarterly, owner net income fell sharply to KRW 1.27bn in Q4 2025 from KRW 7.79bn in Q3 2025, a decline that coincided with a lower operating profit of KRW 5.05bn (versus KRW 6.61bn in Q3) plus additional non-operating factors.
In Q1 2026, revenue reached KRW 42.8bn (+9.6% YoY) while operating profit fell to KRW 6.8bn (-16% YoY); the company attributed the decline to expanded investment in new business areas such as biochemistry, hematology and veterinary diagnostics.
Net income, however, climbed to KRW 9.59bn on financial income, up 30.1% YoY. In Q2 2026, revenue set a quarterly record of KRW 50.4bn, up 21.5% YoY, and operating profit recovered to KRW 8.24bn. First-half cumulative revenue reached KRW 93.3bn (+15.7% YoY) with cumulative operating profit of KRW 15.0bn.
The global point-of-care testing market continues to expand on the back of rising chronic disease burden, an aging population and growing demand for rapid diagnostics; Mordor Intelligence estimates the market at USD 58.76bn in 2026, growing at a 9.90% CAGR through 2031.
Since the end of the COVID-19 windfall, the industry has diversified from infection-centric testing toward cardiovascular, metabolic and infertility diagnostics.
In Korea, a specimen-testing outsourcing system overhaul described as the first in 27 years is driving expansion of in-clinic testing at local clinics, an environment favorable to smaller point-of-care device suppliers such as Boditech Med.
In Europe, the In Vitro Diagnostic Regulation (IVDR) has raised entry barriers but also enhances credibility for companies that meet its requirements.
Competitively, large global in-vitro diagnostics companies such as Roche, Abbott, Siemens Healthineers and Danaher command the bulk of the market, while domestically SD Biosensor spans a broad range from molecular diagnostics to POCT as it seeks to recover revenue post-pandemic.
Boditech Med, operating at a smaller revenue scale, is pursuing portfolio diversification through expanded share in developed European markets and entry into new disease categories.
Management has stated a policy of strengthening its core business while entering new segments from the second half to lift both growth and profitability simultaneously.
Executives have indicated that investment and infrastructure-building in future growth areas such as biochemistry, hematology and veterinary diagnostics has reached a stabilization stage, and the company has already obtained manufacturing approval for its next-generation blood analyzer, CBChroma.
For its infertility diagnostics business, the CEO set a target of KRW 10bn in revenue for the year around the ASPIRE 2026 conference. Domestically, the company is reinforcing an insulin-resistance-based integrated diabetes solution on its AFIAS platform and has stated plans to launch a C-peptide test.
In tuberculosis diagnostics, it has introduced new products targeting a latent TB (IGRA-TB) market estimated at roughly KRW 500bn.
Following the launch of its North America business division, the company pursued distribution and business opportunities in the U.S. market at ADLM 2026, while also expanding diagnostic kit certifications in emerging markets such as Saudi Arabia and the broader Middle East.
Whether and when these new initiatives translate into material revenue contribution remains something to confirm through upcoming quarterly results.
Boditech Med has maintained profitability over the trailing four quarters, and its share price relative to net asset value sits near or below net asset value within its historical trading range.
Given that operating margin fluctuated in the 17-21% range over the past five years, whether the recent margin decline reflects a temporary investment phase or a more structural shift is something to be confirmed through future results.
Dividends have been paid annually, and the dividend yield should be assessed relative to the average for KOSDAQ-listed diagnostics peers. The share price has shown considerable volatility over the trailing 52 weeks, reflecting the market's sensitivity to quarterly earnings releases.
Valuation judgments are likely to hinge on the timing and scale of revenue contribution from new businesses (biochemistry, hematology, veterinary diagnostics, infertility diagnostics) and on whether operating margin recovers.
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
Q2 2026 European revenue grew 67% year-on-year, with Europe expanding to roughly 30% of headquarters sales. Czechia's first-half revenue more than quintupled year-on-year while Germany grew 62%, reflecting clear expansion across developed Western and Eastern European markets. This geographic diversification reduces reliance on any single market.
A regulatory overhaul of Korea's specimen-testing outsourcing system, the first in 27 years, has opened a new phase of expanding in-clinic testing demand at local clinics. First-half new device installations rose 12% year-on-year to 8,234 units, with installations of the flagship iChroma and AFIAS platforms up 51%. Expanding installations are viewed as a leading indicator of future consumables revenue growth.
The company is expanding beyond immunodiagnostics into biochemistry, hematology (CBChroma), veterinary diagnostics and infertility diagnostics. It has set a target of KRW 10bn in infertility diagnostics revenue for the year and is targeting a latent tuberculosis diagnostics market estimated at roughly KRW 500bn.
This expansion can be viewed as an attempt to reduce dependence on any single disease category and add long-term growth pillars.
Operating margin fell from 21.2% in 2023 to 17.9% in 2025, and Q1 2026 operating profit itself declined 16% year-on-year. The company attributed this to expanded investment in new businesses, but margin pressure could persist given uncertainty over when that investment will pay off.
Owner net income fell from KRW 27.2bn in 2024 to KRW 23.65bn in 2025, and swung sharply on a quarterly basis, plunging to KRW 1.27bn in Q4 2025 before jumping to KRW 9.59bn in Q1 2026.
The large influence of non-operating items such as financial income makes it difficult to predict net income purely from operating trends.
The Middle East and North Africa (MENA) region saw Q2 2026 revenue decline 6.2% year-on-year amid ongoing geopolitical uncertainty.
The company stated it has built a supply chain rerouted around the Red Sea to minimize the impact, but continued geopolitical risk in the region could remain a source of revenue volatility.
Given a business structure heavily weighted toward exports, currency fluctuations can affect results, and the recent large swings in net income suggest a significant influence from non-operating items such as financial income.
Future net income could move in a direction different from operating results depending on FX and financial market conditions.
Geopolitical uncertainty in the Middle East and North Africa has already affected revenue, and logistics risk related to Red Sea shipping routes persists. Given a revenue structure with meaningful exposure to emerging markets, the recurrence of such regional risk cannot be ruled out.
Investment continues in new businesses such as biochemistry, hematology, veterinary diagnostics and infertility diagnostics, but the timing at which these translate into meaningful revenue and profit has not yet been confirmed. If returns on this investment are delayed, the timeline for margin recovery could also be pushed back.
Q3 2026 preliminary earnings are expected to be disclosed. This will be a point to check whether operating margin recovers and whether growth in Europe and the domestic market continues.
At MEDICA, the world's largest medical device trade fair held in Düsseldorf, Germany, the company's new product lineup and progress in new business areas can be checked.
Whether the infertility diagnostics business achieves its stated KRW 10bn annual revenue target, and the early performance of the North America business division (any distribution or partnership agreements), warrant monitoring.
Full-year 2026 results are expected to be disclosed, allowing a comprehensive check of revenue contribution from new businesses (biochemistry, hematology, veterinary diagnostics) and whether annual operating margin recovers.
Boditech Med has extended four consecutive years of revenue growth on the back of expanding demand in developed European markets and domestic in-clinic testing, setting a quarterly revenue record in Q2 2026.
However, expanded investment in new businesses such as biochemistry, hematology and veterinary diagnostics has pulled operating margin down from the 20%-plus range of prior years to roughly 17-18%, while net income has shown considerable quarterly volatility driven by non-operating factors such as financial income.
Korea's specimen-testing system overhaul and European market expansion are cited as structural growth drivers, but geopolitical risk in the Middle East and North Africa remains a source of revenue variability.
How much the new growth pillars—infertility diagnostics, tuberculosis diagnostics and the North America business division—actually translate into revenue and profit is the key point to watch going forward.
Investors will want to continue monitoring upcoming quarterly results, the revenue contribution of new businesses, and whether operating margin recovers.
Report written 2026-09-05 · Data as of 2026-09-04
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