PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
RollingStone, an in-vitro diagnostics company that underwent a controlling-shareholder change and repeated disclosure reversals, currently carries a delisting cause from an audit opinion disclaimer, and while recent quarterly revenue has surged sharply, the exchange's review outcome remains pending.
The company changed its name from The BioMed to RollingStone in September 2025, and its controlling shareholder shifted to JB Asset Management the same year, triggering a major governance shift.
The FY2025 audit report received a disclaimer of opinion, creating a delisting cause, and the 2026 interim review report also received a disclaimer of opinion.
A disclosure reversal involving the withdrawal of a tangible-asset acquisition decision led to a preliminary unfaithful-disclosure designation, and shares have been halted from trading since June 12, 2026.
Annual revenue fell from KRW 16.1 billion in 2022 to the KRW 4-5 billion range in 2023-2024 before rebounding to KRW 10.9 billion in 2025, while the operating loss narrowed from KRW 25.9 billion in 2022 to KRW 9.9 billion in 2025.
Revenue in the first and second quarters of 2026 came to KRW 27.9 billion and KRW 33.7 billion, respectively, sharply higher than prior quarters, though operating and net losses continued.
RollingStone was established in 2009 to manufacture medical diagnostic devices and listed on KOSDAQ in 2020 as an in-vitro diagnostics (IVD) company operating across molecular, immunological, and biochemical diagnostics.
Its core products include a proprietary VERI-Q PCR system, nucleic-acid extraction devices, lab-on-a-chip-based diagnostic equipment, and related diagnostic reagents. In September 2025 the company changed its name from The BioMed to RollingStone Co., Ltd. to broaden its business scope and improve its corporate image.
Around the same time, its controlling shareholder changed to JB Asset Management, whose own major shareholder is EID, which has been reported as linked to the ownership structure of Lee Hwa Electric.
Individuals reported to have been active within the so-called E Group network reportedly took on multiple management roles at RollingStone during this transition. In February 2026 the company hired Dr.
Lee Min-jeon, who has experience with roughly 150 diagnostic-kit regulatory approvals, as vice president to strengthen its product-approval pipeline.
On the KOSDAQ market's industry classification the company is listed under electric equipment, even though its actual business remains centered on diagnostic devices and reagents, creating a mismatch between sector labeling and operating reality.
Competitively, it overlaps with domestic diagnostic-kit makers such as Lab Genomics and Sugentech, and its shares tend to be grouped with infectious-disease theme stocks when related news emerges.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | -₩2.4B | — |
| 2025Q3 | ₩1.7B | -₩1.8B | −106.4% |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩27.9B | -₩2.6B | −9.2% |
| 2026Q2 | ₩33.7B | -₩1.7B | −5.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.1B | -₩25.9B | -₩38.9B | −160.8% | −220.0% | 226.0% |
| 2023 | ₩5.4B | -₩19.4B | -₩25.8B | −361.0% | −69.8% | 68.8% |
| 2024 | ₩4.6B | -₩19.2B | — | −414.5% | — | 110.4% |
| 2025 | ₩10.9B | -₩9.9B | -₩24.1B | −91.3% | −151.2% | 59.1% |
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
Annual revenue declined from KRW 16.11 billion in 2022 to KRW 5.37 billion in 2023 and KRW 4.64 billion in 2024, before rebounding to KRW 10.88 billion in 2025.
The operating loss narrowed in absolute terms from KRW 25.90 billion in 2022 to KRW 19.38 billion in 2023, KRW 19.23 billion in 2024, and KRW 9.94 billion in 2025, with the operating margin improving from -414.5% in 2024 to -91.3% in 2025.
Net loss attributable to owners, however, remained large relative to revenue, at KRW 38.92 billion in 2022 and KRW 25.79 billion in 2023, with the 2024 figure undisclosed and a KRW 24.10 billion loss recorded in 2025.
Owners' equity rose from KRW 17.69 billion in 2022 to KRW 36.98 billion in 2023 before falling back to KRW 25.89 billion in 2024 and KRW 15.94 billion in 2025, while the debt ratio fluctuated from 226.0% in 2022 to 68.8% in 2023, 110.4% in 2024, and 59.1% in 2025.
Operating cash flow stayed negative every year from 2022 through 2025, in the low-to-mid tens of billions of won range annually, indicating persistent cash burn regardless of revenue or margin trends.
On a quarterly basis, revenue of KRW 1.66 billion and an operating loss of KRW 1.76 billion in the third quarter of 2025 compare with revenue of KRW 27.88 billion, an operating loss of KRW 2.55 billion, and a net loss attributable to owners of KRW 2.71 billion in the first quarter of 2026, followed by revenue of KRW 33.67 billion, an operating loss of KRW 1.68 billion, and a net loss attributable to owners of KRW 1.90 billion in the second quarter of 2026.
This represents roughly a twentyfold jump in quarterly revenue that coincided in timing with the ownership change and related corporate developments.
Because both the FY2025 audit report and the 2026 interim review received disclaimers of opinion, however, these figures warrant caution in interpretation until a definitive audit opinion is issued.
The in-vitro diagnostics (IVD) industry has faced shrinking revenue bases among smaller domestic diagnostic-kit makers since the large-scale COVID-19 testing demand faded.
Whenever infectious-disease issues resurface, related stocks including Lab Genomics, Sugentech, and Hyundai Bioscience have at times moved together as a theme group, a pattern in which share prices react in tandem with news flow rather than individual company results.
Such moves illustrate how theme-driven trading can occur independent of each company's actual outbreak-related fundamentals.
The diagnostic device and reagent market involves demanding regulatory approval processes and intensifying competition from larger players, requiring smaller companies to commit significant time and resources to new product approvals and distribution.
RollingStone holds proprietary PCR and lab-chip technology in this space, but its revenue scale has swung from contraction to a sharp rebound over recent years, and with audit-opinion issues and governance changes overlapping, corporate survival concerns have become a more prominent market focus than industry competitiveness.
The new management's effort to build out regulatory-approval expertise represents a direction toward strengthening industry competitiveness, though it has not yet been confirmed through specific new product approvals or revenue outcomes.
In February 2026 the company brought in a vice president with extensive diagnostic-kit regulatory approval experience, signaling an effort to strengthen its product portfolio and regulatory response capability.
Separately, in April 2026 the company decided to lend KRW 6.0 billion to affiliate EID, aimed at securing stable interest income on idle cash, with an interest rate of 5% and a loan period running from April 13, 2026 through December 31, 2026.
This indicates that available cash is currently being directed toward intercompany financing and interest income rather than new product development or sales expansion.
The most significant variable remains the delisting cause arising from the disclaimer of opinion on the FY2025 audit report; the company has filed an objection and been granted an improvement period, after which the Corporate Examination Committee will make a final delisting determination.
This uncertainty has compounded further after the 2026 interim review also received a disclaimer of opinion. Shares have been halted from trading since June 12, 2026, making it necessary to monitor follow-up disclosures regarding the timing and conditions of any resumption.
While the sharp rise in revenue scale during 2026 could be read as a sign of business expansion, the specific transactions underlying this increase have not been fully clarified in public disclosures, warranting verification through future business and audit reports.
The company has posted net losses for four consecutive years, making conventional earnings-based valuation metrics difficult to apply in a meaningful way.
The relationship between the share price and self-calculated net asset value shows discrepancies across different data sources, warranting caution when referencing such figures. There has been no recent dividend payout on record, which also limits the usefulness of dividend-related metrics.
Looking at the multi-year trend, the operating loss has moved in a narrowing direction, but the net loss has remained well in excess of revenue scale throughout.
Non-financial factors—including the audit opinion disclaimer, the resulting delisting cause, and the ongoing trading halt—are significant variables shaping how the share price is set, meaning conventional financial ratios alone offer a limited basis for assessing the current valuation level.
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
The operating loss narrowed from KRW 25.90 billion in 2022 to KRW 9.94 billion in 2025, with the operating margin improving markedly from -414.5% in 2024 to -91.3% in 2025. The debt ratio also declined from 226.0% in 2022 to 59.1% in 2025. Revenue likewise grew from KRW 4.64 billion in 2024 to KRW 10.88 billion in 2025.
In February 2026 the company hired Dr. Lee Min-jeon, who has experience with roughly 150 diagnostic-kit regulatory approvals, as vice president to expand its product portfolio and strengthen regulatory response capability.
This represents a direction aimed at converting existing IVD technology assets into actual revenue. Specific new product approvals or their revenue contribution, however, have not yet been publicly confirmed.
Revenue reached KRW 27.88 billion in the first quarter of 2026 and KRW 33.67 billion in the second quarter, sharply higher than the KRW 1.66 billion recorded in the third quarter of 2025. This expansion could suggest business diversification progressing following the change in control.
However, given the disclaimers of opinion during this period, the specific nature of the revenue increase requires confirmation through future finalized financial statements.
The FY2025 audit report received a disclaimer of opinion, creating a delisting cause, and the company has filed an objection and been granted an improvement period. However, the 2026 interim review also received a disclaimer of opinion, adding further uncertainty over continued listing.
After the improvement period ends, the Corporate Examination Committee will make the final determination on delisting.
A disclosure reversal involving the withdrawal of a tangible-asset acquisition decision led to a preliminary unfaithful-disclosure designation and a four-point penalty. Shares have been halted from trading since June 12, 2026, with the timing and conditions of any resumption not yet confirmed. Repeated disclosure reversals can undermine market confidence in the company.
Net losses attributable to owners far exceeded annual revenue in each year, reaching KRW 38.92 billion in 2022, KRW 25.79 billion in 2023, and KRW 24.10 billion in 2025.
Operating cash flow remained negative every year from 2022 through 2025, in the roughly KRW 10-14 billion range annually, meaning cash continued to drain even as revenue rebounded. This pattern indicates that a recovery in underlying profitability has yet to materialize.
Both the FY2025 audit report and the 2026 interim review received disclaimers of opinion, layering multiple delisting causes on the company. Following the improvement period, the Corporate Examination Committee's review could result in a final delisting decision. If the audit opinion disclaimer is not resolved, an extended trading halt cannot be ruled out.
Following the change of controlling shareholder to JB Asset Management, a governance structure linked to EID and Lee Hwa Electric was formed, and individuals reportedly associated with the E Group network took on management roles.
In April 2026 the company decided to lend KRW 6.0 billion to affiliate EID, a related-party transaction equal to 15.07% of the company's own equity. Such related-party transaction structures warrant attention from a minority-shareholder protection standpoint.
Because both the FY2025 and 2026 interim reviews received disclaimers of opinion, caution is warranted regarding the reliability of recently disclosed financial figures, including the sharp revenue increase, until a definitive audit opinion is issued.
Auditors have previously cited scope limitations, including a lack of data provided by subsidiaries, as grounds for disclaimers. Previously disclosed figures could also be subject to change pending amended business reports or re-audit results.
Follow-up disclosures regarding the trading halt in place since June 12 (whether and under what conditions trading may resume) should be checked.
This is the expected filing window for the third-quarter report, warranting a check on Q3 2026 revenue and profit trends as well as progress on the audit/review opinion situation.
The Corporate Examination Committee's review, following the end of the improvement period granted after the audit opinion disclaimer, is expected to determine the final direction on delisting.
Whether the KRW 6.0 billion loan to affiliate EID (maturing December 31, 2026) is recovered, along with any further related-party transaction disclosures, should be checked.
RollingStone has retained its identity as an in-vitro diagnostics company, but its governance structure changed dramatically through the 2025 name change and controlling-shareholder transition, during which disclosure reversals led to an unfaithful-disclosure designation and disclaimers of audit opinion for two consecutive periods—both significant non-financial risks.
Annual results show some improvement signals, with the operating loss narrowing from KRW 25.9 billion in 2022 to KRW 9.9 billion in 2025 and the debt ratio declining, yet net losses exceeded revenue by a wide margin every year and operating cash flow remained negative for four consecutive years.
The sharp jump in revenue during the first and second quarters of 2026 stands out as a notable change, but because the company again received a disclaimer of opinion on its interim review during the same period, the character of these figures requires reconfirmation through a future definitive audit opinion.
Shares are currently halted from trading, and the outcome of the Corporate Examination Committee's review following the improvement period remains the most important variable going forward.
On balance, the company shows some signs of operational improvement alongside substantial uncertainty over governance and accounting reliability, making it important to continue monitoring the listing-eligibility review outcome and any amended or finalized financial statement disclosures before drawing conclusions.
Report written 2026-09-05 · Data as of 2026-09-04
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