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
T&R Biofab has posted five consecutive quarters of revenue growth on the back of its cosmetics subsidiary and a US clearance for its cranial implant, but consolidated losses continue.
2025 consolidated revenue jumped to KRW 26.97bn from KRW 4.87bn a year earlier, but the company still posted an operating loss of KRW 9.05bn and a net loss of KRW 31.95bn.
Quarterly revenue rose for five straight quarters from KRW 6.54bn to KRW 9.54bn, while the operating loss narrowed to roughly KRW 900mn per quarter in 2026.
The Q4 2025 net loss ballooned to KRW 16.60bn, far exceeding the operating loss of KRW 2.29bn for the same quarter, pointing to sizable non-operating charges.
The cranial reconstruction implant 'TnR CI' received US FDA 510(k) clearance in August 2026, providing a foothold for entry into the US and other global markets.
Cosmetics OEM subsidiary Blisspack posted standalone H1 2026 revenue of KRW 11.72bn and operating profit of KRW 2.14bn, contributing to group profitability.
Founded in 2013, T&R Biofab is a regenerative medicine and 3D bioprinting company that mainly sells biodegradable scaffolds and extracellular matrix (ECM)-based products.
In its core biosurgical business, the powder-type hemostatic agent Hemofix, the wound dressing Reprofoam, and acellular dermal matrix (ADM) products have driven sales expansion.
The 3D-printed cranial reconstruction implant 'TnR CI' (formerly TnR CFI), which received domestic approval in 2021, has been used in more than 17,000 procedures across roughly 80 hospitals in Korea, with B. Braun Korea handling domestic distribution.
In August 2026 the product obtained US FDA 510(k) clearance, positioning the company for entry into the US and other overseas markets. The company has twice signed joint research agreements with Johnson & Johnson Innovation to develop biodegradable 3D-bioprinted scaffold technology for tissue reconstruction.
In December 2024 it acquired 100% of cosmetics OEM/ODM company Blisspack, which produces freeze-dried ball cosmetics, hyaluronic acid (HA) films and masks, and PDRN serums for major domestic beauty brands. The Blisspack acquisition was the key driver behind the sharp year-on-year jump in consolidated revenue in 2025.
The business now operates on two tracks—core regenerative medicine and medical cosmetics through its subsidiary—with synergy between the two seen as central to the company's medium-term profitability strategy.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.5B | -₩1.9B | −29.3% |
| 2025Q3 | ₩7B | -₩1.3B | −18.2% |
| 2025Q4 | ₩7.5B | -₩2.3B | −30.5% |
| 2026Q1 | ₩8.7B | -₩900M | −10.7% |
| 2026Q2 | ₩9.5B | -₩900M | −9.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩5.8B | -₩12.9B | -₩10.3B | −224.1% | −26.3% | 93.4% |
| 2023 | ₩5.2B | -₩12.7B | -₩13.4B | −244.7% | −43.0% | 220.0% |
| 2024 | ₩4.9B | -₩13.3B | -₩7.7B | −272.9% | −31.7% | 306.6% |
| 2025 | ₩27B | -₩9.1B | -₩32B | −33.6% | −122.6% | 255.6% |
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
Looking at annual figures, revenue stagnated at KRW 5.75bn, KRW 5.20bn and KRW 4.87bn from 2022 to 2024, while operating losses persisted around KRW 12.9bn, KRW 12.7bn and KRW 13.3bn over the same period.
In 2025, consolidated revenue jumped more than fivefold year-on-year to KRW 26.97bn on the Blisspack consolidation, and the operating loss narrowed to KRW 9.05bn, improving the operating margin to -33.6% from -272.9% in 2024.
However, the 2025 net loss widened to KRW 31.95bn from KRW 7.68bn a year earlier, meaning revenue growth and bottom-line improvement did not move in tandem.
On a quarterly basis, revenue rose for five consecutive quarters: KRW 6.54bn in 2025Q2, KRW 6.95bn in 2025Q3, KRW 7.52bn in 2025Q4, KRW 8.72bn in 2026Q1 and KRW 9.54bn in 2026Q2. The operating loss narrowed clearly from KRW 1.92bn in 2025Q2 to roughly KRW 900mn per quarter in 2026Q1 and Q2.
Yet the 2025Q4 net loss of KRW 16.60bn far exceeded that quarter's operating loss of KRW 2.29bn, suggesting sizable non-operating items such as bad debt allowances.
The net loss then shrank to KRW 1.66bn in 2026Q1 before widening again to KRW 3.78bn in 2026Q2, indicating continued volatility in quarterly bottom-line results.
The combined net loss attributable to owners over the most recent four quarters (2025Q3-2026Q2) reached KRW 27.71bn, underscoring that the group remains firmly in loss territory despite the narrowing of operating losses.
The regenerative medicine and 3D bioprinting industry is expanding alongside rising demand for surgical and wound-care treatment tied to an aging population, with biodegradable scaffolds and ECM-based products gaining ground on biocompatibility advantages over conventional synthetic materials.
In cranial implants, which are used to fill skull defects following neurosurgery, T&R Biofab has accumulated more than 17,000 procedure references in Korea since obtaining domestic approval in 2021.
US FDA 510(k) clearance certifies substantial equivalence with existing approved devices, and the company has said it plans to use this as a springboard to secure North American distribution partners while pursuing entry into Latin America, the Middle East and Asia.
In cosmetics, the company said steady repeat orders from major clients continue on the back of Blisspack's freeze-dried ball cosmetics production capacity of roughly four million balls per month, amid resilient K-beauty demand.
Competitively, Korea's 3D bioprinting and regenerative medicine field is populated by a handful of specialized companies each built around proprietary materials and platform technology, with accumulated patents and clinical references acting as entry barriers.
Still, the fact that the company remains in a consolidated loss position suggests that, separate from industry growth, its own path to profitability has lagged the broader industry cycle.
In an August 2026 interview, CEO Yoon Won-su said the priority is to strengthen the competitiveness of the core regenerative medicine business to build a standalone operating profit structure, and to use that as a foundation to generate sustained profit on a consolidated basis as well.
Regarding US market entry, he said securing distribution partners is key, noting the company is in specific business discussions with specialized US firms while also expanding cooperation with local partners in Latin America and the Middle East and pursuing approval procedures tailored to each country's regulatory requirements.
Blisspack posted standalone H1 2026 revenue of KRW 11.72bn and operating profit of KRW 2.14bn, and the company said solid growth is expected to continue in the second half on repeat orders and new product wins from major clients backed by its monthly production capacity of roughly four million balls.
A company representative explained that H1 results included increased bad-debt allowances reflecting conservative accounting standards, leaving room for further earnings improvement if and when related receivables are recovered and reversed.
Media reports have noted analysis suggesting a 2027 turn to profitability, based on overseas commercialization progress driven by the subsidiary's cosmetics growth and the US clearance for the cranial implant.
Kiwoom Securities analyst Oh Hyun-jin offered the view in an August 2026 report that the subsidiary's growth and expectations for the core business warrant attention.
The company has posted consolidated net losses for four consecutive years, leaving it in an earnings position where a price-to-earnings ratio cannot be meaningfully calculated.
Its price-to-book ratio trades at a level reflecting a substantial premium over net asset value, suggesting the market is pricing in expectations of future earnings improvement more than the current book value. There has been no recent dividend payment history, so a dividend yield comparison is not applicable.
Looking at the multi-year trend, the period of stagnant annual revenue and large operating losses shifted direction in 2025 with a sharp revenue increase and narrower operating loss, though a clear transition from net loss to net profit has not yet been confirmed.
In this context, the current valuation sits in a range where assessments could shift depending on the durability of the earnings improvement and the pace of overseas commercialization, including in the US.
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
Consolidated revenue grew for five consecutive quarters from 2025Q2 to 2026Q2, expanding from KRW 6.54bn to KRW 9.54bn.
Over the same period, the operating loss narrowed by more than half, from KRW 1.92bn to roughly KRW 900mn, marking a clear improvement trend driven jointly by Blisspack's stable results and expanding sales of core biosurgical products.
In August 2026, the cranial reconstruction implant 'TnR CI' received US FDA 510(k) clearance, securing a foothold in the world's largest medical device market. A key strength is the more than 17,000 procedure references and over five years of accumulated safety data in Korea.
The company has said it plans to secure US distribution partners while simultaneously pursuing entry into Latin America, the Middle East and Asia.
Subsidiary Blisspack posted standalone H1 2026 revenue of KRW 11.72bn and operating profit of KRW 2.14bn, establishing itself as the group's sole profitable business unit.
Continued repeat orders from major clients, supported by production capacity of roughly four million balls per month, could act as a stabilizing factor for second-half results, partially offsetting losses in the core regenerative medicine business.
The 2025 consolidated net loss widened to KRW 31.95bn from KRW 7.68bn a year earlier, and the combined net loss attributable to owners over the most recent four quarters reached KRW 27.71bn.
Despite revenue growth, an improvement in net profitability has not yet been confirmed, and the debt-to-equity ratio stood at an elevated 255.6% in 2025.
The Q4 2025 net loss of KRW 16.60bn far exceeded that quarter's operating loss of KRW 2.29bn, then narrowed to KRW 1.66bn in Q1 2026 before widening again to KRW 3.78bn in Q2 2026.
This volatility suggests non-operating factors such as bad-debt allowances are having a significant impact on results, and the resulting low predictability is a factor investors need to weigh.
A significant portion of the sharp 2025 consolidated revenue increase stems from the newly consolidated Blisspack, meaning the core regenerative medicine business's own path to profitability remains relatively slow.
Even after US FDA clearance, translating this into meaningful revenue requires additional steps such as securing distribution partners and reimbursement coverage, which have not yet been finalized.
The cosmetics segment could also be exposed to order volatility if revenue remains concentrated among a limited number of clients.
As of end-2025, equity stood at KRW 26.07bn against liabilities of KRW 66.64bn, putting the debt-to-equity ratio at 255.6%.
Four consecutive years of consolidated net losses have continued to erode equity, and further losses could necessitate capital-raising measures such as a rights offering or convertible bond issuance.
Since 2025, a substantial portion of revenue growth has depended on cosmetics subsidiary Blisspack, making overall group performance sensitive to changes in that client's orders or the broader cosmetics market.
This dependence could deepen further if the core regenerative medicine business's own profitability continues to lag.
Even with US FDA 510(k) clearance, converting this into actual revenue requires additional steps such as securing local distribution partners, reimbursement coverage, and marketing infrastructure, and timelines could slip.
Expansion into additional markets such as Latin America, the Middle East and Asia also carries low predictability, as approval timing varies by each country's regulatory requirements.
The Q3 2026 earnings release should be checked to see whether the revenue growth trend and narrowing operating loss continue, and whether volatility in net results eases.
Confirmation of a finalized US distribution partner for TnR CI and the actual start of sales should be monitored, as this would indicate real progress in US commercialization.
Whether Blisspack secures new client orders and sustains second-half revenue growth, and whether the bad-debt allowances booked in H1 are later reversed, should be checked.
This will be the point to confirm whether management's stated goal of achieving a standalone operating profit structure was met, and whether consolidated net results improved.
T&R Biofab saw a sharp increase in consolidated revenue in 2025 driven by the Blisspack acquisition, and has shown a clear improvement trend in 2026 with five straight quarters of revenue growth and a narrowing operating loss.
However, on a net-income basis the 2025 net loss actually widened from the prior year, and quarterly volatility remains high, making it premature to say the company has reached a stable earnings trajectory.
US FDA clearance for the cranial reconstruction implant 'TnR CI' provides a platform for overseas commercialization, but additional steps such as securing distribution partners are needed before this translates into actual revenue.
Subsidiary Blisspack has generated stable profits that support group results, though this has also increased the group's reliance on a single business segment. The elevated debt-to-equity ratio of 255.6% is another factor that warrants attention.
Ultimately, the durability of revenue growth, confirmation of improved net profitability, and tangible progress in overseas commercialization including in the US are likely to be the key points to watch going forward.
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.