PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Sejong Medical carries a history of a KOSDAQ delisting review and a trading halt, while its core business has posted operating profit for four consecutive quarters.
A laparoscopic surgical device specialist exporting to 36 countries, holding GMP, ISO, CE and JFDA certifications plus 80-plus IP rights
Operating profit positive for four straight quarters from 2025Q2 to 2026Q1, with operating cash flow consistently positive since 2023
A change of controlling shareholder in 2022 led to large losses on investments in affiliate Canaria Bio, driving heavy net losses and capital-erosion concerns in 2023-2024
A delisting review stemming from a disclaimer audit opinion is ongoing, and trading has been halted since June 2026 pending a court ruling on an injunction
Recent NDR commentary highlighted expectations around OEM and electroceutical business lines, though concrete revenue contribution has not yet been confirmed
Founded in 1996, Sejong Medical is a specialist manufacturer of laparoscopic surgical devices that listed on KOSDAQ in 2018.
Its core products are disposable trocars, laparoscopic specimen retrieval bags and single-port access devices, through which it has driven import substitution in Korea's laparoscopic consumables market.
The company holds GMP, ISO, CE and JFDA certifications along with more than 80 intellectual property rights, and exports its products to 36 countries.
However, the business and capital structure changed substantially after Sejong Medical's controlling shareholder changed to Canaria Bio M in December 2022, after which liquidity rapidly depleted.
Canaria Bio M secured management control through the acquisition of large convertible bonds issued by Sejong Medical, and Canaria Bio M came to hold a substantial stake in Sejong Medical while Sejong Medical acquired a partial stake in Canaria Bio, forming a cross-shareholding structure.
This investment led to major losses after Canaria Bio's drug trial was recommended for discontinuation, and Sejong Medical, then Canaria Bio's second-largest shareholder, sold its entire stake, causing Canaria Bio's share price to fall sharply.
More recently, market expectations around a new OEM manufacturing and electroceutical (electrical-stimulation therapeutic device) business have surfaced through investor-facing NDR sessions, alongside the existing laparoscopic device business. However, this new business appears to remain at an early stage without confirmed concrete revenue contribution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩4.4B | -₩300M | −6.6% |
| 2025Q2 | ₩4.6B | ₩700M | 16.0% |
| 2025Q3 | ₩4.9B | ₩1.1B | 23.3% |
| 2025Q4 | ₩4.5B | ₩700M | 14.8% |
| 2026Q1 | ₩4.9B | ₩900M | 19.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.1B | -₩1.8B | — | −11.2% | — | 418.2% |
| 2023 | ₩18B | ₩2.2B | -₩19.2B | 12.2% | −194.2% | 997.0% |
| 2024 | ₩19B | -₩500M | -₩65.1B | −2.5% | −301.5% | 139.7% |
| 2025 | ₩18.5B | ₩2.3B | -₩25,447,650 | 12.2% | −0.1% | 164.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual revenue rose from KRW 16.08bn in 2022 to KRW 17.99bn in 2023, KRW 18.95bn in 2024 and KRW 18.54bn in 2025, showing a gradual uptrend overall. Operating profit swung markedly: KRW -1.80bn (margin -11.2%) in 2022, KRW +2.19bn (12.2%) in 2023, KRW -0.47bn (-2.5%) in 2024, and KRW +2.26bn (12.2%) in 2025.
Net income attributable to owners fluctuated far more sharply than operating results, posting a loss of KRW -19.20bn in 2023 and a much larger loss of KRW -65.09bn in 2024.
The company confirmed roughly a KRW 40bn loss from selling its entire Canaria Bio stake against a KRW 50bn investment, and a KRW 66.2bn loss from selling Canaria Bio bonds with a face value of KRW 80bn, which stand out as key drivers of the large net losses in this period.
In 2025, the net loss narrowed sharply to about KRW -25 million, bringing the bottom line close to breakeven. Over the most recent four quarters (2025Q2 through 2026Q1), operating profit was KRW 0.74bn, KRW 1.14bn, KRW 0.67bn and KRW 0.93bn respectively, remaining positive every quarter.
However, owners' net income swung from a large loss of KRW -3.20bn in 2025Q4 back to a gain of KRW 0.98bn in 2026Q1, underscoring continued volatility driven by non-operating items.
Operating cash flow moved from KRW -0.43bn in 2022 to inflows in the low-KRW-2bn range every year from 2023 onward, suggesting a comparatively solid operating base, while equity fell to KRW 9.89bn in 2023 before recovering to KRW 22.64bn in 2025, and the debt ratio dropped sharply from 997.0% in 2023 to 164.2% in 2025.
The laparoscopic surgical device market has grown gradually alongside the spread of minimally invasive surgery, and in Korea, companies such as Sejong Medical have played an import-substitution role in consumable device segments long dominated by multinational medical device firms.
However, competition is relatively intense in general-purpose consumables such as trocars and specimen bags because entry barriers are comparatively low.
More recently, electroceutical (electrical-stimulation and neuromodulation) devices and digital therapeutics have drawn attention as a new growth axis in the medtech industry, and Sejong Medical is reported to be exploring this area together with OEM manufacturing as a new business line.
Separately, scrutiny of listing eligibility has intensified across the KOSDAQ pharma and biotech sector as a whole. Of 44 listed companies for which grounds for a listing eligibility review arose over the past year, pharma and biotech companies accounted for 13, a substantial share.
Companies newly subject to the review last year included Infinite Healthcare, Il-Yang Pharm, Kainos Medicine, ICure, Dongsung Pharmaceutical, SLS Bio, Olipass, Sejong Medical, PCL, Bion, EDGC and Wellbio Tech, reflecting a mix of causes including disclaimer audit opinions, embezzlement or breach of trust, and suspension of main operations.
This sector-wide erosion of confidence is cited as a factor that can weigh on investor sentiment independent of individual company fundamentals.
The company's biggest near-term variable is the legal process that will determine whether it retains its listing. The KOSDAQ Market Committee resolved on August 4, 2025 to delist Sejong Medical's shares, and the company filed an objection on August 26 of the same year.
The improvement period subsequently granted ended on April 17, 2026, and a follow-up decision on delisting is reported to have proceeded from there.
Trading in Sejong Medical's common shares was suspended from June 15, 2026, after a petition for an injunction against the delisting decision was filed on June 12, with the suspension set to last until the court's decision on that injunction is confirmed.
Trading appears to have resumed at some point afterward, and news reports around early September indicated that the share price moved sharply over a short period on expectations for OEM and electroceutical businesses highlighted in NDR commentary.
However, this is information drawn from market news reports, and it is not confirmed whether the company has formally issued specific revenue targets or guidance.
The existing laparoscopic device business has maintained operating profit for four consecutive quarters, so whether the core business's cash-generating capacity is sustained, independent of new-business uncertainty, remains a key point to watch.
Sejong Medical remained in a net-loss position through the most recent fiscal year, placing it in a loss zone where a conventional price-to-earnings comparison does not apply. Its share price trades above per-share net asset value, which can be read as a premium relative to asset value.
As no dividend is paid, a dividend-yield-based comparison carries little meaning.
Operating profit staying positive in every one of the last four quarters is a favorable signal on the earnings side, but net income continues to show large quarter-to-quarter swings driven by non-operating items, which calls for caution in interpreting valuation.
In addition, the history of a delisting review and a trading suspension remains a variable that unsettles the very premise of comparing market capitalization or standard exchange metrics.
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 2026-09-04
Operating profit has been positive for four consecutive quarters from 2025Q2 through 2026Q1. Quarterly operating profit has stayed at a stable scale, at KRW 1.14bn in 2025Q3 and KRW 0.93bn in 2026Q1, for example.
Operating cash flow has also continued to bring in inflows in the low-KRW-2bn range every year since 2023, indicating the core business retains its cash-generating capacity.
News reports in early September noted that expectations for OEM manufacturing and an electroceutical (electrical-stimulation therapeutic device) business were highlighted following investor-facing NDR sessions.
Interest has focused on the possibility of adding a new growth axis to a business structure otherwise centered on laparoscopic devices. However, the timing and scale of any concrete revenue contribution from this business have not yet been confirmed through disclosure.
Sejong Medical exports its products to 36 countries on the strength of major certifications such as GMP, ISO, CE and JFDA together with more than 80 intellectual property rights.
Having played an import-substitution role in Korea's laparoscopic consumables market for an extended period, it is regarded as possessing established product credibility and production infrastructure.
The KOSDAQ Market Committee resolved to delist Sejong Medical's shares in August 2025, and the improvement period subsequently granted ended in April 2026.
In June 2026, trading was suspended alongside a petition for an injunction against the delisting decision, and lifting the suspension is contingent on a court ruling. As a result, the listing status itself remains subject to change depending on the outcome of this legal process.
After Canaria Bio M secured management control through a large convertible bond acquisition in 2022, Sejong Medical invested roughly KRW 50bn in affiliate Canaria Bio and later confirmed losses of about KRW 40bn on the equity sale and KRW 66.2bn on the bond sale, respectively.
This cross-shareholding investment structure and the resulting large losses were a core driver of the heavy net losses and capital-erosion concerns of 2023-2024. Improving governance and managing affiliate-related risk remain ongoing challenges.
Owners' net income reached KRW -65.09bn in 2024, and a further loss of KRW -3.20bn occurred in 2025Q4, reflecting large swings driven by non-operating items. The debt ratio surged as high as 997.0% in 2023 before falling to 164.2% in 2025, a level still difficult to characterize as stable.
Equity has also fallen as low as KRW 9.89bn in 2023, suggesting the capital buffer could be limited if further impairment issues arise.
The delisting review, which originated from a disclaimer audit opinion, has gone through an objection and an improvement period but remains ongoing, with the listing status potentially determined ultimately by the court's ruling on the injunction. Neither the timing nor the outcome of that decision has been fixed at this point.
A history of cross-shareholdings and fund transactions with controlling shareholder Canaria Bio M and affiliate Canaria Bio has significantly affected the balance sheet. If further related-party transactions or fund movements occur, the possibility of conflict with minority shareholder interests cannot be ruled out.
The debt ratio has a history of spiking as high as 997.0% in 2023, and equity has previously shrunk sharply due to large net losses. If further asset impairment or contingent losses occur, the financial buffer could weaken again.
Watch for the court's ruling on the injunction against the KOSDAQ delisting decision — the key variable for whether the trading suspension is lifted and listing status is settled.
Check the 2026Q3 quarterly report to see whether the streak of consecutive quarterly operating profit is maintained.
Check the audit opinion on the FY2026 audit report — resolution of going-concern uncertainty is directly tied to continued listing.
Watch for disclosure of concrete contracts or revenue recognition tied to the OEM and electroceutical new businesses — to see whether expectations raised at NDR sessions convert into actual revenue.
Sejong Medical is a medical device company centered on laparoscopic surgical instruments, and it has maintained the core business's cash-generating capacity by posting operating profit for four consecutive quarters.
However, following a change of controlling shareholder in 2022, large losses arose from cross-shareholding investments in affiliate Canaria Bio, leaving a heavy mark on net income and equity in 2023-2024.
The company is currently subject to a delisting review that originated from a disclaimer audit opinion, and trading has been halted since June 2026 pending a court ruling on an injunction.
Recently, NDR sessions brought market attention to expectations for OEM and electroceutical new businesses, though concrete revenue results have not yet been confirmed.
Those examining this stock need to weigh signals of core-business earnings recovery alongside the legal and financial uncertainty surrounding listing eligibility and governance.
The court's decision, upcoming quarterly results, and disclosures related to the new businesses stand as the key points to monitor going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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