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
Carelabs narrowed its operating loss and swung to an annual net profit in 2025, but the trailing four quarters still show a net loss, as the company heads into a structural shift from telemedicine legalization.
2025 revenue was KRW 81.69 billion, slightly down from KRW 83.19 billion a year earlier, while the operating loss narrowed from KRW 4.46 billion to KRW 2.88 billion.
2025 net profit attributable to owners swung to a positive KRW 19.18 billion from a loss of KRW 20.28 billion in 2024, yet the trailing four quarters (2025Q3-2026Q2) still show a net loss of KRW 7.54 billion.
The telemedicine industry, home to subsidiary Goodoc, has been legislated after 15 years as a pilot program, with the revised Medical Law set to take effect on December 24, 2026.
The company completed the acquisition of caregiver-matching platform Yobosarang in July 2025, expanding into the senior care segment.
In July 2026, the company brought in non-healthcare C-level executives from Amazon/Toss Bank and Coupang/Samsung Electronics to Carelabs and Goodoc respectively, reinforcing data and AI strategy.
Carelabs is a digital healthcare and beauty-care platform company that operates hospital and pharmacy search plus telemedicine brokerage through subsidiary Goodoc, and a plastic surgery and beauty review community through Babitalk.
Medical recruiting platform MediJob and the caregiver-matching platform Yobosarang, acquired in 2025, cover healthcare and long-term-care staffing, forming the core of the company's senior care expansion in response to rapid population aging.
For hospitals and clinics, the company runs the cloud-based CRM software Uno CRM, prescription security system provider EDB, and digital marketing subsidiary VibeRC, which handles medical advertising.
Based on past disclosures, a substantial portion of revenue has historically come from the digital marketing segment; as of the third quarter of 2022, the healthcare segment including Goodoc and Babitalk accounted for 32.17% of total revenue, while digital marketing accounted for 48.77%.
The largest shareholder is Wonik Holdings, which joined the Wonik Group in November 2022 after acquiring a 23.27% stake held by City Labs at KRW 15,263 per share.
The competitive landscape overlaps with DoctorNow and Ttokdoc (Ubcare) in telemedicine and hospital reservations, and with Gangnam Unni in beauty information services. CEO Lee Min-kyung, who took office in January 2025, made her first on-market purchase of company shares after assuming the role.
In July 2026, the company brought in executives from outside the healthcare sector into its strategy and technology organizations, articulating a 'One CareLabs' vision to strengthen data linkage across its services.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22.5B | ₩2.6B | 11.4% |
| 2025Q3 | ₩21.2B | -₩600M | −2.8% |
| 2025Q4 | ₩14.9B | -₩5.7B | −38.2% |
| 2026Q1 | ₩20.5B | ₩700M | 3.3% |
| 2026Q2 | ₩17.4B | -₩700M | −4.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩87.6B | -₩6.4B | -₩26.1B | −7.3% | −30.9% | 97.3% |
| 2023 | ₩81.8B | -₩11.6B | -₩24.5B | −14.2% | −35.7% | 116.1% |
| 2024 | ₩83.2B | -₩4.5B | -₩20.3B | −5.4% | −41.9% | 160.6% |
| 2025 | ₩81.7B | -₩2.9B | ₩19.2B | −3.5% | 28.0% | 43.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue in 2025 was KRW 81.69 billion, showing a mild fluctuation compared to KRW 83.19 billion in 2024 and KRW 81.83 billion in 2023, remaining stuck in the KRW 80 billion range.
The operating loss, which had widened to KRW 6.38 billion in 2022 and KRW 11.60 billion in 2023, narrowed for two consecutive years to KRW 4.46 billion in 2024 and KRW 2.88 billion in 2025, with the operating margin improving from -14.2% in 2023 to -3.5% in 2025.
However, net profit attributable to owners posted losses for three consecutive years from 2022 to 2024 (KRW -26.12 billion, -24.47 billion, -20.28 billion) before swinging to a profit of KRW 19.18 billion in 2025; given the operating loss was only KRW 2.88 billion, this suggests a substantial contribution from non-operating items.
On a quarterly basis, the second quarter of 2025 posted revenue of KRW 22.52 billion and an operating profit of KRW 2.57 billion, but the third quarter (revenue KRW 21.16 billion, operating loss KRW 0.59 billion) and fourth quarter (revenue KRW 14.95 billion, operating loss KRW 5.71 billion) reverted to losses, with the fourth-quarter loss the largest of the year.
In 2026, the first quarter (revenue KRW 20.54 billion, operating profit KRW 0.67 billion) returned to profit, only for the second quarter (revenue KRW 17.36 billion, operating loss KRW 0.72 billion) to fall back into loss, repeating a pattern of significant quarter-to-quarter swings.
On a net profit basis, all five quarters from Q2 2025 through Q2 2026 posted losses attributable to owners (KRW -0.73 billion, -1.14 billion, -4.07 billion, -0.61 billion, -1.39 billion respectively), a pattern that diverges from the annual net profit turnaround.
This suggests the 2025 annual net profit swing may have depended heavily on a non-operating factor tied to a specific period, and the trailing four quarters (Q3 2025-Q2 2026) show a cumulative net loss attributable to owners of KRW 7.54 billion, back in negative territory.
On the balance sheet, the debt ratio fell sharply from 160.6% in 2024 to 43.9% in 2025, and equity attributable to owners rose from KRW 48.44 billion in 2024 to KRW 68.50 billion in 2025, indicating an improved financial structure.
South Korea's telemedicine industry began as a temporary measure during the COVID-19 pandemic and operated as a pilot program for roughly five years and nine months before the National Assembly passed a Medical Law amendment for institutionalization on December 2, 2025.
The revised law reflects four core principles: in-person care as the default, a focus on returning patients, clinic-level institutions as the center, and a ban on dedicated telemedicine-only operators, with medication delivery limited to vulnerable groups such as residents of islands and remote areas or long-term-care beneficiaries.
The law is scheduled to take effect on December 24, 2026, one year after promulgation, and operators running telemedicine brokerage platforms must register with the Ministry of Health and Welfare, with certification required once subscriber counts exceed a certain threshold.
This framework gives existing brokerage platforms like Goodoc a legal basis to operate while placing them under a formal oversight regime.
Separately, the Personal Information Protection Commission has outlined plans to expand the data portability right, previously limited to the medical and telecom sectors, into energy from 2026 and progressively into ten priority sectors including education, employment, and transportation, broadening the foundation for healthcare data utilization over time.
In terms of competitive positioning, DoctorNow competes in hospital reservations and telemedicine, Ttokdoc (operated by Ubcare) holds strength in pediatric reservations, and Gangnam Unni competes in the beauty information segment.
Overall, the industry is in a transitional phase from pilot program to codified law, and how the detailed enforcement rules (Ministry ordinances) are set will directly affect the scope of business available to each operator.
In July 2026, the company brought in Kim Ji-woong, a former Amazon and Toss Bank executive, as CSO, and Lee Won-hee, a former Coupang and Samsung Electronics executive, as Goodoc's CTO, signaling a dual push to strengthen existing business competitiveness while identifying new growth areas.
The company stated that CSO Kim Ji-woong would be responsible for building the growth foundation and expanding new businesses, including senior care.
CTO Lee Won-hee is reported to be tasked with upgrading Goodoc's platform architecture, strengthening service stability, and transitioning toward an AI-native organization.
Over the longer term, the company has set a goal, under its 'One CareLabs' vision, of combining data accumulated across Goodoc and Babitalk with AI technology to expand linkages between its services.
For its hospital and clinic-facing SaaS product Uno CRM, the company has stated plans to add new features including card payment integration, personal web pages, and an AI coordinator in the latter half of 2025.
On the business side, the company has outlined plans to link Yobosarang, acquired in 2025, with MediJob to expand into training caregiving professionals and home-visit care and nursing-linked services.
Ahead of the telemedicine institutionalization taking effect on December 24, 2026, how Goodoc prepares its registration and certification process with the Ministry of Health and Welfare is likely to be a key variable shaping the future scope of its business.
Carelabs shares trade at a discount to the company's equity, sitting below book value per share. However, with net profit attributable to owners posting losses in each of the trailing four quarters, applying conventional earnings-based valuation metrics calls for caution.
On an annual basis, 2025 net profit swung from a loss to a profit, but because the swing was far larger than the improvement in operating results, this appears to reflect a substantial non-operating contribution, and its sustainability warrants scrutiny.
The company has not paid a dividend in the most recent fiscal year, suggesting capital has been prioritized for business restructuring and new-business investment over shareholder returns.
The debt ratio fell sharply from the prior year, indicating an improved financial structure, which can be viewed as a positive development from an asset-soundness perspective.
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 2026-08-23
The operating loss narrowed from KRW 11.60 billion in 2023 to KRW 4.46 billion in 2024 and KRW 2.88 billion in 2025, with the operating margin improving from -14.2% to -3.5%. The company also achieved quarterly operating profit in Q2 2025 and Q1 2026.
The debt ratio also fell sharply from 160.6% in 2024 to 43.9% in 2025, improving the financial structure. If this trend continues, earnings stability could gradually improve.
After 15 years as a pilot program, telemedicine has been legislated and is set to take effect on December 24, 2026, giving existing brokerage platforms such as Goodoc a clear legal basis.
While operators will come under a formal registration and certification regime with the Ministry of Health and Welfare, this also reduces institutional uncertainty for the business. The expansion of data portability rights under MyData is also cited as a factor broadening the foundation for healthcare data utilization.
The company acquired the caregiver-matching platform Yobosarang in 2025, expanding into the senior care segment in conjunction with MediJob. In July 2026, it hired non-healthcare C-level executives from Amazon/Toss Bank and Coupang/Samsung Electronics to strengthen its strategy and technology organizations.
Backed by the capital of largest shareholder Wonik Group, the company also has the financial capacity to continue investing in new businesses.
Revenue has fluctuated within the KRW 80 billion range without clear growth, moving from KRW 87.61 billion in 2022 to KRW 81.83 billion in 2023, KRW 83.19 billion in 2024, and KRW 81.69 billion in 2025.
High dependence on the digital marketing and advertising segment means results could be sensitive to changes in advertising conditions or hospital and clinic marketing budgets.
The Q4 2025 operating loss of KRW 5.71 billion was the largest of the year, and the company posted another operating loss of KRW 0.72 billion in Q2 2026, continuing an unstable pattern of alternating between profit and loss.
Net profit attributable to owners posted losses for five consecutive quarters from Q2 2025 through Q2 2026, and the trailing four-quarter cumulative figure also shows a net loss of KRW 7.54 billion, contrasting with the annual net profit turnaround.
The now-codified telemedicine framework imposes constraints such as an in-person care default, a focus on returning patients, and clinic-level institutions as the center, while medication delivery is permitted only for vulnerable groups, limiting the scope for service expansion.
Competition continues from DoctorNow and Ttokdoc in telemedicine and hospital reservations, and from Gangnam Unni in beauty information services.
The 2025 annual net profit turnaround was far larger than the improvement in operating results, suggesting it may have depended on non-operating factors. The fact that the trailing four-quarter cumulative net profit reverted to a loss suggests the profit swing may have been close to one-off in nature. If similar non-operating gains do not recur, net profit volatility could persist.
The detailed implementation rules for telemedicine institutionalization are set to be determined by Ministry of Health and Welfare ordinances, and specifics such as the scope of conditions requiring video consultation or platform certification criteria have not yet been finalized. If the criteria are set strictly, Goodoc's scope for telemedicine brokerage could be constrained.
Ongoing competition with DoctorNow, Ttokdoc, and Gangnam Unni in the healthcare media and marketing market could keep marketing expenses elevated, constraining profitability improvement. Costs associated with new hires and new business investments could also weigh on near-term profitability.
Check the Q3 2026 earnings release to see whether the pattern of operating and net profit volatility continues, and whether non-operating items recur.
The revised Medical Law's telemedicine institutionalization takes effect on this date; check whether Goodoc has completed its platform registration and certification process and how its business scope changes.
Watch for concrete results from the Yobosarang-MediJob-linked senior care business, or announcements of further M&A or investment.
Watch for the Ministry of Health and Welfare's disclosure of detailed enforcement rules for telemedicine, such as conditions requiring video consultation and platform certification criteria.
Carelabs narrowed its operating loss for two consecutive years and swung to an annual net profit in 2025, but the trailing four-quarter cumulative figure still shows a net loss, warranting a closer look at both the quality and sustainability of earnings.
While revenue has remained stuck in the KRW 80 billion range, the acquisition of Yobosarang for senior care expansion and the hiring of non-healthcare C-level executives to strengthen data and AI strategy have been presented as new growth pillars.
On the industry side, telemedicine, legislated after 15 years, is set to take effect in December 2026, bringing a two-sided change of legal standing alongside formal oversight for existing operators including Goodoc.
On the balance sheet, the debt ratio has improved markedly, though quarterly earnings volatility and reliance on non-operating gains remain points that warrant continued observation.
In terms of valuation, shares trade at a discount to book value, but this should be interpreted alongside the recent instability in earnings trends. Key items to monitor going forward include the Q3 earnings release, the detailed telemedicine implementation rules, and the results of new business initiatives.
Report written 2026-09-05 · Data as of 2026-09-04
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