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
Remed is layering a new aesthetics business (Cleo) onto its core TMS/NMS electroceutical franchise, with quarterly results showing a clear recovery trend since early 2026.
Revenue and operating profit improved sequentially in both Q1 and Q2 2026, extending a recovery trend
As of 1H25, revenue mix was chronic-pain (NMS/PMS) 60.2%, brain rehab (TMS) 17.6%, aesthetics 4.8%, and other 17.4%, with pain care still the core
The company unveiled aesthetic products Cleo V1, Lifton, and Cleo 21 at KIMES 2025, formally entering the aesthetic device market
After turning operating-profit positive in 2024, profit narrowed again in 2025 before improving once more in 2026, reflecting significant quarter-to-quarter volatility
Exports account for over 80% of sales, with overseas distributor networks and ODM cooperation with Germany's Zimmer underpinning a large share of revenue
Founded in 2003, Remed is an electroceutical specialist that develops and manufactures medical devices using powerful magnetic fields to stimulate and modulate nerve cells. The business is organized around three pillars: brain rehabilitation (TMS), chronic pain treatment (NMS/PMS), and aesthetics (CSMS/Cleo).
As of 1H25, chronic pain treatment was the largest segment at 60.2% of revenue, followed by brain rehabilitation at 17.6%, aesthetics at 4.8%, and other at 17.4%.
TMS devices are supplied to roughly 300 domestic hospitals, with overseas distributors spanning about 30 countries including China, Japan, the UK, Canada, and Russia.
The NMS chronic-pain product, first developed by the company in 2003, is supplied to Germany's Zimmer under an ODM arrangement for the overseas-exclusive "emField Pro" line.
At KIMES 2025 the company unveiled three new aesthetic products—the HIFU-based Cleo V1, the shockwave-based Lifton, and the RF-based Cleo 21—marking its formal entry into the aesthetic device market.
Company representatives have positioned their products as offering clinical-effect and side-effect advantages relative to competitors. With existing product exports already exceeding 80% of sales, Remed is leveraging its established overseas network as a platform to scale the new aesthetics business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.6B | ₩24,896,013 | 0.4% |
| 2025Q3 | ₩5.8B | ₩300M | 4.7% |
| 2025Q4 | ₩6.7B | ₩51,350,278 | 0.8% |
| 2026Q1 | ₩7.2B | ₩700M | 9.5% |
| 2026Q2 | ₩7.4B | ₩900M | 12.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩21.4B | ₩1.7B | ₩4B | 7.8% | 13.4% | 160.4% |
| 2023 | ₩18.5B | -₩2.9B | ₩800M | −15.4% | 2.6% | 78.8% |
| 2024 | ₩25.6B | ₩1.1B | ₩7.2B | 4.4% | 17.8% | 46.7% |
| 2025 | ₩24.5B | ₩700M | ₩500M | 3.0% | 1.3% | 36.6% |
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 fell from KRW 21.36bn in 2022 to KRW 18.54bn in 2023, a year in which the company posted an operating loss of KRW 2.86bn and an operating margin of -15.4%.
In 2024, revenue rebounded to KRW 25.55bn, operating profit turned positive at KRW 1.12bn, and owner net income reached KRW 7.17bn, lifting the operating margin to 4.4%.
In 2025, revenue slipped modestly to KRW 24.50bn while operating profit narrowed to KRW 726mn (a 3.0% margin) and owner net income came in at just KRW 526mn. On a quarterly basis, Q2 2025 revenue was KRW 5.55bn with operating profit of only KRW 25mn—essentially break-even—and an owner net loss of KRW 163mn.
Q3 2025 rebounded to KRW 5.81bn in revenue, KRW 272mn in operating profit, and KRW 445mn in owner net income, but Q4 2025 swung back to a loss, with revenue of KRW 6.70bn, operating profit of just KRW 51mn, and an owner net loss of KRW 211mn, underscoring high quarter-to-quarter volatility.
The picture shifted in 2026: Q1 revenue reached KRW 7.18bn with operating profit of KRW 684mn and owner net income of KRW 1.12bn, followed by Q2 revenue of KRW 7.37bn, operating profit of KRW 945mn, and owner net income of KRW 701mn—two consecutive quarters of sequential improvement in both revenue and operating profit.
This likely reflects the combined effect of new aesthetic product launches and price increases in the chronic-pain business.
Notably, full-year 2025 consolidated net income (on a total basis, not owner-only) was essentially breakeven at a small loss, a divergence from owner net income that likely reflects non-controlling interest effects.
The neuromodulation/electroceutical market that Remed operates in is expanding alongside rising demand for treatments of intractable brain conditions such as depression, Parkinson's disease, and stroke, with the government backing the sector through advanced medical device approval and export support policies.
In TMS, the number of global manufacturers remains small and no clear leader has emerged in overseas markets, allowing Remed to compete on price-to-performance and delivery responsiveness.
In the chronic pain device (NMS/PMS) market, the company has established a foothold in the US and Europe through its ODM partnership with Germany's Zimmer.
By contrast, the aesthetic device market is already occupied by established listed Korean competitors such as Classys, Wontech, Ilooda, and Jeisys Medical, positioning Remed as a later entrant that must build out its product lineup and marketing capability.
The broader energy-based aesthetic device market is described as continuing to grow on demand for skin tightening, regeneration, and body contouring.
Remed's strategy is to leverage its existing pain-device export network—already exceeding 80% of sales—as a springboard for expanding its new aesthetic lineup, with initial focus on Asian markets such as Hong Kong and Japan.
The company has stated a target of completing its Cleo aesthetics lineup by the first half of 2026, with CEO Lee Geun-yong noting that two products are already commercialized and the remaining two are slated for launch by year-end or early the following year.
Remed said the three Cleo-line products unveiled at KIMES 2025—Cleo V1, Cleo 21, and Lifton—drew interest from global buyers in Thailand, Vietnam, and the US, and the company is currently expanding exports focused on Asian markets such as Hong Kong and Japan.
The chronic pain business is pursuing market expansion through premiumization-driven price increases and US FDA clearances, while the brain rehabilitation (TMS) business is also cited as having revenue upside tied to expanding FDA approvals.
The consecutive improvement in Q1 and Q2 2026 results suggests these new-business and existing-business expansion strategies are beginning to bear early fruit.
The company has said that since CEO Lee's return, it has consolidated R&D organizations across subsidiaries (Eclaireo, Remed Brainstim, Play2Cure) to concentrate research capability.
However, some aesthetic products remain at the clinic demonstration/testing stage according to reports, so the timing of their revenue contribution warrants continued monitoring.
Remed's valuation reflects the characteristics of a small-cap medical-device growth stock with meaningful earnings volatility.
Historical trading data show periods in which the five-year average price-to-earnings multiple exceeded 70x, suggesting that current multiples tied to the ongoing profit recovery can be viewed within that historical range.
The price-to-book ratio has similarly averaged above 3x over the past five years, consistent with a pattern of trading at a premium to net asset value. The company has not paid dividends in recent periods, so dividend-related metrics should be approached differently than for typical dividend-paying peers in the sector.
The pattern of a loss in 2023, a turn to profit in 2024, a narrowing of profit in 2025, and a renewed recovery in the first half of 2026 suggests that the earnings improvement should be monitored on a quarter-by-quarter basis rather than assumed to be on a stable trajectory.
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
Revenue and operating profit improved sequentially in both Q1 and Q2 2026, rising from KRW 7.18bn to KRW 7.37bn in revenue and from KRW 684mn to KRW 945mn in operating profit.
This marks a clear break from the loss posted in Q4 2025 and indicates that the combination of new and existing businesses is improving the profit structure. Two consecutive quarters of improvement point to the possibility of a developing trend beyond a short-term bounce.
The company is entering the aesthetic device market in earnest with a new product lineup including Cleo V1, Cleo 21, and Lifton, opening up a new revenue stream. Leveraging its existing pain-device export network of over 80% to target new markets in Asia could accelerate the pace of expansion.
The consolidation of R&D organizations following the founder's return has also concentrated new-product development capability.
As one of a small number of global TMS manufacturers, the company has secured roughly 300 domestic hospital customers and overseas distributors across some 30 countries. Its ODM partnership with Germany's Zimmer ensures a stable supply channel for chronic pain devices in developed markets.
Its magnetic-field-based platform technology, extendable across brain disorders, pain, and aesthetics, is also cited as a strength.
After turning profitable in 2024, the operating margin narrowed again from 4.4% to 3.0% in 2025, and the company posted net losses in both Q2 and Q4 of 2025, reflecting significant volatility.
Whether the improvement seen in H1 2026 represents a structural shift rather than a one-off requires confirmation over additional quarters. Given its small revenue base, results can swing significantly on large individual orders or currency movements.
The domestic aesthetics market already has well-established listed competitors such as Classys and Wontech, making it difficult to quickly capture market share through new product launches alone.
Some new products are reportedly still at the clinic demonstration/testing stage, meaning additional time may be needed before they contribute meaningfully to revenue. Success in the aesthetics market depends not only on technology but also on brand and marketing capability, a point the company itself has acknowledged.
With annual revenue still in the KRW 20bn range, the company's absolute business scale remains small, which can constrain resource allocation for new-business investment and the achievement of economies of scale.
Revenue fell to KRW 18.5bn in 2023 alongside an operating loss, underscoring that the revenue base has not yet stabilized. As a small-cap stock, share price impact from liquidity and shareholding changes can also be relatively pronounced.
If the new aesthetics business fails to reach commercialization and revenue contribution as planned, expectations for the new growth driver may need to be revised. Stagnation in the existing chronic pain or brain rehabilitation businesses could have an outsized impact on overall results.
High revenue dependence on a small number of partners such as Zimmer means changes in that partnership could directly affect performance.
Numerous competitors have already entered the domestic and overseas aesthetics markets, which could intensify price and marketing competition. In the TMS market as well, an increase in new overseas entrants could weaken Remed's relative position.
The medical device market is heavily influenced by country-specific regulatory environments including approvals and insurance reimbursement, so unexpected policy changes could affect revenue.
With exports exceeding 80% of sales, currency fluctuations have a significant impact on revenue and profitability.
Given high annual earnings volatility, one-off factors in specific quarters—such as disposal of non-current assets or gains/losses on derivative valuation—have previously had a material impact on net income. Continued R&D spending tied to new-business investment could pressure profitability in the near term.
Check the Q3 2026 earnings disclosure to see whether the sequential improvement seen in Q1 and Q2 extends to a third consecutive quarter.
Confirm whether the remaining two Cleo-series products officially launch and when overseas/domestic sales begin.
Track the scale of export contracts and revenue recognition for aesthetic products in key markets such as Hong Kong, Japan, and the US.
Monitor how price increases in the chronic pain (NMS/PMS) business and changes in supply volume to Zimmer are reflected in revenue at the next regular disclosure.
Remed is at a stage of diversifying its growth base by layering a new aesthetics business (Cleo) onto its core electroceutical (TMS/NMS) franchise.
The trajectory from a loss in 2023, to a profit turn in 2024, to a profit narrowing in 2025, and back to improvement in H1 2026 shows that results have not yet fully settled onto a stable growth path.
The chronic pain treatment business remains the core, accounting for more than 60% of revenue, brain rehabilitation (TMS) has an established overseas network, and aesthetics is a business just beginning to enter the market.
The high export ratio of over 80% underpins overseas expansion but also represents a currency-related risk factor. Investors should continue to monitor whether results from Q3 2026 onward extend the improvement seen in the first half, and track the timing of overseas revenue contribution from new aesthetic products. This report is for informational purposes only and does not constitute a buy or sell recommendation.
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.