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
Protia, a multiplex allergy diagnostics specialist, has moved past its 2023 profitability slump and shown revenue and operating profit recovering together through 2024-2026.
FY2025 revenue reached KRW 15.12bn (+43.8%) and operating profit KRW 3.72bn (+148%), the best since listing.
2Q26 revenue of KRW 5.35bn and operating profit of KRW 1.64bn marked a clear sequential expansion.
Its Allergy-Q series, based on the world's first parallel line array (PLA) technology, holds a strong share of the domestic multiplex allergy diagnostics market.
The export footprint expanded from 68 to 80 countries, with supply beginning to Europe's SYNLAB, lifting the overseas revenue share.
Under a 2030 revenue target of KRW 100bn, capacity expansion plans aim to raise annual capacity from 1.2 million tests to 2 million, then 3.5 million tests.
Protia is an in-vitro diagnostics company focused on multiplex test kits that screen for multiple allergens simultaneously.
Its flagship Allergy-Q series applies what the company describes as the world's first parallel line array (PLA) technology, testing up to 176 allergens at once, and on this basis it holds the No.1 domestic market share in the category.
The premium Allergy-Q 192 product supplies equipment to nine of ten major domestic screening centers and referral laboratories, giving it an estimated 60% domestic market share.
Beyond allergy diagnostics, the company has broadened its lineup with an antibiotic susceptibility testing (AST) device built on a proprietary capacitance-sensor patent, and the ANITIA brand for companion animal and livestock diagnostics.
In animal diagnostics, its AniCheck Bovine IgG product, which measures immunoglobulin (IgG) levels in bovine colostrum or blood within 15 minutes, won the government-sponsored Jang Yeong-sil Award from the Ministry of Science and ICT.
Exports, once concentrated in India, Russia, Southeast Asia and the Middle East, are expanding into North America, Europe and Oceania, with European supply now running through the Czech-based reference laboratory network SYNLAB.
The company has stated a goal of KRW 100 billion in revenue by 2030 and has focused on transitioning from a domestic-centered business to an export-driven one.
Overseas, it operates as a later entrant into markets long dominated by multinational diagnostics companies, while domestically its high share in premium multiplex allergy diagnostics is cited as a competitive edge.
In sum, its revenue base centers on human allergy diagnostic reagents and instruments, with AST testing, animal diagnostics and new immune-monitoring products layered on as growth vectors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩3.8B | ₩1B | 27.1% |
| 2025Q3 | ₩4B | ₩1.2B | 29.1% |
| 2025Q4 | ₩4.5B | ₩1.1B | 24.0% |
| 2026Q1 | ₩3.8B | ₩800M | 19.9% |
| 2026Q2 | ₩5.3B | ₩1.6B | 30.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩7.6B | ₩1.1B | ₩1.3B | 13.8% | 7.8% | 8.9% |
| 2023 | ₩8.2B | ₩200M | ₩500M | 2.0% | 2.0% | 6.8% |
| 2024 | ₩10.5B | ₩1.5B | ₩2.4B | 14.3% | 9.3% | 6.3% |
| 2025 | ₩15.1B | ₩3.7B | ₩4.5B | 24.6% | 14.6% | 7.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Protia's annual revenue rose for four consecutive years, from KRW 7.64bn in 2022 to KRW 8.23bn in 2023, KRW 10.51bn in 2024 and KRW 15.12bn in 2025.
Operating profit fell sharply from KRW 1.06bn in 2022 to KRW 0.16bn in 2023 before recovering clearly to KRW 1.50bn in 2024 and KRW 3.72bn in 2025, with operating margin tracing 13.8% (2022) to 2.0% (2023) to 14.3% (2024) to 24.6% (2025).
The 2023 collapse is understood to reflect a one-off cost-ratio spike caused by unstable production yields early in the ramp-up of the Allergy-Q 128M, launched in 2022. Owners' net profit also shrank to KRW 0.46bn in 2023 before expanding to KRW 4.47bn in 2025, its highest level to date.
On a quarterly basis, revenue and operating profit rose from KRW 3.84bn and KRW 1.04bn in 2Q25 to KRW 4.55bn and KRW 1.09bn (with owners' net profit of KRW 1.68bn) in 4Q25, then eased seasonally to KRW 3.82bn revenue and KRW 0.76bn operating profit in 1Q26 before rebounding to KRW 5.35bn revenue, KRW 1.64bn operating profit and KRW 1.55bn owners' net profit in 2Q26.
Provisional standalone-basis disclosures likewise showed the second-quarter operating margin surpassing 32%, consistent with a margin uptrend running from roughly 14% in 2024 and 25% in 2025 to 26.4% in the first half of 2026.
This progression is attributed to a shift away from small-batch, multi-product manufacturing toward stabilized yields across the full product lineup, easing the fixed-cost burden.
Cash generation improved in parallel, with operating cash flow rising from KRW 0.38bn in 2023 to KRW 3.00bn in 2025, while owners' equity expanded from KRW 16.0bn in 2022 to KRW 30.7bn in 2025 as the debt ratio stayed in a low single-digit-to-high-single-digit range of 6-9%.
Within in-vitro diagnostics, allergy testing is regarded as a steadily growing segment driven by rising chronic allergic disease prevalence and demand for precise multiplex testing.
Domestically, Protia has secured market dominance by supplying equipment capable of testing up to 192 allergens simultaneously, among the largest panels globally, to a large number of major screening centers and referral laboratories.
Overseas, markets have long been dominated by multinational diagnostics companies, putting Protia and other domestic players in a later-entrant position that must expand share by opening new markets.
Global demand for antibiotic susceptibility testing (AST) is rising amid growing worldwide concern over antimicrobial resistance, with the related global market estimated at roughly KRW 6.66 trillion.
Animal in-vitro diagnostics is also growing gradually, supported by livestock productivity gains and rising companion-animal healthcare demand.
Protia has nearly tenfold-increased its exports over the past five years in step with a broader wave of overseas expansion among domestic diagnostics firms, recording KRW 7.8bn in overseas revenue last year.
Kiwoom Securities assessed that as growth in existing core markets such as Russia and Malaysia overlaps with new entries into Canada, Australia and New Zealand, the full product lineup has settled into stable mass production and entered a margin-leverage phase.
Relative to similar KOSDAQ-listed in-vitro diagnostics peers, Protia is distinguished by its technological specialization in the allergy-diagnostics niche and by financial stability underpinned by a low debt ratio.
The company has stated a goal of reaching KRW 100 billion in revenue by 2030, with a roadmap to raise the export share of revenue to 60% in 2026 and above 90% by 2030.
Production capacity is planned to expand from a current annual level of about 1.2 million tests to more than 2 million tests in 2026, and further to 3.5 million tests within two years.
In Europe, the company plans to complete European In Vitro Diagnostic Regulation (IVDR) certification for its premium multiplex allergy products (the 192D and 128L models) and its autoimmune diagnostic product within the fourth quarter of 2026.
New market entry is broadening beyond existing markets such as Russia, Malaysia, India and the Middle East into Canada, Australia and New Zealand, with supply through the large reference laboratory network SYNLAB serving as a base for expansion centered on Eastern Europe.
In animal diagnostics, the company expects to strengthen its position in the Chinese veterinary market starting in 2026 after two years of building brand recognition there, with first-half animal diagnostic kit sales up more than 60% year-on-year, lifting their contribution to total revenue from 6.0% last year to 7.0% this year.
New products include the domestically launched 'ImSafe Saliva,' which allows real-time monitoring of an individual's immune status using saliva, while the AST diagnostic product is planned to gradually expand sales in the European market.
According to a media report (Edaily, July 15, 2026), market observers projected full-year 2026 revenue of KRW 21.7bn, up 44% year-on-year, and operating profit of KRW 6.0bn, up 62%, implying an operating margin in the high-20s percent range.
These figures, however, represent the company's stated plans and outside observers' estimates, and actual execution will need to be confirmed through subsequent quarterly results and the progress of certifications and orders.
Protia's share price appears to trade at a higher earnings multiple than during the profitability slump of 2023, reflecting the recent recovery in earnings.
Although owners' equity has expanded steadily year after year, the market appears to price the shares at a level that runs ahead of that pace of equity growth, resulting in a premium relative to net asset value.
The company has not paid a cash dividend through its most recent fiscal year, suggesting a capital-allocation approach centered on earnings growth and reinvestment rather than dividend appeal.
Given the trajectory from the 2023 profitability slump through the 2024-2025 recovery and the expanding operating leverage seen in the first half of 2026, how the share price and earnings relate going forward may depend on whether the pace of quarterly profit growth and the schedule for overseas certification and export expansion proceed as planned.
The relatively small market capitalization also means that price volatility tied to changes in trading volume can be comparatively pronounced.
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 margin improved markedly from 2.0% in 2023 to 14.3% in 2024 and 24.6% in 2025, and the improvement continued into 2Q26 with revenue of KRW 5.35bn and operating profit of KRW 1.64bn.
This is attributed to stabilized yields across the product lineup after moving away from small-batch, multi-product production, easing the fixed-cost burden. If the pace of revenue growth is sustained, there appears to be further room for cost efficiency.
Protia is expanding its export network beyond India, Russia, Southeast Asia and the Middle East into North America, Europe and Oceania, with the number of export countries rising from 68 to 80 and distribution partners projected to exceed 90.
In Europe, supply has begun through the Czech-based reference laboratory network SYNLAB, enabling expansion centered on Eastern Europe. This kind of regional diversification can reduce reliance on any single country or customer for revenue.
Beyond its core allergy diagnostics, the product range has broadened to include an antibiotic susceptibility testing (AST) device, the ANITIA animal diagnostics brand, and a new saliva-based immune-monitoring product.
Animal diagnostic kit sales grew more than 60% year-on-year in the first half, positioning the segment as a new growth pillar. A more diversified product range can reduce dependence on any single product and help attract new customer segments.
Annual revenue of KRW 15.12bn in 2025 remains far below the company's stated 2030 target of KRW 100bn. Reaching that goal requires the current growth pace to be sustained over multiple years, with capacity expansion, overseas certification and new distribution networks all progressing as planned.
Because the absolute scale of revenue and profit is small, results can be relatively volatile depending on the timing of specific orders or revenue recognition in a given quarter.
There is a precedent from 2023, when early production yields for the Allergy-Q 128M, launched in 2022, did not stabilize as expected and operating margin fell to 2.0%.
This illustrates how quickly margins can erode when manufacturing stability is not secured, and a similar risk cannot be ruled out as capacity expansion continues. Given the company's multi-product manufacturing profile, the importance of yield management is likely to persist.
Overseas allergy and in-vitro diagnostics markets have long been held by established multinational diagnostics companies, leaving Protia to prove its price and technology competitiveness as a later entrant.
European IVDR certification for its premium product line is targeted for completion within the fourth quarter of 2026, but any delay in that timeline could affect related export expansion plans.
Given its scale disadvantage relative to multinational competitors, expanding market share may require considerable time and expense.
If certification procedures required for overseas expansion, such as European IVDR approval or national health authority approvals, are delayed or requirements are tightened, export expansion schedules could be disrupted.
Certification for the premium multiplex and autoimmune diagnostic products is targeted for completion within the fourth quarter of 2026, so adherence to that timeline warrants monitoring.
As shown in 2023, if early production yields for new products fall short of expectations, a rising cost ratio can quickly deteriorate operating margin.
With capacity expansion plans underway to raise annual capacity from 1.2 million to 2 million and then 3.5 million tests, yield management during that expansion could be an important variable for future margins.
As the export share of revenue is planned to rise from 52.3% in 2025 to about 60% in 2026, exposure to foreign-exchange fluctuations and to economic or policy changes in key export countries also increases. Some core export regions, such as Russia and the Middle East, are relatively sensitive to geopolitical risk.
Expected timing for the 3Q26 provisional earnings disclosure, a point to check whether the revenue growth and operating margin improvement seen through 2Q26 continue into the third quarter.
A point to confirm whether European IVDR certification for the premium multiplex allergy diagnostics (192D, 128L) and autoimmune diagnostic products is completed, which would establish the basis for expanded European sales.
A period to check the utilization rate and actual output resulting from the plan to raise annual capacity above 2 million tests.
Timing for the FY2026 provisional earnings disclosure, when achievement of the 60% export-share target and annual revenue/operating-profit growth rates can be confirmed.
Progress on plans to strengthen the company's position in the Chinese veterinary diagnostics market and any change in the animal diagnostic kit's contribution to total revenue should be checked.
Protia has moved past its 2023 profitability slump, with revenue and operating profit recovering together through 2024-2025, and operating margin improvement continued into the first half of 2026.
Having secured domestic share in the allergy-diagnostics niche, the company is broadening its product range into antibiotic susceptibility testing, animal diagnostics and immune monitoring, while pursuing a strategy of raising the overseas revenue share through expanding export countries and distribution networks.
However, the absolute scale of revenue and profit remains small, leaving a considerable gap to the stated 2030 target of KRW 100bn in revenue, and achieving that goal requires capacity expansion, overseas certification and new market development to all proceed as planned.
The 2023 yield-related episode also stands as a precedent showing how quickly margins can erode if production stability falters. On the balance sheet, a debt ratio in the single digits and improving operating cash flow each year point to reasonably sound financial stability.
Going forward, the third-quarter earnings release, the timing of European IVDR certification completion, the utilization rate of capacity expansion, and whether the annual export-share target is met are likely to be important indicators for assessing earnings and business progress. This report is intended for informational purposes only and does not include 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.