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
Annual revenue rose year over year in 2025, but quarterly sales have declined for four straight quarters into 2026, leaving the pace of US regulatory clearance and the commercialization of the new Alz Plus product as the key variables for the next phase.
Consolidated 2025 revenue of KRW 3.69 billion rose from KRW 2.50 billion in 2024, but sales peaked in Q3 2025 (KRW 980 million) and have fallen for four consecutive quarters through Q2 2026 (KRW 646 million).
Operating losses ranged between roughly KRW 15.6 billion and KRW 22.4 billion over 2022-2025; the 2025 loss of KRW 15.56 billion narrowed from KRW 22.45 billion in 2023 but still exceeds revenue by more than four times.
Equity shrank to KRW 6.5 billion and the debt ratio spiked to 310.8% at the end of 2024, but capital raises through rights offerings and convertible bonds in 2025 restored equity to KRW 40.0 billion and cut the debt ratio to 31.7%.
The company is simultaneously pursuing public procurement contracts in France and Saudi Arabia for its flagship dRAST product, growing its consumables revenue mix, and commercializing its new Alzheimer's blood test, Alz Plus.
The timeline for FDA regulatory clearance to enter the US market is a key monitoring point, with one research firm citing a target 510(k) submission in the fourth quarter of 2026.
QuantaMatrix is an in-vitro diagnostics company spun off from Seoul National University in 2010 that develops, manufactures, and sells microbiology and molecular immunodiagnostic products to tertiary hospitals and testing laboratories at home and abroad.
Its main revenue comes from sales of dRAST and QDST, rapid antimicrobial susceptibility testing devices used for sepsis and bloodstream infection patients. dRAST's core competitive strength is shortening antimicrobial susceptibility testing from roughly three days to 5-7 hours, quickly identifying the right drug among more than 50 antibiotics.
Its subsidiary SAS UNIQ QuantaMatrix Europe, based in France, handles European sales.
The company is developing a next-generation integrated system, uRAST (uCIA), that combines blood culture, pathogen identification, and susceptibility testing into a single process, with clinical trial results showing total turnaround time reduced to within 13 hours.
It has also added a new blood-based test for early Alzheimer's disease diagnosis, Alz Plus (QPLEX Alz Plus Assay), expanding its portfolio from microbiology diagnostics into molecular immunodiagnostics.
In the competitive landscape, the rapid antimicrobial susceptibility testing market has historically been dominated by US and French companies focused mainly on gram-negative bacteria detection, and QuantaMatrix positions its ability to analyze both gram-positive and gram-negative bacteria as a differentiator.
Its largest shareholder, Ezrah Charitable Trust, has repeatedly participated in third-party share placements as a long-standing financial and strategic investor.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩900M | -₩3.5B | −385.2% |
| 2025Q3 | ₩1B | -₩3.7B | −379.5% |
| 2025Q4 | ₩800M | -₩4.6B | −579.3% |
| 2026Q1 | ₩700M | -₩4B | −556.1% |
| 2026Q2 | ₩600M | -₩4.2B | −652.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.3B | -₩20B | -₩19.2B | −1556.7% | −48.2% | 14.3% |
| 2023 | ₩3.1B | -₩22.4B | -₩21.6B | −720.0% | −119.0% | 25.1% |
| 2024 | ₩2.5B | -₩16.1B | -₩20.2B | −646.7% | −308.8% | 310.8% |
| 2025 | ₩3.7B | -₩15.6B | -₩19.5B | −421.8% | −48.6% | 31.7% |
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
Consolidated 2025 revenue reached KRW 3.69 billion, up from KRW 2.50 billion in 2024, though still below the KRW 3.12 billion recorded in 2023, reflecting an uneven growth pattern.
The operating loss widened from KRW 20.02 billion in 2022 to KRW 22.45 billion in 2023, then narrowed to KRW 16.15 billion in 2024 and KRW 15.56 billion in 2025, with the operating margin improving somewhat from -646.7% in 2024 to -421.8% in 2025.
Net loss attributable to owners, however, moved less favorably, rising from KRW 19.24 billion in 2022 to KRW 21.56 billion in 2023 before easing only modestly to KRW 20.17 billion in 2024 and KRW 19.46 billion in 2025.
On a quarterly basis, revenue peaked at KRW 980 million in Q3 2025 with an operating loss of KRW 3.72 billion, then declined for four straight quarters to KRW 794 million (Q4 2025, loss of KRW 4.60 billion), KRW 726 million (Q1 2026, loss of KRW 4.04 billion), and KRW 646 million (Q2 2026, loss of KRW 4.22 billion), signaling a clear slowdown.
Over the trailing four quarters (Q3 2025-Q2 2026), the net loss attributable to owners totaled KRW 17.85 billion, underscoring that the annualized loss remains substantial.
Operating cash flow was negative every year from 2022 to 2025, ranging from roughly negative KRW 12.9 billion to negative KRW 20.7 billion, pointing to continued reliance on external financing.
The balance sheet, which had deteriorated with equity falling to KRW 6.5 billion and the debt ratio spiking to 310.8% at the end of 2024, was restored to KRW 40.0 billion in equity and a 31.7% debt ratio in 2025 through capital raises.
The picture is thus mixed: annual revenue growth and an improving loss ratio on one hand, against consecutive quarterly revenue declines and persistent cash burn on the other.
The rapid antimicrobial susceptibility testing market is expanding amid worsening antimicrobial resistance (AMR), with the World Health Organization having warned that AMR could escalate into a health crisis on the scale of the COVID-19 pandemic.
Sepsis incidence is estimated to grow roughly 8.7% annually, a trend cited as driving demand for rapid diagnostics.
The existing market has historically been led by US and French companies whose products focus mainly on gram-negative bacteria, and QuantaMatrix seeks differentiation through dRAST's ability to analyze both gram-positive and gram-negative organisms.
In South Korea, hospital equipment adoption slowed temporarily amid disputes within the medical sector, but new hospital installations subsequently resumed.
Across the broader diagnostics industry, domestic in-vitro diagnostics and microbiology companies such as Curiosis, iNtRON Biotechnology, and SD Biosensor tend to trade with similar growth expectations alongside valuation concerns.
In Alzheimer's diagnostics, blood-based biomarker tests are gaining attention as an alternative to costly, invasive procedures such as cerebrospinal fluid analysis or PET imaging, with initial market entry occurring mainly through non-reimbursed channels.
Overall, while the clinical validity of new diagnostic technologies is increasingly recognized academically, the pace of commercialization and revenue conversion still depends heavily on hospital adoption procedures and regulatory timelines.
The company is focusing on expanding public procurement of its flagship dRAST product overseas.
It secured an exclusive contract with a French public hospital purchasing organization in May 2024, and in January 2025 obtained product registration approval with Saudi Arabia's public-sector exclusive procurement body, enabling supply to local public hospitals without individual tenders.
Domestically, the consumables share of revenue has been rising, with management stating a goal of eventually raising that mix to 70-80% to build a more recurring revenue base.
The new Alz Plus product has begun entering the non-reimbursed market, and the company has said it expects revenue growth from this commercialization.
The next-generation integrated diagnostic system uRAST (uCIA) gained technical recognition through publication in Nature, and R&D toward commercialization is proceeding under a government-funded project from the Ministry of Trade, Industry and Energy, though full commercialization is reported to require additional time.
Regarding US market entry, the company has said it has been working on reducing equipment costs and improving clinical performance, and one research firm reported in December 2025 that it expected US clinical trial entry along with a target FDA 510(k) submission in the fourth quarter of 2026.
This, however, is an outside research estimate rather than official company guidance and warrants independent confirmation. On the financing side, the company has raised funds for R&D and US market entry through multiple rounds of third-party share placements and convertible bond issuances since late 2024.
The company has posted operating and net losses every year since its founding, making traditional price-to-earnings-based valuation difficult to apply. Shares trade above book value per share, reflecting a degree of premium relative to net assets that may partly capture market expectations for future growth.
No dividends are paid, so dividend-based valuation metrics are not meaningful here.
Looking at the multi-year earnings trend, the operating margin has moved from extreme negative levels in 2022-2023 toward somewhat less severe losses in 2024-2025, though the company has yet to move out of a loss-making position, a factor that can weigh on how the market assesses the stock.
Compared with other early-stage diagnostics companies, views on valuation are likely to remain mixed until the pace of earnings improvement and the outcome of new market entries such as the United States become clearer.
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
Annual revenue rose to KRW 3.69 billion in 2025 from the prior year, and the operating margin improved from -720.0% in 2023 to -421.8% in 2025. A rising consumables mix suggests room for a more recurring revenue base to develop. Some early signals of moving away from years of large-scale losses are visible.
The company has secured overseas public procurement channels, including an exclusive contract with a French public hospital purchasing organization and registration approval for exclusive public-sector supply in Saudi Arabia. This creates a structure to supply local public hospitals without individual tenders. A sales network through its European subsidiary is already in place.
The next-generation integrated diagnostic system uRAST (uCIA) has gained technical recognition through Nature publication, with clinical trial results showing a substantial reduction in testing time.
The company has also added the Alz Plus Alzheimer's blood test, broadening its portfolio from microbiology diagnostics into molecular immunodiagnostics. Its financial investor, Ezrah Charitable Trust, has continued to participate in capital raises, providing ongoing funding support.
Revenue has declined for four consecutive quarters, from a peak of KRW 980 million in Q3 2025 to KRW 646 million in Q2 2026. Q1 2026 revenue is reported to have fallen 28.7% year over year. The recent quarterly trend has not sustained the annual revenue growth seen in 2025.
Operating losses have persisted every year from 2022 to 2025 in a range of roughly KRW 15.5 billion to KRW 22.4 billion, and net losses attributable to owners have exceeded KRW 19 billion annually. Operating cash flow has been negative for four consecutive years, indicating ongoing reliance on external financing. This structure leaves the door open to further share issuances or bond offerings.
The balance sheet was significantly strained at the end of 2024, with equity falling to KRW 6.5 billion and the debt ratio surging to 310.8%. Although 2025 capital raises restored the position, continued losses could risk a recurrence of similar strain. Repeated third-party share placements and convertible bond issuances could also dilute existing shareholders.
Persistent losses have led to continued reliance on external financing, with multiple rounds of third-party share placements and convertible bond issuances already completed. If losses continue, additional financing may be required, which could dilute existing shareholders. The terms and timing of any financing directly affect balance sheet stability.
US market entry requires navigating the FDA approval process, and delays in clinical trials or submission timelines could push back revenue expansion. Domestic and overseas medical device approval and public procurement registration processes may also take longer than expected.
The pace of Alz Plus's expansion in the non-reimbursed market could also be affected by policy or regulatory changes.
The rapid antimicrobial susceptibility testing market has historically been dominated by US and French incumbents, and technology and pricing competition with them may continue.
Several domestic in-vitro diagnostics companies are also pursuing similar growth stories, which could intensify competition for hospital adoption. Heightened competition could pressure pricing or margins.
The Q3 2026 quarterly report filing is expected around this time; it will show whether revenue rebounds from its four-quarter decline and whether Alz Plus is starting to contribute to sales.
This is the target FDA 510(k) submission timeframe cited by one research firm; investors should watch for company disclosures or IR statements confirming actual submission and progress.
Disclosures on new domestic and overseas hospital adoptions, along with changes in the consumables revenue mix (targeted at 70-80%), should be monitored to gauge the pace of transition toward a more recurring revenue structure.
It is worth checking for any disclosures of additional share placements or convertible bond issuances, and the resulting changes to equity and the debt ratio.
QuantaMatrix showed positive signals in 2025 with annual revenue growth and an improving operating margin, but four consecutive quarterly revenue declines into 2026 have raised questions about the durability of that growth.
The balance sheet, which had weakened significantly by the end of 2024, was largely restored through 2025 financing, though operating cash flow remains negative, leaving the possibility of further capital raises.
Expansion of overseas public procurement for the flagship dRAST product, commercialization of the new Alz Plus product, and the technical achievements of the next-generation uRAST (uCIA) system form the core of the medium- to long-term growth narrative.
However, the timeline for FDA clearance to enter the US market remains at the level of an outside forecast rather than confirmed company guidance, warranting further confirmation.
Overall, the company sits at a stage where technological potential and early signs of earnings recovery coexist with structural burdens from persistent losses and continued reliance on external financing.
Report written 2026-09-05 · Data as of 2026-09-04
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