Vuno

Founded in 2014, VUNO listed on KOSDAQ in 2021 under the technology special listing track as a medical artificial intelligence software company.

Its core revenue driver is VUNO Med-DeepCARS, a vital-signs-based solution that predicts cardiac arrest risk within 24 hours for hospitalized patients, which accounted for roughly KRW 10.4 billion of the company's approximately KRW 12.2 billion in first-half 2026 revenue.

The company also offers imaging-assist products including Chest X-ray Triage, DeepBrain (brain quantification), Lung CT AI, and Fundus AI, as well as HATIV, a portable ECG device.

Domestically, VUNO operates a B2B subscription-style model targeting hospitals, and DeepCARS entered the market on a non-reimbursed basis under Korea's new health technology assessment grace-period system. Overseas, DeepBrain and Chest X-ray Triage have already received U.S.

FDA 510(k) clearance, and the company has secured approvals from Japan's PMDA, the EU's CE MDR, and Brazil's ANVISA, among others. VUNO is currently focused on expanding DeepCARS internationally, including validation work with university hospitals in Europe including Germany.

Domestically, the medical AI market features specialized-AI competitors such as Lunit, JLK, Coreline Soft, Airs Medical, and Neurophet, each focused on specific disease areas or data types.

An increasing number of competitors are also leveraging the new health technology grace-period system to enter the non-reimbursed market, intensifying competition for hospital adoption.

VUNO's consolidated revenue grew for four consecutive years, from roughly KRW 8.27 billion in 2022 to KRW 13.28 billion in 2023, KRW 25.87 billion in 2024, and KRW 34.85 billion in 2025.

Over the same period, operating losses widened from about KRW 15.37 billion in 2022 to KRW 15.68 billion in 2023 before narrowing to KRW 12.45 billion in 2024 and KRW 4.93 billion in 2025, with the operating margin improving from -185.7% in 2022 to -14.2% in 2025.

On a quarterly basis, Q3 2025 revenue reached about KRW 10.82 billion with operating profit of roughly KRW 1.02 billion and owner net income of about KRW 1.03 billion, marking the company's first quarterly profit since its listing.

However, Q4 2025 revenue fell to about KRW 7.23 billion with an operating loss of roughly KRW 2.35 billion and a net loss of about KRW 2.71 billion, reversing back into deficit.

Revenue remained low in Q1 and Q2 2026 at about KRW 6.05 billion and KRW 6.11 billion respectively, while operating losses widened to roughly KRW 4.11 billion and KRW 4.21 billion, with the Q2 net loss reaching about KRW 5.38 billion.

Cumulative owner net loss over the most recent four quarters (Q3 2025 through Q2 2026) totaled about KRW 11.05 billion, reflecting a pattern of losses widening again after the single profitable quarter.

This reversal is linked to slowing domestic non-reimbursed sales of DeepCARS, which makes up 86% of revenue, with first-half 2026 revenue reported to have fallen 28% year-over-year.

On the balance sheet, equity fell to about KRW 5.02 billion in 2023, pushing the debt ratio up to 349.4%, before capital raised through perpetual convertible bonds and other measures improved equity to about KRW 36.11 billion and the debt ratio to 39.5% by the end of 2025.

Korea's medical AI industry relies heavily on the new health technology assessment grace-period system, which allows companies with regulatory clearance to bill hospitals on a non-reimbursed basis for up to four years.

VUNO's DeepCARS entered the non-reimbursed market through this system, with non-reimbursed billing reportedly expanding to roughly 80 hospitals within three years.

However, once the grace period expires, products must pass the formal new health technology assessment to secure permanent reimbursement, representing an upcoming institutional turning point.

Korea's medical AI market is led by specialized-AI companies such as Lunit in imaging-based cancer diagnosis and treatment, VUNO in medical imaging and vital-signs analysis, and JLK in stroke AI, each focused on specific disease areas or data domains.

Coreline Soft, Airs Medical, and Neurophet also compete with similar business models. In overseas markets, securing country-specific regulatory approval is a prerequisite for revenue growth, and VUNO has already obtained U.S. FDA clearance for products including DeepBrain and Chest X-ray Triage.

By contrast, DeepCARS, its largest revenue contributor, faces delayed U.S. clearance due to requirements for multi-ethnic data validation, leaving it a variable in the race with competitors expanding overseas.

The company has identified the Q4 2026 domestic new health technology assessment outcome for DeepCARS as its 'most important catalyst this year.' Passing this assessment would shift the product from non-reimbursed to formal reimbursement status, potentially stabilizing revenue, while failing it could raise concerns about a revenue gap once the grace period expires.

In the U.S., DeepCARS' 510(k) application received a Not Substantially Equivalent (NSE) decision from the FDA on April 30, requiring supplementation before resubmission. However, the U.S.

CMS including DeepCARS in its FY2027 NTAP (New Technology Add-on Payment) proposed rule is cited as a reference point for eventual U.S. market entry. The company has stated it will pursue overseas business expansion alongside operational efficiency gains through company-wide AI transformation.

Financially, of the KRW 31.4 billion raised through the rights offering, KRW 20 billion is earmarked for early repayment of the third-series perpetual convertible bond before its rate steps up, with the remaining roughly KRW 11.4 billion allocated to R&D and overseas subsidiary operations for growth investment.

The rights offering schedule runs from the October 2 shareholder record date through existing shareholder subscription (November 9-10) and public subscription for unclaimed shares (November 12-13), concluding with new share listing on November 30.