PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
RecensMedical is growing revenue on its FDA-cleared cooling anesthesia platform, but fixed-cost burdens and non-operating items tied to its recent listing continue to weigh on operating and net results.
2025 revenue rose to KRW 8.83 billion from KRW 6.26 billion a year earlier, but both operating loss (-KRW 10.64 billion) and net loss (-KRW 19.12 billion) persisted.
Total equity, which was in complete capital impairment at end-2024, turned positive in 2025 after redeemable convertible preferred shares were converted into common stock.
OcuCool, its ophthalmic device, became the first Korean medtech product to win FDA De Novo clearance, laying groundwork for entry into the U.S. IVT market.
First-quarter 2026 revenue declined year over year, but second-quarter revenue rebounded from the prior quarter.
The company has set a 2027 target for pursuing a licensing-out (L/O) deal for OcuCool with multinational pharmaceutical partners.
Founded in 2016, RecensMedical is a medical device company that provides precision cooling therapy and transdermal drug delivery solutions based on its proprietary cryogenic-thermoelectric rapid precision cooling platform.
Its core products are TargetCool, a dermatology cooling device; OcuCool, an ophthalmic cooling anesthesia device; TargetCool+, a jet injector; and VetEase, a veterinary jet injector, all sharing a common cooling platform with modular functional extensions.
As of March 2026, TargetCool accounted for roughly 69% of revenue, with other products at about 14% and VetEase at about 6%.
TargetCool delivers real-time, non-contact cooling anesthesia during injection or laser procedures, offering shorter wait times than drug-based anesthesia and expanding its footprint in the U.S. and other global aesthetic markets.
OcuCool is used before intravitreal (IVT) injections that patients with conditions such as macular degeneration must undergo repeatedly, and the company emphasizes its ability to sharply cut procedure preparation time versus drug anesthesia.
VetEase has built distributor networks in the U.S., Japan, Thailand and China, extending the product line into veterinary applications.
Competitively, the company differentiates itself from heat-based devices such as lasers, RF and HIFU systems, and is sometimes compared on valuation grounds with domestic aesthetic device peers such as Wonteck and Classys.
RecensMedical listed on the KOSDAQ technology growth segment in March 2026, with KB Securities and Korea Investment & Securities serving as lead underwriters.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩1B | — | — |
| 2026Q2 | ₩1.7B | — | — |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩6.3B | -₩14.2B | -₩7.8B | −226.2% | — | −122.2% |
| 2025 | ₩8.8B | -₩10.6B | -₩19.1B | −120.5% | −274.0% | 72.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue in 2025 reached KRW 8.829 billion, up 41.0% from KRW 6.259 billion in 2024, while the operating loss narrowed to -KRW 10.640 billion from -KRW 14.161 billion in 2024. The operating margin improved to -120.5% from -226.2%, reflecting a relative easing of the fixed-cost burden as revenue grew.
However, net loss attributable to owners widened to -KRW 19.119 billion in 2025 from -KRW 7.844 billion in 2024, a divergence from the operating trend that points to non-operating factors.
Indeed, total equity stood at -KRW 90.563 billion at end-2024, a state of complete capital impairment, before redeemable convertible and convertible preferred shares were fully converted into common stock during 2025, reclassifying derivative-liability items into equity and turning total equity positive at KRW 6.977 billion by year-end 2025.
Non-operating losses tied to the fair-value remeasurement of those preferred shares are believed to be a key driver of the wider net loss. Total liabilities also fell sharply, from KRW 110.660 billion in 2024 to KRW 5.030 billion in 2025, normalizing the debt ratio from -122.2% to 72.1%.
Quarterly revenue reached KRW 1.021 billion in the first quarter of 2026 and KRW 1.687 billion in the second quarter, up 65.2% quarter over quarter, though a separate analysis (WiseReport, as of August 2026) noted that first-quarter 2026 revenue fell 54.7% year over year, underscoring notable quarter-to-quarter volatility.
Operating cash flow remained negative at -KRW 8.594 billion in 2025, similar to -KRW 9.733 billion in 2024, indicating that cash generation has not yet meaningfully improved despite revenue growth.
RecensMedical operates across two main markets: procedural aids for dermatology/aesthetic treatments and devices supporting ophthalmic IVT (intravitreal) injections.
The IVT market is expected to grow amid aging populations and rising diabetes prevalence; one estimate pegged the global market at roughly $13.7 billion in 2020, growing at about 7% annually to reach around $22 billion by 2027 (citing QY Research, per an October 2024 article).
In aesthetics, the company differentiates itself with non-contact cooling anesthesia as an alternative to drug-based anesthesia, competing in a technically distinct space from heat-based device makers focused on lasers, RF and HIFU.
Domestically, listed aesthetic device makers such as Wonteck and Classys are sometimes cited as comparables, though RecensMedical's revenue scale remains far smaller at this early stage.
OcuCool's status as the first Korean medtech product to win FDA De Novo clearance is cited as both an entry barrier and a competitive edge, but actual commercialization in the U.S. ophthalmic market remains at an early stage.
VetEase has established distributor networks in the U.S., Japan, Thailand and China, though the veterinary market itself is inherently smaller than the human-health segment.
Overall, the company is in an early phase of building out its revenue base, with the pace of achieving scale economies and converting overseas channels into real sales seen as key variables shaping its future positioning.
The company has stated plans to ramp up entry into the U.S. intravitreal (IVT) injection market from 2027 based on OcuCool (as disclosed at its March 2026 IPO briefing).
Separately, a Kiwoom Securities research note (dated April 24, 2026, rated Not Rated) reported that the company has established plans to pursue a licensing-out (L/O) deal for OcuCool with multinational pharmaceutical companies in 2027.
In June 2026, the company participated in CTS 2026, an international retinal disease conference held in the U.S., presenting OcuCool's clinical value and expanding its network with local retina specialists as part of ongoing global business development.
For TargetCool, expanding the share of consumable sales and broadening domestic and overseas distribution are seen as key marketing priorities, while for VetEase, growing overseas sales through its existing distributor network remains a task ahead.
That said, all of these are targets set out by the company or by research institutions, so their actual realization and timing will need to be confirmed through future disclosures and business progress.
The lock-up expirations (two-month and three-month tranches) outstanding at listing have already passed, but the possibility of further share sales or overhang issues warrants continued monitoring.
RecensMedical remains in a phase of ongoing operating and net losses, meaning that when gauging the relationship between share price and net assets, market expectations around growth carry more weight than conventional earnings-based metrics.
Having experienced valuation controversy and sharp price swings shortly after listing, its trading range has been unusually wide.
Because total equity swung from complete capital impairment in 2024 to a positive balance in 2025, any premium of share price over net assets needs to be read in light of that preferred-share conversion effect.
On the earnings side, revenue growth and a narrowing operating loss point in a positive direction, but the company has yet to escape a net loss, suggesting that market assessments of revenue growth rates and progress on new products and overseas expansion are likely to weigh more heavily on the stock than earnings-based valuation at this stage.
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 2026-09-05
2025 revenue grew 41.0% year over year, and the operating margin improved to -120.5% from -226.2%. As revenue scales up, an early operating leverage effect is emerging as the relative fixed-cost burden eases. Second-quarter 2026 revenue also rose 65.2% quarter over quarter, extending the recovery trend.
OcuCool won FDA De Novo clearance as the first such product from a Korean medtech company, creating an entry barrier.
The company has set targets of ramping up U.S. market entry and pursuing multinational licensing deals in 2027, aiming at the growing IVT market, while continuing to expand its clinical network through participation in international conferences.
Total equity, which was in complete capital impairment at end-2024, turned positive in 2025 after preferred shares converted, and the debt ratio normalized to 72.1% from -122.2%. IPO proceeds also added to financial capacity, supporting balance-sheet stability.
While the operating loss narrowed, net loss attributable to owners widened to -KRW 19.119 billion in 2025 from -KRW 7.844 billion in 2024. Even accounting for one-off, non-operating items related to preferred shares, a return to net profitability appears to require more time.
First-quarter 2026 revenue reportedly fell 54.7% year over year according to a separate analysis firm's data, before rebounding in the second quarter, reflecting significant quarter-to-quarter variance.
With a small revenue base at this early stage, results can swing considerably depending on specific customers or bulk orders.
Operating cash flow remained negative at -KRW 9.733 billion in 2024 and -KRW 8.594 billion in 2025, with cash outflows continuing in both years. Despite revenue growth, cash generation has not clearly improved, warranting attention to the potential need for further external financing.
Operating and net losses persist alongside negative operating cash flow. The possibility that non-operating factors, such as those related to preferred-share conversions, could again affect future results cannot be ruled out. Additional financing, if needed, could also lead to equity dilution.
The targeted 2027 timeline for ramping up U.S. market entry and pursuing licensing deals for OcuCool could be delayed or revised. As a recently listed early-stage company, concerns have been raised regarding its capacity to manage overseas markets.
As a recently listed company, the free float is limited and share-price volatility has been elevated. Future lock-up expirations or share sales by existing investors could affect supply-demand dynamics.
Third-quarter 2026 earnings disclosures should be checked to confirm whether the revenue recovery continues and to track trends in operating results and cash flow.
Progress on the company's stated targets of pursuing a licensing-out deal for OcuCool with multinational pharma companies and ramping up U.S. IVT market entry should be tracked via disclosures and IR materials.
Whether the share of TargetCool consumable sales and VetEase overseas sales contributions actually expand should be continuously monitored through changes in revenue mix.
Disclosures regarding share sales by existing investors or insiders, and any further lock-up expirations, should be monitored on an ongoing basis to assess supply-demand impact.
RecensMedical is showing a positive trajectory of revenue growth and a narrowing operating loss on the strength of its cooling anesthesia platform, but it remains in a net loss position, with the 2025 net loss actually widening from the prior year.
Its capital structure, which was in complete impairment at end-2024, normalized in 2025 following the conversion of preferred shares into common stock, though non-operating losses arising from that process appear to be a key driver of the wider net loss.
OcuCool's FDA clearance and the company's 2027 targets for U.S. market entry and licensing deals are central to its medium- to long-term growth story, but these remain at the planning stage and their actual realization needs to be confirmed.
Quarterly revenue has shown considerable volatility, making it premature to judge a stable earnings trajectory. Investors will want to watch three threads together: the durability of revenue growth, the pace of any improvement toward net profitability, and progress on overseas market expansion.
Report written 2026-09-05 · Data as of 2026-09-04
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