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
SG Healthcare, the only Korean company with a full lineup of diagnostic imaging devices, returned to annual profit in 2025, but 2026 has seen a first-quarter profit followed by a second-quarter operating loss, underscoring continued quarter-to-quarter earnings volatility.
2025 consolidated revenue reached KRW 24.6bn with operating profit of KRW 1.47bn, turning around from a KRW 673mn operating loss in 2024.
Operating profit stayed positive at KRW 162mn in Q1 2026, but Q2 2026 swung back to a KRW 751mn operating loss on revenue of KRW 4.19bn.
The AI-based MRI image restoration solution (formerly 'IAI', now 'AriaMR') entered substantive FDA 510(k) review in late July 2026, with the final approval timeline still undetermined.
The company opened its first 'Seoul Medical Center' imaging clinic in Almaty, Kazakhstan, and is pursuing expansion of the diagnostic center business across the CIS region.
The company pays no dividend, and attributable net profit over the trailing four quarters remains modest in absolute size.
Founded in 2009, SG Healthcare is a diagnostic imaging device specialist described as the only Korean company with a full product lineup spanning X-ray, C-Arm, CT, MRI, and ultrasound. The company merged with Hana Financial 22 SPAC in April 2024 and listed on KOSDAQ on December 19 of that year.
Beyond hardware manufacturing, it operates an AI software subsidiary, Mint Labs, co-developed with KAIST, which produced an MRI acceleration and image-restoration solution originally marketed domestically and exported under the name 'IAI'.
Its distribution network spans 136 channels across 81 countries, and according to an analysis by Hana Securities, the CIS region accounted for the largest share of revenue at 60%, followed by the Middle East and Africa at 18% and Latin America/North America and Asia at 9% each.
More recently, the company opened its own diagnostic clinic, 'Seoul Medical Center,' in Almaty, Kazakhstan, attempting vertical integration from device manufacturing into screening services, and it signed a contract with Deepnoid in Uzbekistan to supply 68 X-ray units equipped with an AI lung-disease detection solution.
In the domestic ultrasound market, competitors include Samsung Medison, Alpinion Medical Systems, and Bionet, while globally the company competes against the so-called 'GPS' majors—GE HealthCare, Siemens Healthineers, and Philips.
Amid this competitive landscape, the company leverages its full-lineup strategy to approach hospitals and distributors in emerging markets that prefer single-vendor procurement. A dental diagnostic device lineup is also planned for launch in 2026, extending the product portfolio further.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.1B | -₩400M | −10.8% |
| 2025Q3 | ₩5.1B | ₩96,391,246 | 1.9% |
| 2025Q4 | ₩11.7B | ₩2.1B | 18.0% |
| 2026Q1 | ₩4.9B | ₩200M | 3.3% |
| 2026Q2 | ₩4.2B | -₩800M | −17.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩27.8B | ₩2.2B | ₩1.8B | 8.1% | 13.3% | 95.4% |
| 2024 | ₩16.1B | -₩700M | -₩3.5B | −4.2% | −15.7% | 44.2% |
| 2025 | ₩24.6B | ₩1.5B | ₩900M | 6.0% | 3.9% | 66.3% |
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 recovered to KRW 24.6bn in 2025 from KRW 16.1bn in 2024, with operating profit of KRW 1.47bn (operating margin of 6.0%), swinging from a KRW 673mn operating loss (-4.2% margin) in 2024. Attributable net profit also improved from a loss of KRW 3.55bn in 2024 to a profit of KRW 936mn in 2025.
However, operating cash flow in 2025 was negative at KRW -4.24bn despite the net profit, in contrast to 2024's positive operating cash flow of KRW 1.11bn even amid a net loss, pointing to a gap between revenue recognition and cash collection timing.
On a quarterly basis, after a KRW 4.16bn revenue and KRW 444mn operating loss in Q2 2025, the company turned profitable in Q3 with revenue of KRW 5.12bn and operating profit of KRW 96mn, then saw revenue surge to KRW 11.70bn in Q4 with operating profit of KRW 2.10bn and attributable net profit of KRW 1.67bn—illustrating a pronounced seasonal pattern where much of annual earnings concentrate in the fourth quarter.
In Q1 2026, revenue of KRW 4.94bn and operating profit of KRW 162mn were maintained despite the typically slow season, but Q2 2026 reverted to a loss, with revenue of KRW 4.19bn, an operating loss of KRW 751mn, and an attributable net loss of KRW 637mn—a wider loss than the year-earlier quarter's KRW 444mn operating loss.
As a result, cumulative attributable net profit over the trailing four quarters (Q3 2025 through Q2 2026) stood at roughly KRW 1.10bn, indicating the profit base remains relatively small on an annualized basis.
The debt ratio fell from 95.4% in 2023 to 44.2% in 2024 before rising again to 66.3% in 2025, suggesting the capital-boosting effect of the December 2024 listing has partly faded over time.
Korean ultrasound imaging device exports have continued to grow.
According to the Korea Health Industry Development Institute, total medical device exports in 2025 rose 3.9% year-on-year to $6.04bn, with ultrasound imaging device exports at $890mn ranking first among product categories, ahead of dental implants and radiography equipment.
The domestic ultrasound market historically saw foreign products hold over 60% share, but this share has reportedly been eroding as domestic firms' technology has improved.
Key domestic players in ultrasound diagnostics include Samsung Medison, Alpinion Medical Systems, Bionet, and SG Healthcare, while globally the so-called 'GPS' majors—GE HealthCare, Siemens Healthineers, and Philips—continue to hold the upper hand.
In the United States, growing demand for chronic disease diagnosis has driven higher ultrasound device exports, reflecting a broader structural tailwind from aging populations and rising chronic disease prevalence.
At the 2026 KIMES exhibition, Korea's largest medical device trade show, both Samsung Medison and GE HealthCare unveiled new ultrasound platforms and software, illustrating intensifying competition around AI-enabled features.
Within this competitive landscape, SG Healthcare remains comparatively small relative to the major players but leans on its full-lineup capability and emerging-market-focused distribution network as differentiators.
In its Q1 2026 earnings commentary, the company said it expected U.S.
FDA 510(k) approval for its AI-based MRI acceleration solution by the third quarter at the latest; in practice, after renaming the product to 'AriaMR' in July, it received notice from the FDA on July 29 that substantive review had begun, with final approval and its completion timeline still undetermined.
The company stated it has supplemented its filing to address additional requirements, including cybersecurity criteria, and expects eventual approval.
On the new-business front, building on the first 'Seoul Medical Center' clinic in Almaty, Kazakhstan, the company has outlined plans to open a total of 15 sites across Central Asia over the next five years, reach 25 CIS-region centers by 2030, and eventually expand to 100 centers globally including Latin America, Southeast Asia, and North Africa.
Hana Securities estimated that each center could generate roughly $0.8-1.2mn in captive equipment sales.
A dental diagnostic device lineup is slated for launch in 2026, while an ultra-low-field (0.064T) dental MRI is under development targeting commercialization in the first half of 2027, initially for exclusive dental supply before expanding into orthopedic clinics and veterinary use.
In Uzbekistan, the company signed a contract with Deepnoid to supply 68 X-ray units equipped with an AI lung-disease detection solution, and the two companies plan to expand joint development of integrated hardware-software packages and overseas market entry.
These new initiatives remain at an early stage, and their actual contribution to revenue and profit will need to be confirmed through upcoming quarterly disclosures.
SG Healthcare turned from an operating loss in 2024 to an operating profit in 2025, but 2026 has shown alternating quarterly profits and losses, making it premature to confirm a stable earnings trajectory.
The share price trades at a level that does not carry a large premium to net asset value, and in some respects sits at a discount to book value.
Relative to the still-modest scale of earnings, however, the multiple implied by the current share price is not necessarily low compared with periods when the company posted operating profit, meaning quarterly earnings volatility remains a factor that complicates valuation interpretation.
The company currently pays no dividend, so dividend-related metrics lag those of larger medical device and pharmaceutical peers that do distribute dividends.
How the market interprets valuation going forward may depend on whether the new growth initiatives—diagnostic centers and AI solution FDA approval—translate into visible results.
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
SG Healthcare is presented as the only Korean company with a full lineup covering X-ray, C-Arm, CT, MRI, and ultrasound, supplying hospitals and distributors in emerging markets through 136 channels across 81 countries. This one-stop supply strategy can serve as a differentiator against single-product competitors.
Whether this advantage translates into larger order volumes will need to be confirmed through future quarterly results.
The company has opened its first diagnostic imaging center in Almaty, Kazakhstan, with plans to expand across the CIS region, while its AI-based MRI solution 'AriaMR' undergoes FDA review in the United States.
Hana Securities noted that if approval is completed, a two-track structure could emerge—AI software for developed markets and diagnostic centers for emerging markets. Both businesses are still at an early stage, but successful execution could diversify revenue beyond equipment sales alone.
Consolidated operating profit turned positive at KRW 1.47bn in 2025 from an operating loss in 2024, and Q1 2026 maintained an operating profit of KRW 162mn despite being a typically slow season.
This is interpreted as partly reflecting a profitability-focused operating strategy including cost-of-goods management and a higher mix of value-added products. However, since Q2 reverted to a loss, whether this improvement continues consistently requires further confirmation.
The Q2 2026 operating loss of KRW 751mn was wider than the year-earlier quarter's KRW 444mn loss, reverting from a Q1 profit back into a loss. The recurring seasonal pattern of revenue concentration in the second half, particularly Q4, means quarterly results remain difficult to predict. This volatility could add to earnings pressure if it coincides with new-business investment burdens.
The company had earlier said it expected FDA approval by the third quarter, but after a product name change and cybersecurity remediation, substantive review only began in late July, with no final completion date set.
Since regulatory review timing is outside the company's control, delays beyond the targeted schedule cannot be ruled out. If approval is delayed, the revenue contribution from this North America-focused growth driver would likely be pushed back as well.
Despite posting a net profit in 2025, operating cash flow was negative at KRW -4.24bn, revealing a gap between reported profit and cash generation. The debt ratio also rose again to 66.3% in 2025 from 44.2% in 2024.
Since new businesses such as diagnostic centers and dental MRI require additional investment and working capital, insufficient cash generation could translate into a funding burden.
The diagnostic center business and the ultra-low-field dental MRI are still at an early stage, and it remains uncertain whether the planned number of sites and commercialization schedule will actually be achieved.
Unexpected costs or delays could arise during execution, including overseas operations, remote-reading infrastructure, and regulatory compliance.
Globally, major players such as GE HealthCare, Siemens Healthineers, and Philips continue to launch new products with enhanced AI features, while domestically Samsung Medison has introduced new platforms as well.
Whether the relatively smaller SG Healthcare can maintain price and technology competitiveness under this pressure remains a key question.
The FDA 510(k) review of the AI-based MRI solution remains ongoing, with final approval and timing not yet confirmed. Delays or changes in requirements for certifications in other jurisdictions, such as CE MDR, could disrupt plans to expand overseas revenue.
Check whether the Q3 2026 earnings release shows a recovery from the Q2 loss, and monitor trends ahead of the typically stronger Q4 season.
Track whether the FDA 510(k) review of the 'AriaMR' AI-based MRI solution reaches final approval and when, and if approved, watch for the plan to reflect North America revenue.
As the targeted commercialization date for the ultra-low-field dental MRI, check for related certification approvals and any supply contracts signed.
Confirm the contribution of new businesses (diagnostic centers, AI solutions) to revenue and the sustainability of annual profit through the 2026 full-year confirmed earnings disclosure.
Watch for disclosures or news on additional Seoul Medical Center openings beyond Kazakhstan or further CIS-region expansion.
SG Healthcare, leveraging its status as the only Korean company with a full lineup of diagnostic imaging devices and a distribution network spanning 81 countries, demonstrated a recovery in performance by returning to annual profit in 2025.
However, following a profitable Q1 2026, the company posted an operating loss again in Q2, highlighting persistent quarter-to-quarter earnings volatility tied to its seasonal, second-half-weighted revenue structure.
The new growth drivers presented—FDA approval for the AI-based MRI solution 'AriaMR' and the Kazakhstan-centered diagnostic center expansion—both remain at an early stage, with their actual contribution to revenue and profit yet to be confirmed.
The fact that operating cash flow was negative in 2025 despite a net profit, and that the debt ratio rose again, are aspects worth examining regarding the quality of earnings.
Competitively, the company occupies a relatively small position between domestic rivals such as Samsung Medison, Alpinion, and Bionet, and global majors such as GE HealthCare, Siemens Healthineers, and Philips.
Sequentially tracking upcoming quarterly results, the FDA review outcome, and progress on new business initiatives will likely be central to understanding this company going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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