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
Plasmapp cut its operating loss by more than KRW 10 billion in 2025 and exited managed-issue status, but losses widened again in the first half of 2026, putting the sustainability of its turnaround to the test.
2025 annual operating loss narrowed sharply to KRW 7.6 billion from KRW 17.7 billion in 2024, and capital impairment was resolved by end-2025, clearing the managed-issue designation in March 2026.
However, operating losses widened again to KRW 2.15 billion in Q1 2026 and KRW 2.29 billion in Q2 2026, reversing the narrowing trend seen in the second half of 2025.
Core products are the STERLINK low-temperature plasma sterilizer, the ACTILINK implant surface reactivation device, and consumables such as sterilization pouches, with exports maintaining a roughly 40% share of sales.
Major shareholder Dreamtec (27.68% stake) has supported financial stability through participation in capital increases and joint guarantees on convertible bonds.
New products Plasma Steri 700 and Plasma Endo are slated for launch in the second half, though the gap between the sales targets presented at the 2022 IPO and actual results remains wide.
Plasmapp is a bio-plasma medical device company spun off from a KAIST physics laboratory in 2015 and listed on KOSDAQ in 2022 under the technology special listing track.
Its core business consists of three pillars: the STERLINK low-temperature plasma sterilization solution, the ACTILINK implant surface regeneration and activation solution, and a consumables business covering sterilization pouches and sterilants.
STERLINK differentiates itself as a small clinic-oriented device in a market otherwise dominated by large sterilizers, and it is known as one of the first non-US low-temperature plasma sterilizers to receive US FDA clearance.
As of the first quarter of 2026, sales were composed of 60.0% equipment and 37.5% consumables, with exports accounting for 41.5%, underscoring a global revenue base.
Its customer base spans dental, veterinary, and surgery-centered clinics, and the company has signed supply agreements with QMED in the United States, Yoshida in Japan, and Covetrus, a major US veterinary distribution network.
Domestically, it has partnered with implant and medical device makers including Osstem, Neobiotech, Corentec, and Megagen Implant. A defining feature of the business model is the lock-in structure, where equipment sales generate recurring consumables revenue.
On the competitive front, the large sterilizer segment is dominated by a handful of incumbents, leaving Plasmapp to pursue a niche position in the small-format, lower-cost segment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.1B | -₩2.8B | −254.8% |
| 2025Q3 | ₩2.2B | -₩1.6B | −75.9% |
| 2025Q4 | ₩4.2B | -₩1B | −24.1% |
| 2026Q1 | ₩2.8B | -₩2.2B | −76.2% |
| 2026Q2 | ₩2.8B | -₩2.3B | −80.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩13.3B | -₩17.4B | -₩17.7B | −130.4% | −188.7% | 286.9% |
| 2023 | ₩12.9B | -₩20.6B | -₩18.8B | −159.3% | −232.6% | 392.5% |
| 2024 | ₩10.1B | -₩17.7B | -₩20.8B | −174.2% | −459.1% | 463.6% |
| 2025 | ₩8.5B | -₩7.6B | -₩6.6B | −89.6% | −115.2% | 259.3% |
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 revenue in 2025 was KRW 8.48 billion, down 16.3% from KRW 10.14 billion in 2024, while the operating loss narrowed to KRW 7.60 billion from KRW 17.66 billion, and the net loss shrank to KRW 6.59 billion from KRW 20.78 billion the prior year.
The company attributed this to intensive cost restructuring including leaner fixed-cost structures, improved outsourcing and procurement practices, and workforce efficiency through organizational restructuring, and stated that operating profit and net income improved significantly through last year's management efficiency drive and structural overhaul, meeting the financial requirements to clear the managed-issue designation.
On a quarterly basis, revenue of KRW 1.09 billion and an operating loss of KRW 2.78 billion in Q2 2025 gave way to KRW 2.16 billion revenue and a KRW 1.64 billion operating loss in Q3, then KRW 4.19 billion revenue and a KRW 1.01 billion operating loss in Q4, a steadily narrowing loss trend, with Q4 marking the company's highest quarterly revenue and laying the groundwork for what was seen as a genuine earnings turnaround.
That trend, however, did not carry into 2026.
Q1 revenue rose sharply year-on-year to KRW 2.82 billion, yet the operating loss widened to KRW 2.15 billion and the net loss to KRW 2.32 billion; Q2 saw revenue of KRW 2.84 billion alongside an operating loss of KRW 2.29 billion and a net loss of KRW 2.32 billion, more than doubling the loss size seen in Q4 2025.
As a result, the combined net loss attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) reached roughly KRW 7.73 billion, indicating that the full-year loss-narrowing effect has not been replicated in the most recent quarters.
On the balance sheet, equity fell to KRW 4.53 billion at the end of 2024, reflecting a state of capital impairment, before recovering to KRW 5.72 billion at end-2025, while the debt ratio eased from 463.6% in 2024 to 259.3% in 2025.
Operating cash flow outflow narrowed from KRW 22.04 billion in 2023 to KRW 4.52 billion in 2025, though it remains negative.
The low-temperature plasma sterilizer market is reported to be expected to grow at an average annual rate of 10.8%, with sterilization demand for reusable medical devices increasingly concentrated in outpatient clinics such as dental, ophthalmology, and plastic surgery practices.
The large hospital-grade steam sterilizer market remains an oligopoly dominated by a handful of global players, while the small clinic-format, low-temperature plasma segment is still considered early-stage given high entry barriers such as FDA and other regulatory approvals.
Plasmapp has sought to differentiate itself in this segment through compact-format products and has expanded into developed markets including the United States and Japan.
The sterilization pouch market is known to be substantially larger than the sterilizer equipment market and has historically been dominated by a specific materials incumbent, meaning material and process differentiation is key for new entrants.
In implant surface treatment, the company has pursued a channel-expansion strategy through partnerships with major domestic implant makers. Relative to competitors, the company claims an edge in regulatory approvals and patent holdings, though its revenue scale still positions it as a small player within the industry.
The company plans to launch Plasma Steri 700, a low-temperature sterilizer capable of handling large medical devices, and Plasma Endo, a root-canal treatment device using plasma technology, in the second half of 2026.
Independent research firm ValueFinder stated in a July 22, 2026 report that Plasmapp is securing earnings momentum through the launch of two new products in the second half and expanded global partnerships with Megagen Implant and QMED, and projected that if annual sales of KRW 18 billion and breakeven materialize this year, the company could not only ease managed-issue concerns but also see a re-rating as a plasma medtech platform company.
The same report explained that because equipment sales lead to recurring consumables revenue, expanded equipment penetration through new product launches could structurally improve profitability over the long term.
However, this outlook has not yet been clearly confirmed in the first- and second-quarter 2026 results, and whether the gap with the recent trend of re-widening losses can be narrowed in the third-quarter results is a key point to watch.
The company is reported to have decided on a KRW 15.4 billion third-party allotment capital increase in July 2026, which could be used to fund new product mass production and marketing.
The continuity of support from major shareholder Dreamtec and the terms (pricing, allottees) of any further capital raises warrant continued monitoring for their impact on existing shareholder value.
With net losses persisting, Plasmapp sits in a range where conventional profit-based valuation metrics are difficult to apply meaningfully.
On a self-calculated basis, the share price relative to net assets appears to reflect a substantial premium, though this should be interpreted with caution given that figures can diverge significantly from exchange-reported figures depending on the calculation method, particularly around the timing of share count adjustments from the capital reduction.
There has been no recent dividend payment history, making dividend-based metrics unhelpful for assessing investment appeal.
Looking at the multi-year earnings trend, the scale of operating losses improved markedly from a peak in 2023-2024 to a much narrower loss in 2025, but the trend reversed toward widening again in the first half of 2026, leaving market assessments mixed.
The share price has historically reacted sensitively to events such as the exit from managed-issue status, new product launches, and additional capital-raising news, suggesting that the direction of upcoming quarterly results will likely remain a central variable in valuation discussions.
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
The company fully resolved capital impairment in 2025 and cleared the grounds for managed-issue designation in March 2026, easing some delisting concerns. Over the same period, the operating loss narrowed by more than KRW 10 billion year-on-year, reflecting real improvements in fixed-cost and outsourcing structures.
If these structural cost improvements hold, there is potential for greater earnings leverage if revenue recovers going forward.
Plasma Steri 700 and Plasma Endo, both slated for launch in the second half, extend the existing product line into large-equipment and root-canal treatment areas.
Channels have been diversified through partnerships with QMED in the US, Yoshida in Japan, veterinary distributor Covetrus, and domestic implant maker Megagen Implant.
The lock-in structure, where equipment sales generate recurring consumables revenue, could enhance revenue stability as new products gain wider adoption.
Major shareholder Dreamtec holds a 27.68% stake and has maintained its position through multiple rounds of capital increase participation. As a KOSPI-listed company with annual sales of roughly KRW 1.2 trillion, Dreamtec has relatively strong capacity for financial support.
Its provision of joint guarantees on convertible bond redemptions is cited as a factor underpinning funding stability.
The operating loss that had narrowed through the third and fourth quarters of 2025 widened again to KRW 2.15 billion in Q1 2026 and KRW 2.29 billion in Q2 2026, more than doubling from Q4.
Revenue rose, but losses grew alongside it, meaning the annual-level improvement has not yet been stably replicated on a quarterly basis. Further clarification is needed on the drivers behind the widening loss, including whether marketing and R&D costs were front-loaded ahead of new product launches.
Since its listing, the company has repeatedly adjusted its capital structure through multiple convertible bond issuances, capital increases, and a 10-to-1 reverse capital reduction.
It is reported to have decided on a KRW 15.4 billion third-party allotment capital increase again in July 2026, and further fundraising could result in renewed dilution for existing shareholders.
Some of the resolution of capital impairment came through capital transactions rather than profit improvement, a distinction that warrants separation from genuine underlying earnings improvement.
At its 2022 listing, the company had presented a 2024 sales target of roughly KRW 90 billion, but actual 2024 revenue reached only KRW 10.1 billion, and 2025 revenue of KRW 8.48 billion was actually lower than the prior year.
Revenue scale has been on a declining trend for three straight years relative to the 2022 level of KRW 13.3 billion, making the restoration of confidence in long-term growth a key issue. The gap between projected market growth rates and the company's actual pace of revenue realization warrants continued monitoring.
Operating cash flow has been negative for several consecutive years, leaving the company heavily dependent on external funding. If additional capital increases or convertible bond issuances follow, dilution of existing shareholder value could recur.
Although capital impairment has been resolved, the debt ratio remains above 200%, warranting continued monitoring of financial soundness.
If the second-half launches of Plasma Steri 700 and Plasma Endo are delayed or initial sales fall short of expectations, the timing of earnings recovery could be pushed back. Should later entrants enter the small-format low-temperature plasma sterilizer market, price and certification competition could intensify.
There is also risk that contracts with overseas partners such as QMED and Yoshida may not be renewed or their terms may change.
With the 2026 delisting reform measures, capital impairment requirements are being extended to a half-year basis, among other tightened rules around managed-issue designation and delisting.
This could increase the burden of meeting capital impairment or market capitalization requirements even on a half-year basis going forward. Even after exiting managed-issue status, the possibility of redesignation cannot be ruled out if earnings weakness persists.
Check whether the Q3 operating loss narrows again from the widening trend seen in Q1-Q2, which will help gauge whether the turnaround resumes.
Confirm the actual launch timing of Plasma Steri 700 and Plasma Endo and their initial order and sales performance.
Confirm whether payment for the capital increase is completed and check the actual use of proceeds (new product mass production, marketing, etc.) to assess the scale of dilution.
Verify whether the targeted annual revenue of KRW 18 billion and breakeven point (BEP) were actually achieved.
Continued monitoring is needed on whether tightened listing maintenance conditions, such as half-year capital impairment and market capitalization requirements, are met.
Plasmapp demonstrated financial restructuring progress in 2025, cutting its operating loss by more than KRW 10 billion and resolving capital impairment to exit managed-issue status.
However, in the first and second quarters of 2026, despite revenue growth, both the operating loss and net loss more than doubled from the Q4 2025 level, showing that the annual-level improvement has not yet been stably replicated on a quarterly basis.
The second-half launch of new products Plasma Steri 700 and Plasma Endo, along with expanded global partnerships with QMED, Yoshida, and Megagen Implant, are cited as grounds for earnings momentum, but these remain at the planning stage and have not yet been confirmed in actual results.
Continued financial support from major shareholder Dreamtec serves as a pillar of financial stability, but recurring capital increases and convertible bond issuances bring accompanying dilution concerns.
The persistent gap between the sales targets presented at the 2022 listing and actual results also remains a challenge for restoring confidence in the long-term growth story.
On balance, whether the loss-narrowing trend resumes in the third-quarter results and whether new products translate into actual sales will likely be the key variables shaping the earnings outlook going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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