PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩105 per share · Prices as of the 2026-10-02 close
Asterasys has lifted its margins through a product-mix shift toward CoolSoniq and Coolfase, but as the operating loss in the first quarter of 2026 shows, quarterly earnings volatility persists until US market entry results are confirmed.
Revenue reached KRW 37.9 billion in 2025 (+31.6% YoY) and operating profit KRW 10.4 billion (+56.0% YoY), extending three straight years of margin improvement.
After an operating loss of KRW 1.78 billion in Q1 2026, the company returned to an operating profit in Q2, though the margin remains below the full-year level.
Coolfase secured US FDA approval in October 2025, and CoolSoniq's US approval process is ongoing, making visibility on US sales a key variable.
A high share of exports to Latin America, especially Brazil, means seasonal low seasons in Q1 and Q3 repeatedly affect quarterly results.
Brokerage price targets have diverged recently, with Korea Investment & Securities raising its target while Sangsangin Investment & Securities lowered its own.
Asterasys was founded in 2015 as Daehan Biomedical and renamed to its current name in 2018, listing on KOSDAQ in January 2025.
Its core products are the high-intensity focused ultrasound (HIFU) device Liftera, which concentrates energy on the SMAS layer for a lifting effect; the next-generation HIFU device CoolSoniq, launched domestically in Q2 2025; and the radio-frequency (RF) device Coolfase, which raises subcutaneous tissue temperature to stimulate collagen contraction and regeneration.
Revenue follows a model where devices are sold first, followed by recurring sales of consumables such as cartridges and tips, and cumulative product-mix revenue through Q3 2025 was 26.6% HIFU devices, 66.3% HIFU consumables (cartridges), 1.7% RF devices, 0.9% RF consumables, and 4.5% cosmetics.
In the first half of 2025, HIFU and RF devices accounted for 15.2% and 20.1% of revenue respectively, with consumables at 60.2%, showing that the device-to-consumables mix has shifted over time.
CoolSoniq is a model with an average selling price about twice that of prior products and a cost ratio improved to around 20%, expanding its presence in the domestic premium HIFU market since launch.
Coolfase sequentially obtained approvals in Brazil (2024), then Taiwan, Indonesia and Thailand, expanding its overseas revenue share, and in October 2025 it obtained FDA 510(k) clearance, laying the groundwork for entry into the world's largest market, the United States.
Domestically the company serves hospitals, clinics and aesthetic shops, while overseas it operates distribution networks centered on Latin America and Southeast Asia including Brazil, Taiwan, Indonesia and Thailand.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.3B | ₩3.8B | 37.1% |
| 2025Q3 | ₩8.8B | ₩2.3B | 26.3% |
| 2025Q4 | ₩12.2B | ₩3.7B | 30.1% |
| 2026Q1 | ₩7.5B | -₩1.8B | −23.9% |
| 2026Q2 | ₩11.2B | ₩79,277,637 | 0.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩17.5B | ₩1.6B | ₩900M | 8.9% | 13.0% | 147.1% |
| 2024 | ₩28.8B | ₩6.7B | ₩5.4B | 23.1% | 27.3% | 25.9% |
| 2025 | ₩37.9B | ₩10.4B | ₩9.2B | 27.4% | 19.7% | 11.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Asterasys's consolidated revenue rose for three straight years, from KRW 17.5 billion in 2023 to KRW 28.8 billion in 2024 and KRW 37.9 billion in 2025, while operating profit grew from KRW 1.56 billion to KRW 6.66 billion to KRW 10.4 billion, lifting the operating margin from 8.9% to 23.1% to 27.4%.
Net profit attributable to owners also expanded from KRW 0.87 billion to KRW 5.35 billion to KRW 9.21 billion, and capital raised through the January 2025 KOSDAQ listing pushed shareholders' equity from KRW 19.6 billion in 2024 to KRW 46.8 billion in 2025, lowering the debt ratio from 25.9% to 11.7%.
Quarterly results, however, show considerable volatility. After peaking in Q2 2025 with revenue of KRW 10.3 billion and operating profit of KRW 3.84 billion (37.1% margin), revenue fell to KRW 8.75 billion and operating profit to KRW 2.30 billion in the seasonally weak Q3.
Revenue recovered to KRW 12.2 billion and operating profit to KRW 3.66 billion in the peak Q4, but net profit of KRW 3.84 billion exceeded operating profit, suggesting non-operating factors contributed.
In Q1 2026, revenue fell to KRW 7.47 billion and operating profit swung to a loss of KRW 1.78 billion, with commentary noting revenue was weaker than expected due to a sharp drop in Coolfase exports to Brazil, while a sharp increase in selling and administrative expenses, including domestic TV advertising, also drove the operating loss.
Revenue then rebounded to KRW 11.2 billion in Q2 2026, but operating profit remained near breakeven at KRW 0.08 billion (0.7% margin), while net profit of KRW 1.3 billion was well above operating profit, indicating non-operating items drove the net profit improvement.
Summing the trailing four quarters (Q3 2025 through Q2 2026) shows an operating margin below the full-year 2025 level.
Korea's aesthetic medical device market has grown around demand for non-invasive lifting based on HIFU and RF technology, with leaders such as Classys and Wonteck competing alongside smaller players like Asterasys.
Samsung Securities noted in a December 2025 report that the absolute revenue base is small, causing large quarterly earnings swings, and that the timing of Coolfase and CoolSoniq approval events and US commercialization is the key variable for the stock going forward.
The same report pointed out that the consensus-based 2026E PER of 27.4x was more than 30% above peers such as Classys (low-20s) and Wonteck (around 13x).
Because Latin America, particularly Brazil, accounts for a large share of revenue, seasonal low periods occur in Q1 and Q3, and indeed in Q3 2025 Latin American revenue fell 27% quarter-on-quarter because Brazil's peak treatment season falls in Q4, missing consensus.
The company has responded to this seasonality with a strategy of expanding sales scale and diversifying sales regions.
The United States, the world's largest aesthetic device market, is a key focus, with Coolfase targeting US sales after distributor agreements and CoolSoniq targeting a second-half sales launch after obtaining FDA approval, making execution there a variable that could shape the company's industry standing.
The company has stated plans to expand both domestic and export sales in 2026 by pushing new devices. Coolfase, having obtained FDA approval, is pursuing distributor partnerships and a US sales launch, while CoolSoniq's US approval process is ongoing.
A company representative said the firm is currently expanding in Latin America and Southeast Asia, targeting US market entry in 2026 followed by Europe and China in 2027.
In more detail, Coolfase and CoolSoniq plan to enter Europe via CE MDR approval in 2027, with China entry targeted by 2027 through clinical trials, and the company also plans entry into Vietnam and some Latin American countries in 2026.
That said, industry observers note that medical devices require regulatory approval first, after which it takes time to build market trust before sales increase.
Meanwhile, as company resources concentrated on CoolSoniq and Coolfase amid surging demand, the domestic launch of the body-focused 'CoolSoniq Max' was pushed back from December 2025 to the end of 2026, and the launch timing of the home-care device 'LumiQ' was also delayed.
These milestones will be confirmed sequentially from the second half of 2026 and can serve as reference points for gauging the timing of earnings contribution.
Brokerage reports have repeatedly noted that Asterasys's price-to-earnings ratio, based on forward estimates, has traded at a level above peers such as Classys and Wonteck.
Looking at the trailing four quarters (Q3 2025 through Q2 2026), the company returned to an operating profit in Q2 2026 after a Q1 loss, but the quarterly operating margin has fallen short of the full-year 2025 level, suggesting the margin-improvement trend has cooled somewhat.
This reflects a mix of views: some see a growth story tied to US market entry that has yet to materialize but is already largely priced in, while others urge caution until results are proven.
When considering the price relative to net assets, it is worth factoring in the sharp increase in shareholders' equity following the early-2025 listing and associated capital raise. Dividends appear to take a back seat to growth investment, with the dividend yield not standing out relative to the sector.
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 2026-09-04
CoolSoniq carries a higher selling price than prior products with a lower cost ratio, contributing to gross margin improvement as volumes grow. An iM Securities analyst assessed that it drove profitability by posting a record-high 80% gross profit margin even during the seasonally weak third quarter.
As device installations expand alongside the consumables-driven revenue model, the base for recurring revenue could broaden.
Coolfase secured US FDA approval in October 2025, and CoolSoniq's US approval process is underway.
Korea Investment & Securities said in an April 10, 2026 report that there are many domestic and overseas catalysts, raising its target price from KRW 12,500 to KRW 14,000 and forecasting 2026 revenue of KRW 59.4 billion (+56.5% YoY) and operating profit of KRW 18.6 billion (+78.6% YoY, 31.3% margin).
As the world's largest aesthetic device market, a full-fledged US entry could broaden the company's revenue base.
The company sells devices first, then generates recurring revenue through high-margin consumables. Kiwoom Securities assessed that this model is helping improve the revenue mix and margins. As the installed device base grows, the stability of consumables revenue could increase accordingly.
Multiple brokerage reports have pointed out that Asterasys's forward PER is higher than competitors such as Classys and Wonteck. Samsung Securities noted in a December 2025 report that the consensus 2026E PER of 27.4x was more than 30% above the industry average. Some view this as evidence that future growth is already substantially priced in.
Sangsangin Investment & Securities said in a June 5, 2026 report that revenue growth had stalled and SG&A expenses had risen, lowering its target price from KRW 16,000 to KRW 13,000.
In Q1 2026, an operating loss occurred as a sharp drop in Coolfase exports to Brazil coincided with higher SG&A expenses from increased domestic marketing including TV advertising. The small absolute revenue base is also cited as a burden given the resulting large quarterly swings.
Details of distributor agreements and initial sales results for the US launches of Coolfase and CoolSoniq have not yet been disclosed.
A company representative took a cautious stance, saying specific details such as distributor contracts are difficult to disclose because exposure could disadvantage the company in negotiations.
It has also been noted that even after regulatory approval, it takes time for trust to build in the field before sales increase.
With Latin America, particularly Brazil, accounting for a significant share of revenue, seasonal low periods in Q1 and Q3 repeatedly affect quarterly results. In Q3 2025, Latin American revenue fell 27% quarter-on-quarter because Brazil's peak treatment season falls in Q4, missing consensus. Sales region diversification is underway, but dependence on specific regions has not fully declined yet.
CoolSoniq's US FDA approval and Coolfase's distributor agreements remain unfinished processes that could face delays.
Entry into other countries also follows a pattern in which medical devices must first receive regulatory approval, after which sales increase as trust builds in the field, creating a lag before revenue is reflected. Europe and China entry are planned for 2027 or later, leaving additional approval risk on the table.
A valuation premium relative to industry peers has been repeatedly flagged, raising concerns that a bigger price adjustment could occur if results fall short of expectations. According to Valueline data, there was a period when supply-demand signals weakened amid 10 consecutive days of institutional selling.
Given the characteristics of a small-cap stock, liquidity can be limited, potentially making price volatility relatively larger in response to shifts in trading flow.
Q3 2026 earnings are expected to be disclosed — a point to check whether revenue recovers with Brazil's peak season and whether US-related sales begin to show up.
Confirmation of CoolSoniq's US FDA approval status — if approved, it would satisfy a precondition for a second-half US sales launch.
Whether Coolfase's US distributor agreements are finalized and initial sales results are disclosed should be monitored.
Whether the domestic launch schedule for the body-focused 'CoolSoniq Max' is kept — it has already been delayed by about a year from the original plan.
Progress on additional approvals in emerging markets such as Vietnam and the actual effect of sales region diversification should be checked.
From 2023 to 2025, Asterasys showed clear growth in revenue, operating profit and net profit, demonstrating profitability-focused expansion. Yet, as seen in the Q1 2026 operating loss, quarterly results remain susceptible to swings driven by Brazil export seasonality and the timing of SG&A investment.
The company's medium-to-long-term growth story hinges on the domestic rollout of new products such as CoolSoniq and Coolfase, and on the results of US market entry beyond existing markets in Brazil, Taiwan, Indonesia and Thailand.
Coolfase has already secured US FDA approval and CoolSoniq's approval process is underway, but details of distributor agreements and actual sales results have not yet been disclosed.
Views within the brokerage community combine positive assessments of growth potential with cautious perspectives on the valuation premium relative to industry peers.
The direction of future earnings is likely to depend on the timing and early results of the US sales launch, as well as the company's ability to manage seasonal low periods.
Report written 2026-09-05 · Data as of 2026-09-04
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