KOSDAQElectrical Equipment458870

Seers

₩27,050▲ 3.84%2026-10-02 close

Market Cap

₩1T

Turnover

₩6.2B

Volume

230,000 shares

Shares out.

38.4M

PER

19.3×

PBR

11.9×

EPS

₩1,105

Dividend Yield

0.00%

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

Report overview

Domestic Profitability Secured, Global Push Now Tested

SEERS achieved its first full-year operating profit in 2025 through its thynC inpatient monitoring platform and is now pursuing US and Middle East expansion as its next growth phase.

1
In 2025, revenue reached KRW 48.17 billion with operating profit of KRW 16.33 billion, marking the company's first full-year profit.
2
In 2026, both Q1 and Q2 set new quarterly records for revenue and profit, maintaining an operating margin above 40% for four consecutive quarters.
3
mobiCARE obtained US FDA 510(k) clearance in late June 2026, securing the basis for US market entry.
4
The company remains heavily dependent on its exclusive distribution partnership with Daewoong Pharmaceutical, which is set to expire at the end of 2027.
5
Domestic bed penetration remains low, with Shinhan Investment estimating the addressable market at roughly KRW 1.58 trillion.

Business structure

SEERS (formerly Seers Technology), founded in 2009, is a wearable AI diagnostics and monitoring company that listed on KOSDAQ in June 2024.

Its core business rests on two products: the inpatient real-time monitoring platform thynC and the wearable ECG analysis solution mobiCARE. thynC pioneered a subscription-style business model tied to national health insurance reimbursement, and including major tertiary hospitals such as Seoul National University Hospital, Asan Medical Center, and Samsung Medical Center, the platform has been deployed across roughly 220 medical institutions nationwide with operating experience across about 20,000 beds. thynC is regarded as the first company in Korea to commercialize a fixed wireless gateway structure connected to existing hospital networks, making it the leading player in the segment. mobiCARE, a patch-based wearable ECG analysis service used for arrhythmia diagnosis and health-checkup screening, is used at about 1,000 domestic medical institutions, with cumulative arrhythmia diagnoses exceeding 700,000 cases.

Sales are channeled not through an in-house sales force but through an exclusive distribution agreement with Daewoong Pharmaceutical: Daewoong's nationwide sales network has been the driver of rapid expansion, and since signing an exclusive domestic distribution deal with Daewoong in 2020, sales concentration exceeded 99% as of 2025.

Overseas, the company signed a three-year mobiCARE supply agreement with One Health, a PureHealth affiliate in the UAE, and obtained US FDA 510(k) clearance for mobiCARE in late June 2026, securing a foothold for US market entry earlier than the originally expected third-quarter timeline.

On the competitive landscape, iRhythm Technologies of the US is the market share leader in wearable ECG analysis solutions and competes directly with SEERS in the Middle East and US markets it is preparing to enter.

The company recently renamed itself from Seers Technology to SEERS, expanding the lowercase 'seers' branding to uppercase to refresh its global brand image.

Earnings trend

Quarterly revenue · Operating profit

25Q2₩15.7B₩6.7B25Q3₩20.4B₩8.7B25Q4₩32.5B₩13.9B26Q1₩28.4B₩12.9B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩1.9B-₩9.8B2023₩8.1B-₩8.7B2024₩48.2B₩16.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	—	—	—
2025Q3	₩15.7B	₩6.7B	42.7%
2025Q4	₩20.4B	₩8.7B	42.6%
2026Q1	₩32.5B	₩13.9B	42.6%
2026Q2	₩28.4B	₩12.9B	45.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩1.9B	-₩9.8B	-₩9.9B	−520.1%	−122.3%	111.5%
2024	₩8.1B	-₩8.7B	-₩8.9B	−107.2%	−41.5%	31.2%
2025	₩48.2B	₩16.3B	₩16.1B	33.9%	40.7%	36.8%

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

Earnings analysis

SEERS was a loss-making company in 2023, posting revenue of KRW 1.89 billion and an operating loss of KRW 9.8 billion (operating margin of -520.1%), and continued to post an operating loss of KRW 8.68 billion (-107.2%) in 2024 even as revenue grew to KRW 8.1 billion.

In 2025, revenue surged to KRW 48.17 billion, delivering operating profit of KRW 16.33 billion (operating margin 33.9%) and owners' net income of KRW 16.09 billion, marking the company's first full-year turn to profitability.

On a quarterly basis, revenue of KRW 15.74 billion and operating profit of KRW 6.73 billion (margin about 42.7%) in Q3 2025 was followed by KRW 20.41 billion in revenue and KRW 8.70 billion in operating profit (42.6%) in Q4 2025, then KRW 32.53 billion in revenue and KRW 13.85 billion in operating profit (42.6%) in Q1 2026, and KRW 28.38 billion in revenue and KRW 12.95 billion in operating profit (45.6%) in Q2 2026, keeping the operating margin above 40% for four straight quarters.

At the time of the Q1 results announcement, it was explained that about 8,300 domestic thynC beds had been booked as revenue, but installation of 3,000 beds was delayed due to customer-side circumstances, creating a gap between recognized revenue and actual installed beds.

The fact that operating margins stayed above 40% each quarter even as revenue scaled up can be interpreted as an operating leverage effect stemming from thynC's in-house hardware and software development and production structure.

However, consolidated operating cash flow in 2025 was only KRW 2.09 billion, far below the KRW 16.33 billion operating profit for the same period, indicating that cash collection from items such as accounts receivable lagged behind the pace of profit growth during rapid expansion.

On the balance sheet, owners' equity stood at KRW 39.56 billion and liabilities at KRW 14.58 billion at the end of 2025, resulting in a debt ratio of 36.8%, a relatively stable financial structure despite the rapid top-line growth.

Industry analysis

Korea's inpatient monitoring (smart ward) market is still at an early stage of penetration. Korea has roughly 700,000 total hospital beds, and thynC's current penetration rate is only about 2%, implying an addressable market the company estimates at approximately KRW 1.58 trillion.

In arrhythmia diagnosis and health-checkup screening, mobiCARE's market share is likewise only about 2% relative to the domestic arrhythmia diagnosis market (about 10 million tests annually) and the screening market (about 14 million people annually).

Overseas, the US arrhythmia diagnosis market conducts more than 14 million tests annually and is regarded as the world's largest such market, with Medicare-based ECG test reimbursement running roughly five times higher than Korea's health insurance rate.

The Middle East, including the UAE, is viewed as a large-scale market with about 800,000 beds and diagnostic reimbursement rates up to four times higher than in Korea, making it a high-value-added region.

Competitively, iRhythm Technologies of the US holds a leading position in wearable ECG analysis, and new domestic entrants with alternative form factors have also been discussed as a potential competitive threat.

SEERS is credited with having secured a first-mover position in domestic bed monitoring through its insurance-reimbursement-based subscription model and network integration technology, but the industry overall remains in an early development phase relative to the absolute size of the addressable market.

Outlook

The company has set a target of installing 30,000 thynC beds during 2026, and SK Securities projected that 30,000 new beds could be added in 2026 and 40,000 in 2027.

Sangsangin Securities forecast in an April 2026 report that large hospital installations beginning in 2026 could enable about 30,000 annual bed additions, expanding domestic thynC revenue to roughly KRW 126.5 billion.

Overseas, following the early FDA clearance for mobiCARE, the company is pursuing outpatient proof-of-concept trials with local medical institutions ahead of entering the Medicare reimbursement market.

Company officials stated that overseas business revenue is expected to be recognized progressively from the second half, and the UAE project schedule, which had been adjusted in Q2 due to Middle East geopolitical uncertainty, is expected to move forward as that uncertainty eases.

Domestically, the company plans to expand sales into general hospitals and long-term care hospitals in the second half, with installations of Q2-delayed volume and newly contracted beds concentrated from Q3, driving parallel growth in installations and revenue.

Beyond hospitals, the company is pursuing post-discharge patient management and home-care platform commercialization through its partnership with Samsung Fire & Marine Insurance, which could open a new growth avenue centered on subscription models and non-hospital markets.

However, the exclusive distribution contract with Daewoong Pharmaceutical, which accounts for the bulk of sales, expires at the end of 2027, and whether it is renewed remains a key variable for the mid-term business structure.

Valuation

PER

19.3×

PBR

11.9×

ROE

92.0%

EPS

₩1,105

BPS

₩1,797

Dividend per share

₩0

SEERS turned profitable for the full year in 2025 and has continued to post record quarterly results through 2026, and the broad market view is that much of this pace of earnings improvement is already reflected in the stock's valuation.

One media outlet reported that as of February 2026 the stock traded at a price-to-earnings ratio of about 44 times that year's expected earnings, a level that places it in a valuation band difficult to compare directly with other listed domestic medical-AI names.

In a report dated June 24, 2026, Shinhan Investment Corp applied a 35 times price-to-earnings multiple to average projected 2026-2027 owners' net income to set a target price of KRW 55,000, arguing that although SEERS shows the highest growth and profitability among global medical device, digital health, and wearable peers, the multiple applied to it is actually on the lower end.

SEERS currently does not pay a dividend, which suggests it remains in a growth-investment phase, channeling resources into domestic installation expansion and overseas market entry rather than shareholder returns.

With high-growth expectations already substantially priced in, whether future results continue to meet the market's elevated expectations will remain a key point to monitor.

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

Bull factors

High-Margin Profitability Driven by Platform Leverage

Since achieving its first full-year operating profit in 2025, SEERS has maintained an operating margin above 40% for four consecutive quarters through Q1-Q2 2026.

Margins were not diluted even as quarterly revenue scaled up, and Q2 actually posted a record 45.6% margin, reflecting operating leverage from the company's in-house hardware and software development structure. thynC's subscription-based reimbursement model creates recurring revenue, supporting further profit expansion as bed counts increase.

Early Progress Visible in US and Middle East Expansion

mobiCARE obtained US FDA 510(k) clearance in late June 2026, earlier than originally expected, completing preparation for US market entry. A three-year supply agreement with One Health, a PureHealth affiliate in the UAE, has also served as an initial foothold in the Middle East.

Both the US and the Middle East offer diagnostic reimbursement rates several times higher than Korea's, leaving room for further profitability improvement once overseas revenue scales up.

Expansion Potential Against Low Domestic Penetration

With thynC penetration at only about 2% of Korea's roughly 700,000 total hospital beds, Shinhan Investment estimated the addressable market at approximately KRW 1.58 trillion. mobiCARE's share in the arrhythmia diagnosis and health-checkup screening markets is similarly low.

The high switching costs created by thynC's fixed in-ward gateway structure generate a natural lock-in effect, leaving room for further operating margin improvement as bed counts continue to expand.

Bear factors

Revenue Structure Risk Tied to Daewoong Dependency

SEERS generates more than 99% of revenue through an exclusive distribution deal with Daewoong Pharmaceutical, without an in-house sales network. While this arrangement has driven rapid market penetration, it also represents a structural vulnerability tied to a single partner.

The contract expires at the end of 2027, and the terms of any renewal could materially reshape future sales channels and profit structure.

Gap Between Accounting Profit and Cash Flow

Consolidated operating cash flow in 2025 was only KRW 2.09 billion, far below the KRW 16.33 billion operating profit for the same period. This implies a build-up of uncollected assets such as accounts receivable amid rapid top-line growth, making cash flow management an important variable during this expansion phase. If this gap persists, the need for additional external financing could increase.

Valuation Already Pricing in High-Growth Expectations

Multiple brokerages have applied price-to-earnings multiples ranging from the high-30s to mid-40s in setting target prices for SEERS. This implies that if future earnings fall short of expectations, the potential for valuation adjustment could be substantial.

Should the timing of revenue recognition from new domestic or overseas businesses be delayed relative to expectations, the gap between market growth expectations and actual results could become more pronounced.

Risk factors

Customer and Distribution Concentration Risk

With sales heavily concentrated through Daewoong's distribution network, any change in contract terms or a failure to renew could have a significant business impact. thynC also accounts for the vast majority of total revenue, reflecting a single-product structure with relatively slower progress on portfolio diversification.

Geopolitical and Regulatory Risk in Overseas Business

In Q2 2026, some overseas project schedules were adjusted due to geopolitical uncertainty in the Middle East.

In the US, even after obtaining FDA clearance, entry into the Medicare reimbursement market requires separate outpatient validation and review procedures, raising the possibility that full commercialization could be delayed.

Intensifying Competition Risk

In the global market, competition with established players such as iRhythm Technologies is unavoidable, and the possibility of new domestic entrants with alternative form factors has also been raised.

As the growth potential of the bed monitoring market becomes more visible, pricing and margin pressure from new entrants could intensify.

What to watch next

Around November 2026
The Q3 quarterly report filing will show the pace of thynC bed installation growth and whether overseas revenue has begun to be reflected.
Second half of 2026
This is the period to track progress on mobiCARE's US outpatient proof-of-concept trials and any concretization of the Medicare reimbursement entry roadmap.
Second half of 2026
The actual timing and scale of revenue recognition from the UAE One Health supply agreement should be confirmed.
End of 2027
This is when the renewal status of the exclusive Daewoong distribution contract, which accounts for the bulk of sales, will be determined, carrying significant implications for the mid-term revenue structure.

Overall view

SEERS has established a profitable subscription-based AI bed-monitoring business anchored in health insurance reimbursement, and following its first full-year profit in 2025, it has continued setting new quarterly revenue and profit records through 2026, translating high growth into demonstrated results.

Domestic thynC bed expansion, along with early overseas progress including mobiCARE's US FDA clearance and the UAE supply agreement, suggests the growth story is diversifying.

However, the vast majority of revenue still depends on Daewoong's distribution network, and with that exclusive contract set to expire at the end of 2027, whether it is renewed remains a key variable for the mid-term business structure.

The fact that operating cash flow has lagged operating profit during this period of rapid expansion is a point worth monitoring in terms of the pace of cash collection from items such as accounts receivable.

The market has applied notably high valuation multiples reflecting the company's growth trajectory, making continued fulfillment of elevated expectations a key point to watch going forward.

Investors should weigh the pace of domestic bed expansion, the actual timing of overseas revenue recognition, and the outcome of the Daewoong contract renewal in a balanced manner. This report is provided for informational purposes only and does not constitute a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.