KOSDAQElectrical Equipment460470

IVIM Technology

₩3,040▲ 5.74%2026-10-02 close

Market Cap

₩44.9B

Turnover

₩89,172,669

Volume

30,000 shares

Shares out.

15.1M

PER

—

PBR

1.6×

EPS

-₩178

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

Narrowing Losses Amid New Business Expansion

IVIM Technology continues to post operating losses, but the scale of losses has gradually narrowed while the company expands its portfolio into new areas such as a robotic-arm two-photon microscope and AI-based tissue diagnostics.

1
2025 revenue was KRW 4.38bn with an operating loss of KRW 4.15bn, revenue up and the operating loss slightly narrower than 2024.
2
Over the trailing four quarters (Q3 2025-Q2 2026), the cumulative net loss attributable to owners was about KRW 2.68bn, an improved trajectory versus the full-year 2025 net loss of KRW 3.80bn.
3
Revenue plunged to KRW 76.8mn in Q1 2026 before rebounding sharply to KRW 2.98bn in Q2 2026, reflecting large quarter-to-quarter swings tied to equipment delivery timing.
4
The robotic-arm two-photon microscope (IVM-RMS) obtained GMP compliance certification and Class 2 medical device manufacturing approval, meeting the regulatory requirements for operating-room use.
5
The AI tissue-analysis device (IVM-MS-C) has filed for clinical trials, with a Q4 2026 launch targeted as of a January 2026 report (provisional).

Business structure

IVIM Technology is a biotechnology company founded in 2017 based on intravital microscopy source technology developed at KAIST, and it succeeded in commercializing Korea's first all-in-one intravital microscopy system.

The business is organized around three pillars: intravital microscope equipment sales, CRO (contract research organization) services, and AI-based medical device development.

On a cumulative basis through Q3 2025, revenue mix was led by microscope equipment sales at 68.5%, followed by CRO services at 9.5%, imaging and accessories at 2.0%, and other revenue at roughly 20%.

Key customers are top-tier domestic and overseas universities and research institutes, and the company has been broadening its overseas references, including supply to the China subsidiary of global life-science equipment maker Revvity.

More recently, its mobile robotic-arm two-photon microscope (IVM-RMS) obtained GMP compliance certification and Class 2 medical device manufacturing approval, marking a step from research-use analytical equipment toward operating-room medical devices.

This device can observe lesion tissue in real time at the cellular level without excision, and is positioned as a versatile platform not limited to a specific cancer type.

Separately, the company has developed an AI tissue-analysis device (IVM-MS-C) aimed at overcoming the limitations of conventional frozen-section biopsy and has filed for clinical trials.

The company is expanding its customer base among top domestic and overseas research institutions on the strength of its all-in-one microscope's technological edge, broadening its position in the global preclinical imaging market.

Earnings trend

Quarterly revenue · Operating profit

₩700M-₩1.2B25Q2₩1.7B-₩700M25Q3₩1.8B-₩700M25Q4₩76,802,009-₩1.5B26Q1₩3B-₩200M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩4.5B-₩2.9B2023₩3.6B-₩4.3B2024₩4.4B-₩4.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩700M	-₩1.2B	−164.1%
2025Q3	₩1.7B	-₩700M	−42.5%
2025Q4	₩1.8B	-₩700M	−40.3%
2026Q1	₩76,802,009	-₩1.5B	−1896.8%
2026Q2	₩3B	-₩200M	−6.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩4.5B	-₩2.9B	-₩5B	−64.6%	−39.3%	29.0%
2024	₩3.6B	-₩4.3B	-₩4B	−120.9%	−12.8%	11.6%
2025	₩4.4B	-₩4.2B	-₩3.8B	−94.9%	−13.8%	9.4%

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

Earnings analysis

Annual revenue fell from KRW 4.495bn in 2023 to KRW 3.564bn in 2024 before recovering to KRW 4.376bn in 2025. The operating loss widened from KRW 2.905bn (operating margin of -64.6%) in 2023 to KRW 4.309bn (-120.9%) in 2024, then narrowed slightly to KRW 4.153bn (-94.9%) in 2025.

Net loss attributable to owners declined for three straight years, from KRW 5.044bn in 2023 to KRW 4.003bn in 2024 and KRW 3.803bn in 2025. Equity rose from KRW 12.82bn in 2023 to KRW 31.27bn in 2024 on IPO proceeds, then fell back to KRW 27.64bn in 2025 as losses continued to accumulate.

The debt ratio stayed very low, moving from 29.0% in 2023 to 11.6% in 2024 and 9.4% in 2025, indicating solid balance-sheet stability. Operating cash flow was negative every year — KRW -3.45bn in 2023, KRW -6.93bn in 2024 and KRW -4.25bn in 2025 — though the cash outflow narrowed from the 2024 peak.

On a quarterly basis, losses eased notably in Q3 2025 (revenue KRW 1.65bn, operating loss KRW 0.70bn) and Q4 2025 (revenue KRW 1.85bn, operating loss KRW 0.74bn), but Q1 2026 revenue plunged to KRW 76.8mn and the operating loss widened again to KRW 1.46bn.

Revenue then surged to KRW 2.98bn in Q2 2026 while the operating loss shrank to KRW 0.20bn, and the trailing four-quarter (Q3 2025-Q2 2026) net loss attributable to owners of KRW 2.68bn came in better than the full-year 2025 net loss.

Industry analysis

The preclinical bioimaging and CRO market the company operates in is growing gradually alongside the expansion of global drug-development pipelines, and the company is pursuing equipment sales in major markets on the strength of its all-in-one intravital microscope.

A global policy trend toward reducing or replacing animal testing is underway, but constraints such as unstandardized clinical protocols and equipment cost mean not all research facilities can immediately adopt replacement equipment, and this transition period is cited as an opportunity for CRO business growth.

On the competitive front, the company is attempting revenue diversification by moving from academia-centered clients toward direct engagement with biotech and pharmaceutical companies and expanding global OEM supply.

Within the broader sector, concerns about slowing growth at liquid-biopsy and preclinical CRO peers have also been raised, suggesting the demand cycle for preclinical services overall warrants continued monitoring.

The company holds a technological differentiator as the world's first all-in-one (confocal plus two-photon) intravital microscope, with essentially no direct competitor having commercialized a similarly integrated system.

That said, the addressable market remains a relatively small niche, and the success of new products such as the robotic-arm microscope and AI diagnostic device will likely shape the company's future market standing.

Outlook

The company stated that in H1 2026 its revenue-diversification strategy — moving from academia-centered clients toward direct engagement with the biotech and pharmaceutical industry alongside expanded global OEM supply — began translating into results, and it laid out plans to sustain that growth momentum in H2.

Overseas reference expansion has continued, including additional supply of the 'IVM-CMS3' intravital microscope to Revvity's China subsidiary.

The AI tissue-analysis device (IVM-MS-C) has filed for clinical trials, and as of a January 2026 report the company targeted completing trials as early as mid-2026 with a Q4 2026 launch (a provisional plan whose progress needs to be verified going forward).

In a May 2026 interview, management said the approval-track clinical trial for the AI-based tissue-analysis device would conclude in H2 of that year.

Around the same time, the company signed a KRW 440 million contract to supply its fourth intravital microscope to the Institute for Basic Science (IBS), adding another top-tier domestic research reference.

Building on GMP compliance certification and Class 2 medical device manufacturing approval for the robotic-arm two-photon microscope (IVM-RMS), the company plans to sequentially pursue integration with AI deep-learning cancer-diagnosis assistance software and validation clinical studies optimized for in-vivo conditions.

If this new-product pipeline proceeds as planned, the medical device segment could become a third revenue pillar alongside equipment sales and CRO, though clinical and regulatory timelines typically carry the risk of delay.

Valuation

PER

—

PBR

1.6×

ROE

-9.8%

EPS

-₩178

BPS

₩1,734

Dividend per share

₩0

IVIM Technology has posted net losses for four consecutive quarters, putting it in a range where a price-earnings ratio cannot be calculated.

Its price-to-book ratio sits at a level carrying a certain premium over net asset value, with the company's own calculation and the exchange-reported figure falling within a similar range. No dividend is paid, so dividend-yield comparisons are not meaningful either.

Annual net losses have narrowed each year from 2023 through 2025, indicating a trend of easing losses, but equity is still being eroded by continued losses.

It is also worth noting that the market capitalization itself places the stock among smaller names even within KOSDAQ, a segment where trading liquidity and price volatility can be relatively pronounced.

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

Bull factors

Expanding Overseas References and H1 2026 Revenue Recovery

The company said its revenue-diversification strategy — moving from academia-centered clients toward direct engagement with biotech and pharma while expanding global OEM supply — is beginning to bear fruit.

Overseas reference expansion has continued, including additional intravital microscope supply to Revvity's China subsidiary. Q2 2026 revenue jumped to KRW 2.98bn from KRW 76.8mn in the prior quarter, and the operating loss narrowed to KRW 0.20bn, the best quarterly result recently. Whether this momentum carries through H2 is a key point to watch.

Business Diversification via Robotic Two-Photon Microscope and AI Diagnostics

The robotic-arm two-photon microscope (IVM-RMS) obtained GMP compliance certification and Class 2 medical device manufacturing approval, providing a foothold to expand from research-use analytical equipment into operating-room medical devices.

The device is designed as a versatile platform not limited to a specific cancer type, which is seen as supporting scalability. Building on this, the company plans to sequentially pursue integration with AI deep-learning cancer-diagnosis assistance software and validation clinical studies.

The AI tissue-analysis device (IVM-MS-C) has also filed for clinical trials, keeping open the possibility of a new revenue stream.

Low Leverage and a Solid Capital Structure

The debt ratio fell sharply from 29.0% in 2023 to 9.4% in 2025, indicating limited financial leverage burden. Equity was substantially bolstered by proceeds from the 2024 listing, and even after being partly eroded by subsequent losses, the company remains far from capital impairment. This capital buffer provides a foundation to continue funding new-product development and clinical trials.

Bear factors

Persistent Operating Losses and Negative Cash Flow

The operating loss stayed in the KRW 2.9-4.3bn range every year from 2023 through 2025, and operating cash flow was negative for three consecutive years as well. As a result, equity fell from KRW 31.27bn in 2024 to KRW 27.64bn in 2025, reflecting a structure in which ongoing losses continue to erode capital. This cash-burn pattern could persist until new-product revenue materializes at scale.

High Quarter-to-Quarter Revenue Volatility

Revenue swung sharply, plunging to KRW 76.8mn in Q1 2026 from KRW 1.85bn in the prior quarter before surging back to KRW 2.98bn in Q2 2026.

This reflects a business structure where revenue depends heavily on the delivery and recognition timing of high-value equipment sales, making it difficult to draw firm trend conclusions from any single quarter. Such volatility can reduce the reliability of forward earnings estimates.

Uncertain Timing of New Product Commercialization

As of a January 2026 report, the AI tissue-analysis device (IVM-MS-C) targeted a Q4 2026 launch, but given the nature of clinical and regulatory approval processes, the timeline could shift.

Management likewise said in a May interview that the approval-track clinical trial would conclude in H2, but the actual launch timing may vary depending on trial results and regulatory review outcomes.

Integration of AI software with the robotic-arm microscope and its validation clinical studies also remain at an early stage, suggesting additional time is likely needed before commercialization.

Risk factors

Earnings and Cash Flow Risk

The company has posted net losses and negative operating cash flow every year from 2023 through 2025. Equity declined from KRW 31.27bn in 2024 to KRW 27.64bn in 2025 over this period. If new-product revenue fails to scale as planned, concerns about further capital raising or capital erosion could arise.

Revenue Volatility and Order Recognition Risk

Given the equipment-sales-centric business model, delivery and revenue recognition tend to be concentrated or delayed in particular quarters. As seen when Q1 2026 revenue plunged to KRW 76.8mn, shifts in the delivery timing of individual orders can significantly affect quarterly results. This is a point investors should keep in mind when interpreting any single quarter's performance.

Regulatory and Clinical Trial Risk

Commercialization of the AI tissue-analysis device and the AI-software integration for the robotic-arm microscope requires clinical trials and regulatory approval. If clinical results fall short of expectations or approval is delayed, the targeted launch schedule could slip.

Unlike the company's established equipment-sales and CRO businesses, the medical device field carries higher regulatory intensity, which serves as both an entry barrier and a source of delay risk.

What to watch next

Around November 2026
The Q3 2026 earnings disclosure should be checked to see whether the Q2 revenue recovery and loss-narrowing trend continues.
During H2 2026
Investors should check whether the approval-track clinical trial for the AI tissue-analysis device concludes as management indicated, and review the actual results.
Q4 2026
This is the point to check whether the AI tissue-analysis device (IVM-MS-C) reaches its targeted launch and to assess early sales traction.
From Q4 2026 onward
The progress of AI diagnostic software integration and validation clinical studies for the robotic-arm two-photon microscope (IVM-RMS) should be tracked sequentially.
Around August 2027
This marks the expiration of the three-year post-listing lock-up on roughly 4.25 million shares (about 28% of shares outstanding), worth monitoring in advance for potential supply-demand impact.

Overall view

IVIM Technology continues its equipment-sales and CRO businesses on the strength of its world-first all-in-one intravital microscope, and it is now looking to broaden its growth axis with new businesses such as the robotic-arm two-photon microscope and the AI tissue-analysis device.

The fact that annual net losses narrowed every year from 2023 through 2025, and that the trailing four-quarter net loss improved versus the full-year 2025 figure, reads as a positive signal.

However, operating cash flow remains negative and equity is still being eroded by losses, so the pace and durability of any earnings improvement are not yet a settled picture.

Because quarterly revenue swings heavily depending on equipment delivery timing, it is difficult to judge a trend from any single quarter's results.

The new AI diagnostic device and robotic-arm microscope must go through clinical and regulatory approval processes, so the possibility of schedule delays should always be kept in view.

On balance, the company sits in a zone where bullish factors — narrowing losses and a new-product pipeline — coexist with bearish factors of ongoing cash burn and revenue volatility.

Sources

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

Show 18 more articles and sources

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.