KOSDAQElectrical Equipment462510

Lameditech

₩3,515▼ 4.48%2026-10-02 close

Market Cap

₩31.2B

Turnover

₩300M

Volume

80,000 shares

Shares out.

8.8M

PER

—

PBR

4.8×

EPS

-₩1,110

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

LaMediTech: Growth Amid Widening Losses

LaMediTech has grown revenue from its compact high-power laser-based beauty devices and needle-free blood collection devices for three straight years, but operating losses and capital erosion have widened in tandem.

1
Revenue rose from KRW 2.918bn to KRW 6.577bn to KRW 7.187bn over 2023-2025, but operating loss widened from KRW -3.526bn to KRW -9.662bn to KRW -11.844bn over the same period.
2
Q2 2026 revenue was KRW 1.134bn with a net loss of KRW -0.829bn, a narrower loss than Q1 2026's KRW -2.896bn.
3
2025 total equity fell to KRW 8.420bn from KRW 19.154bn a year earlier, while the debt ratio jumped from 16.7% to 199.3%.
4
Multiple overseas and new-product catalysts are in progress, including a Vietnam medical device certification, a published clinical study on preterm infants, and domestic approval for the HandyRay-Glu glucose meter.
5
New ventures such as the Laser-Assisted Drug Delivery (LADD) platform are underway, but the timing of their revenue and earnings contribution has not yet been confirmed through disclosures.

Business structure

LaMediTech was founded in 2012 by engineers from the Samsung Advanced Institute of Technology and has developed needle-free blood collection devices and beauty-medical convergence devices based on proprietary ultra-compact high-power laser technology.

The business is broadly divided into laser skin beauty/medical devices and laser blood collection devices, with 2023 revenue mix at 50.0% for beauty/medical devices, 44.4% for laser blood collection devices, and 5.6% other.

Flagship products include the PuraXel beauty device line (PuraXel, PuraXel MX, home-care PuraXel ME), the needle-free HandyRay laser blood collection device series, the excimer-wavelength skin disease treatment device CAREVEAM, and the veterinary device Ray-Vet.

The company recently launched HandyRay-Glu, a laser blood-collection-based glucose meter that draws capillary blood without a lancet and measures blood glucose simultaneously, and has begun expanding its domestic market presence.

On distribution, the company has built local dealer networks in more than 20 countries including Brazil, Japan, Taiwan, Thailand, and Bulgaria, and is discussing partnerships with over 30 medical device distributors in North and Latin America.

Domestic aesthetic medical device competitors include Classys, Wontech, Jeisys Medical, Viol, and Hironic, which Daishin Securities selected as comparable companies at the time of the IPO.

As a new growth driver, the company is pursuing a Laser-Assisted Drug Delivery (LADD) platform combining AI skin analysis with ultra-compact fractional Er:YAG laser technology, and is exploring combinations with bio-materials such as allogeneic ECM and hyaluronic acid.

Existing laser beauty devices are planned to obtain medical device certification and accelerate entry into the skin medical/beauty market from the second half of 2026.

Earnings trend

Quarterly revenue · Operating profit

₩1.7B-₩2.6B25Q2₩1.8B-₩3B25Q3₩1.9B-₩3.4B25Q4₩800M-₩2.8B26Q1₩1.1B-₩1.7B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩2.9B-₩3.5B2023₩6.6B-₩9.7B2024₩7.2B-₩11.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.7B	-₩2.6B	−158.7%
2025Q3	₩1.8B	-₩3B	−168.0%
2025Q4	₩1.9B	-₩3.4B	−183.5%
2026Q1	₩800M	-₩2.8B	−338.4%
2026Q2	₩1.1B	-₩1.7B	−149.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2023	₩2.9B	-₩3.5B	-₩8.3B	−120.8%	−97.1%	31.9%
2024	₩6.6B	-₩9.7B	-₩9.5B	−146.9%	−49.5%	16.7%
2025	₩7.2B	-₩11.8B	-₩11.4B	−164.8%	−135.0%	199.3%

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

Earnings analysis

Consolidated revenue rose for three consecutive years, from KRW 2.918bn in 2023 to KRW 6.577bn in 2024 and KRW 7.187bn in 2025.

However, operating loss also widened over the same period, from KRW -3.526bn in 2023 to KRW -9.662bn in 2024 and KRW -11.844bn in 2025, with the operating margin deteriorating from -120.8% to -164.8%.

Net loss attributable to owners followed a similar pattern, at KRW -8.305bn in 2023, KRW -9.484bn in 2024, and KRW -11.367bn in 2025, meaning losses grew even as revenue expanded. According to search results, beauty device revenue increased from KRW 1.5bn in 2023 to KRW 5.4bn in 2024, driving overall revenue growth.

By quarter, Q3 2025 revenue was KRW 1.758bn (operating loss KRW -2.953bn) and Q4 2025 was KRW 1.854bn (KRW -3.403bn), with both revenue and losses expanding. Q1 2026 revenue fell sharply to KRW 0.815bn from the prior quarter, with an operating loss of KRW -2.760bn and a net loss of KRW -2.896bn.

Q2 2026 revenue recovered somewhat to KRW 1.134bn, with the operating loss narrowing to KRW -1.694bn and the net loss narrowing to KRW -0.829bn compared with the prior quarter.

On the balance sheet, total equity fell sharply from KRW 19.154bn in 2024 to KRW 8.420bn in 2025, the debt ratio jumped from 16.7% to 199.3%, and operating cash flow remained negative across all three years (KRW -3.760bn in 2023, KRW -9.807bn in 2024, KRW -13.162bn in 2025).

Industry analysis

The aesthetic and beauty medical device market that LaMediTech operates in has shown growth both domestically and globally, and comparable companies cited at the time of its 2024 IPO, such as Classys, Viol, Hironic, and Jeisys Medical, recorded solid share price performance at that time.

The needle-free diagnostic device market, including laser blood collection devices, was projected in 2024 IPO materials to grow at a compound annual rate of 9.7% from 2021 to 2028.

The company is credited with recently succeeding in reducing the size of its laser oscillator to 90-95% of conventional equipment, an effort seen as differentiating on cost and stability.

It continues to accumulate clinical data in healthcare applications such as blood collection from preterm infants and newborns and glucose measurement for diabetic patients, seeking to bolster technical credibility through publication in international journals.

On overseas certification, the company obtained Vietnam Class B medical device certification for PuraXel MX in April 2025, establishing a foothold for overseas market entry.

However, the domestic aesthetic medical device market already has multiple listed players with established revenue and profit bases, such as Classys, Wontech, and Jeisys Medical, meaning LaMediTech as a later entrant still faces a scale gap.

Outlook

In a December 2025 report, Daishin Securities projected 2026 as a phase in which the execution of overseas approvals and sales network expansion, funded by capital already secured, would translate into earnings momentum.

The company is advancing development of its Laser-Assisted Drug Delivery (LADD) platform, pursuing medical aesthetic solutions combining bio-materials such as allogeneic ECM and hyaluronic acid.

Existing laser beauty devices are set to undergo upgrades and complete medical device certification, with the company expecting to accelerate entry into the skin medical/beauty market from the second half of 2026.

The HandyRay-Glu laser glucose meter has received domestic regulatory approval and the company has been gauging consumer response through experience events such as the 2026 Seoul Health Show.

Overseas, discussions are reportedly underway with global medical device distributor Henry Schein on product supply and with major North American supermarket chain H-E-B on pharmacy channel supply.

The company is pursuing domestic insurance listing for its personal laser blood collection device and has stated that once completed, it plans to sequentially expand the listing to hospital-use products.

However, the timing and scale at which these overseas certification and distribution expansions and new product launches will translate into actual revenue and earnings improvement have not yet been confirmed through disclosures.

Valuation

PER

—

PBR

4.8×

ROE

-102.2%

EPS

-₩1,110

BPS

₩560

Dividend per share

₩0

LaMediTech's share price has fluctuated repeatedly since listing, and even over the most recent four quarters, the company has shown simultaneous revenue growth and continued losses.

The stock trades at a premium to net asset value, a pattern often associated with technology-track-listed medical device issuers that have not yet turned profitable, where the share price tends to reflect expectations of future growth.

Because operating losses persist, earnings-based valuation metrics cannot be calculated, and in such cases investors tend to reference non-financial indicators such as revenue growth rate, capital adequacy, and progress on new products and certifications.

No dividend is being paid, so the dividend appeal is limited, and the company's value appears likely to hinge heavily on the pace of future overseas revenue expansion and earnings improvement.

Compared with domestic aesthetic device makers such as Classys and Wontech, which were cited as comparable companies at the time of listing, LaMediTech still shows a wide gap in both revenue scale and profitability.

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

Overseas certification and distribution expansion

The company is sequentially securing overseas approvals, including Vietnam Class B medical device certification, and has distribution networks in more than 20 countries including Brazil, Japan, Taiwan, Thailand, and Bulgaria.

In North America, discussions are reportedly underway with Henry Schein and H-E-B, raising the possibility of new channel entry. Partnership talks are also ongoing with over 30 medical device distributors across North and Latin America.

Growth in beauty device revenue

According to search results, beauty device revenue grew from KRW 1.5bn in 2023 to KRW 5.4bn in 2024, seen as driving overall revenue growth. Continued launches of new products such as PuraXel MX and PuraXel MEin have sustained this growth trend. The company's CEO has cited medium- to long-term revenue targets for the beauty device segment.

Diversification into new growth drivers (LADD, glucose meter)

The company has begun developing a Laser-Assisted Drug Delivery (LADD) platform, seeking entry into the drug delivery system market beyond its existing beauty and blood collection businesses.

Its HandyRay-Glu laser glucose meter has received domestic regulatory approval and its technology has been validated through international journal publication and consumer experience events.

Bear factors

Persistent large losses and eroding equity

Operating loss more than tripled over three years, from KRW -3.526bn in 2023 to KRW -11.844bn in 2025, while total equity fell to less than half, from KRW 19.154bn in 2024 to KRW 8.420bn in 2025. The debt ratio also jumped from 16.7% to 199.3%, increasing financial burden. Operating cash flow has remained negative across all three years.

Revenue volatility and delayed monetization

Q1 2026 revenue fell sharply to KRW 0.815bn from KRW 1.854bn in the prior quarter, then partially recovered to KRW 1.134bn in Q2, reflecting significant quarter-to-quarter volatility. Despite revenue growth, the pace of earnings improvement has been slow, and economies of scale have yet to materialize clearly.

Intensifying competition and late-entrant status

The domestic aesthetic medical device market is highly competitive, with multiple listed players already possessing established revenue and profit bases, including Classys, Wontech, Jeisys Medical, Viol, and Hironic.

LaMediTech's relatively small revenue scale means it must increase marketing and distribution investment, which has been cited as a factor in its widening losses.

Risk factors

Funding and dilution risk

Amid declining equity and continued cash outflow, the company may need additional external funding in the future, such as a rights offering or convertible bond issuance, which could dilute existing shareholders. The already sharply elevated debt ratio may also constrain future funding options.

Certification and approval delay risk

Multiple processes are underway, including overseas approvals, domestic insurance listing, and medical device certification, but their completion timing and outcomes remain uncertain. Delays or shortfalls relative to expectations could disrupt business plans and the timing of revenue expansion.

Regulatory and currency risk

The medical device industry faces strict country-by-country approval regulations, which can affect the pace of overseas expansion. As the export share of revenue grows, the impact of currency fluctuations on earnings could also increase.

What to watch next

Mid-November 2026 (expected)
Q3 2026 earnings disclosure should be checked to see whether the loss-narrowing trend from Q2 and the revenue recovery continue.
Second half of 2026
Whether existing laser beauty devices complete medical device certification and accelerate market entry should be checked.
From late 2026 onward
It should be monitored whether collaborations with North American distributors such as Henry Schein and H-E-B translate into actual supply contracts, and how the insurance listing process for the personal laser blood collection device progresses.
From Q4 2026 onward
Progress on the Laser-Assisted Drug Delivery (LADD) platform and related clinical trials should be checked.

Overall view

LaMediTech operates beauty/medical device and laser blood collection businesses based on ultra-compact high-power laser technology, and has recently been expanding into a laser drug delivery platform and glucose meter.

Revenue rose for three straight years, from KRW 2.918bn in 2023 to KRW 7.187bn in 2025, but operating loss and net loss also widened over the same period, continuing a pattern of deepening losses.

In 2026, quarterly revenue recovered from KRW 0.815bn in Q1 to KRW 1.134bn in Q2, and the net loss narrowed to KRW -0.829bn in Q2 from the prior quarter. The balance sheet has come under more pressure with declining total equity and a rising debt ratio in 2025, and operating cash flow has remained negative.

Multiple growth triggers, including overseas certification expansion, distribution negotiations, and new products (HandyRay-Glu, LADD), are progressing simultaneously, but their execution outcomes and timing have not yet been confirmed.

Investors should continue to monitor future quarterly earnings disclosures and certification/contract-related filings to assess whether these growth plans materialize.

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.