Hans Biomed makes and sells medical devices used directly in the body, centered on allografts processed from donated human tissue, along with silicone breast implants and dermal fillers. Its 2025 revenue was ₩89.8 billion (+10.6%) as demand for grafts rose, but a first-instance damages ruling ordering payment of about ₩21.46 billion was recognized as a provision, restating operating profit from -₩3.03 billion to -₩25.9 billion; the company secured funds through a third-party allotment rights offering (about ₩18.6 billion) and a disposal of treasury shares (about ₩8.0 billion). The point worth watching now is that excluding the provision, the core operating loss was around -₩3.0 billion, so there is room for profitability to recover if revenue growth continues — whereas the provision could grow larger through the appeal process, and it may take time to unwind the financial burden of a 375% debt ratio and a 69% current ratio.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 375.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 69.2%).
- The most recent full-year net result was a loss.
- Revenue rose 10.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q3 2025) revenue was 5.9% higher than a year earlier.
- ROE is -93.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -28.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-09-30
Largest shareholder Hwang Ho-chan 23.95% (individual)
Controlling bloc incl. related parties 25.19%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Hans Biomed is a company that makes and sells, at home and abroad, medical devices used directly in the human body.
- Its core products are allografts (human-tissue grafts) — products processed from donated human tissue and used in cosmetic, reconstructive, and orthopedic surgery — and the main driver of recent revenue growth.
- Added to this are silicone breast implants (the BellaGel line), dermal fillers, and biomaterial products, which together form the product range.
- It listed on the KOSDAQ in 2009, and its largest shareholder is Chairman Hwang Ho-chan and related parties (a 24.86% stake).
- Rather than a drugmaker building a new-drug pipeline, it is better understood, in business substance, as a medical-device company that manufactures and distributes grafts and implants actually used in the operating room to earn revenue and profit.
- The latest close is ₩23,900 and market capitalization is ₩340.8 billion.
- The price sits below the 20-day line (₩24,418) and below the 60-day line (₩27,496).
- Being under both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0–100 scale) is 46.9, a neutral level.
- The one-month change is +1.3%, the three-month change is -23.4%, and the position versus the 52-week high is -57.1%.
- Relative strength versus the KOSDAQ is 87 (on a 1–99 scale, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 12% by strength among all stocks.
- Over the past three months it led the index by 2.5%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On a confirmed annual basis (September fiscal year, Oct 2024–Sep 2025), the P/E ratio (how many times one year's net profit the share price is) cannot be computed because net profit was a loss, and the P/B (how many times per-share net asset value the share price is) is 10.11x.
- But that prior year's earnings are not the usual picture.
- Of the -₩25.9 billion operating loss, about ₩21.46 billion was a one-off provision under a first-instance damages ruling, and excluding it the core operating loss shrinks sharply to around -₩3.0 billion.
- In other words, the missing P/E and the high-looking P/B come less from a collapse in earning power than from a single year's figures being weighed down by a one-off cost.
- The debt ratio is 375.1% and the current ratio 69.2%, so financial headroom is tight — but this should be viewed alongside the December 2025 rights offering (about ₩18.6 billion) and treasury-share disposal (about ₩8.0 billion) that shored up funds.
- The way to read this company accurately is to look at revenue scale and core earnings excluding the one-off cost together, rather than at a single year's confirmed figures.
- The revenue trajectory has been a steady climb.
- It grew from ₩59.1 billion in 2021 to ₩89.8 billion in 2025, an average of about +11.0% a year, and the prior year's revenue rose +10.7% year on year, so the pace of growth actually quickened (a three-year accelerating trend).
- The company attributes that momentum to "rising demand for human-tissue grafts"; because grafts are a product line grounded in real demand from surgical settings, the revenue flow is relatively solid.
- In the most recent quarter, too, revenue rose +5.9% versus the same period a year earlier.
- By contrast, operating profit swung between gains and losses over the same five years, and the large -₩25.9 billion loss in 2025 hinges, as noted, on the one-off item of the damages provision.
- Excluding it, the core loss of around -₩3.0 billion is not far, relative to revenue growth, from a recovery in profitability.
- The company has not confirmed any numeric guidance for this year or the next quarter, so no future earnings figures are inserted arbitrarily.
- Accordingly, the key to growth should be viewed as the durability of the revenue base driven by graft demand and the pace at which the core result normalizes once the one-off cost is removed.
- The core factor that shook the prior year's results is litigation.
- On November 25, 2025, a first-instance damages ruling (case no.
- 2020Gahap609731, 5,365 plaintiffs) ordered the defendants including the company to jointly pay about ₩21.46 billion (roughly 32% of shareholders' equity at the end of the prior fiscal year), which the company recognized as a provision.
- Then in a December 17, 2025 disclosure of a change in revenue/profit structure (correction), this amount was reclassified into selling and administrative expenses, restating the prior year's operating profit from -₩3.03 billion to -₩25.9 billion; the same disclosure noted revenue of ₩89.8 billion (+10.6%), attributed to rising demand for human-tissue grafts.
- The company disclosed that it was reviewing responses, including whether to appeal.
- This litigation connects to a matter stemming from the Ministry of Food and Drug Safety's 2020 recall and sales-suspension order on some silicone breast implants.
- To bolster its finances, it carried out a December 2025 third-party allotment rights offering (700,000 new shares, about ₩18.6 billion in operating funds, all under a one-year lock-up) and a treasury-share disposal (about ₩8.0 billion), and in May 2026 held an IR forum for individual shareholders to explain half-year results and business status.
- The disclosure flow can be summarized as "revenue growing / a single year's profit hit by the litigation provision / funds secured through the offering and treasury-share disposal."
- This company's strengths are clear.
- Centered on allografts — a real-demand product — revenue has grown steadily for five straight years, and most of the prior year's large loss was a one-off litigation provision, so the core result is far better than the headline figure suggests.
- Excluding the provision, the core operating loss was around -₩3.0 billion, so if revenue growth continues there is room to sketch a recovery in profitability.
- The conditions under which it can be strong are continued growth in graft demand, no further increase in litigation-related costs, and a return of the core margin to a normal track.
- Conversely, the conditions to be cautious about are the provision amount growing larger through the appeal and ruling-finalization process, additional existing sales-warranty provisions such as for BIA-ALCL or rupture compensation, and the financial burden of a 375% debt ratio and 69% current ratio taking time to unwind.
- The conclusion is not a verdict either way but that, split into two axes — the durability of graft revenue growth and whether the non-recurring cost of the litigation provision is concluded — the strengths and risks come into sharp focus.
🔎 Valuation vs peers Inconclusive
The comparison is with companies closer to a medical-device and biomaterial business than to general pharma. The peer set is led by a medical-device maker in blood-glucose measurement (i-SENS) and a biomaterial maker in peptides and fillers (Caregen), with Cell Biotech from the same base classification used as a supplementary reference (all figures computed by the on-site tools/peers.py).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| i-SENS | — | 1.40x | -1.63% |
| Caregen | 157.94x | 14.94x | 9.46% |
| Cell Biotech | 13.79x | 1.06x | 7.69% |
The reasons for holding the valuation judgment are clear. First, since prior-fiscal-year net profit was a loss, a P/E-based comparison does not hold. Second, on P/B the stock is more expensive than i-SENS but cheaper than Caregen, sitting between the extremes within the peer set, so it is hard to declare it cheap or expensive outright. Third, a large part of the prior year's -₩25.9 billion operating loss is the non-recurring litigation provision, so trailing metrics based on last year's confirmed results do not show ordinary earning power as it is. Since no numeric future guidance from the company (a forward basis) can be confirmed, this note does not present a multiple for a normalized-earnings state, and settles instead at advising that the revenue growth trend and whether the one-off cost has ended be confirmed together.
Price history Close · MA20 · MA60
The latest close is ₩23,900 and the market capitalization is ₩340.8 billion. The price sits below its 20-day moving average (₩24,418) and below its 60-day moving average (₩27,496). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.9, a neutral level. The one-month change is +1.3%, the three-month change is -23.4%, and the position relative to the 52-week high is -57.1%. Relative strength versus the KOSDAQ is 87 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 88% of all stocks. Over the past three months it outpaced the index by 2.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +2.52% / 6M +6.58% / 12M +164.74%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 10.11x is above the sector median (1.37x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -93.0%, below the sector average (3.0%). The operating margin is -28.8%. The debt ratio is 375.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $51.7M | $53.8M | $59.5M | +10.65% ↑ faster |
| Operating profit | -$2.8M | $414,632 | -$17.2M | -4238.51% |
| Net profit | -$15.3M | -$4.8M | -$20.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $39.2M | $49.3M | $51.7M | $53.8M | $59.5M |
| Operating profit | -$13.1M | $856,811 | -$2.8M | $414,632 | -$17.2M |
| Net profit | -$12.1M | $4.1M | -$15.3M | -$4.8M | -$20.8M |
| Revenue CAGR | 4-yr avg 11.02% | ||||
Revenue rose 10.7% year over year (2023 ₩78.0 billion → 2024 ₩81.1 billion → 2025 ₩89.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 4238.5% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.0%. The two-year revenue CAGR is 7.3%. In the most recent quarter (Q3 2025), revenue was 5.9% higher than the same period a year earlier.
Latest quarterly results Q3 2025 · vs year-ago
Technical indicators
What stands out
- Revenue grew 10.7% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 375.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 69.2%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-11-25UpdateA first-instance damages ruling (2020Gahap609731, 5,365 plaintiffs) ordered the defendants to jointly pay about ₩21.46 billion. The amount is about 32% of shareholders' equity at the prior fiscal year-end, and the company recognized it as a provision and is reviewing responses.Short term: the direct cause of the prior fiscal year's operating profit widening from -₩3.03 billion (before the provision) to -₩25.9 billion. Medium term: additional cost changes are possible depending on whether it appeals and the finalized ruling amount. Source
- 2025-12-17FilingChange of 30% or more in revenue or profit structure (correction): the first-instance ruling amount was reclassified from non-operating losses into selling and administrative expenses, restating the prior year's operating profit from -₩3.03 billion to -₩25.9 billion. Revenue was ₩89.8 billion (+10.6%), attributed to rising demand for human-tissue grafts.Short term: the widening of the operating loss is confirmed. Medium term: excluding the one-off cost, the core loss is relatively small, so whether the margin normalizes is the crux. Source
- 2025-12-02FilingThird-party allotment rights offering decision: 700,000 common shares issued at ₩26,573 per share to raise about ₩18.6 billion in operating funds (all under a one-year lock-up). Payment date December 10, 2025.Short term: helpful in shoring up liquidity (offsetting the 69% current ratio). Medium term: dilution from the increased share count should be taken into account. Source
- 2025-12-15FilingTreasury-share disposal decision: 239,388 held treasury shares (about ₩8.0 billion) disposed of via off-hours block trade, for the purpose of raising operating and facility funds.Short term: additional funds secured. Medium term: the use of proceeds (operating, facility) and whether it connects to a core recovery need to be confirmed. Source
- 2026-05-08IRIR forum disclosure: on May 21, 2026, an individual-shareholder briefing to explain 28th-term half-year operating results, financial status, and major business progress (no numeric guidance presented).Short term: a forum for the company to explain business status directly. Medium term: a channel to confirm the company's official explanation of key issues such as graft demand and the litigation response. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Prior-year operating profit (restated) | -₩25.9 billion(base op_income -₩25,890,557,566) | -₩25,890,557,566 | Confirmed | link |
| Prior-year revenue | ₩89.8 billion(base revenue ₩89,779,853,611) | ₩89,779,853,611 | Confirmed | link |
| First-instance litigation ruling amount | approx. ₩21.5 billion | ₩21,460,000,000 | Confirmed | link |
| Latest closing price | ₩23,900 | — | Unverified | link |
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-05OwnershipOwnership-change filing
- 2026-05-14PeriodicSemi-annual report
- 2026-05-08Disclosure
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-03OwnershipOwnership-change filing
- 2026-02-13PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.