MEDIPOST earns steady cash from a subscription-style business that stores newborns' cord blood long term, sells its knee-osteoarthritis stem-cell therapy Cartistem in Korea, and is running Phase 3 trials through its US subsidiary to win US approval for it, making it a research-and-development-centered company. On June 4 it decided on an additional ₩22.7 billion (about USD 15 million) investment in its US subsidiary, pressing ahead with the US Phase 3 trials; 2025 revenue rose +4.2%, but clinical investment widened the operating loss by about 40%, and the share price has fallen close to net-asset value, leaving the P/B in undervalued territory below peers. What stands out lately is that it is strong in phases where the cord-blood business's stable cash flow and low valuation against assets provide support and where trial success could add drug value, while the operating loss has widened for a fourth straight year and a burden falls on earnings and cash until trial results come in.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 4.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.2% higher than a year earlier.
- ROE is -34.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -92.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder SkyMedi 22.28% (corporate)
Controlling bloc incl. related parties 47.21%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- MEDIPOST earns money along three broad lines.
- The first is the cord-blood business.
- Under contracts with parents, it cryogenically stores for the long term the blood (cord blood) drawn from a newborn's umbilical cord and placenta, holding it in trust for later use when treatment is needed, a subscription-style business in which storage contracts accumulate year by year and bring in steady revenue and cash, a stable pillar.
- The second is stem-cell therapies.
- Its flagship product, Cartistem, is an allogeneic stem-cell therapy used to treat knee osteoarthritis (cartilage damage) and is already sold in Korea.
- The third is the Phase 3 trials to win US market approval for that Cartistem, run through its US subsidiary MEDIPOST, Inc.
- In other words, it is accurately understood as a structure that lays a big challenge, a US drug trial, on top of a steadily earning storage business.
- The recent close is ₩8,480 and the market cap is ₩332.5 billion.
- The price sits below its 20-day line (₩9,323) and below its 60-day line (₩16,144); trading below both short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (an auxiliary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 34.2, a neutral level.
- The one-month change is -9.7%, the three-month change is -56.8%, and the position versus the 52-week high is -69.7%.
- Relative strength against the KOSDAQ is 47 (1-99, converting return versus the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 53% of all stocks by strength.
- Over the past three months it lagged the index by 43.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Being currently loss-making, the P/E (how many times one year's earnings the price is) cannot be computed.
- Instead the P/B (how many times the company's net assets the price is) is 1.37x, and given net assets per share (BPS) of ₩6,352, that means the price has fallen close to the value of its held assets.
- Compared with peer pharma-bio companies, which mostly sit in the 2-3x P/B range (CHA Biotech 2.29x, Kangstem Biotech 3.34x, Corestem-Chemon 2.03x), MEDIPOST's P/B is rather on the low side.
- Judged by the asset-value yardstick alone, it is in undervalued territory.
- That said, its profitability metrics are all negative.
- The ROE (the ratio of profit earned in a year to shareholders' equity) is -34.3% and the operating margin is -92.3%, the loss burden being large enough that the R&D spent on the US trial exceeds revenue.
- The debt ratio of 173.3% means debt is not small relative to equity, but the current ratio (assets convertible to cash within a year against debt due within a year) of 1.33x means immediate short-term repayment ability itself is maintained.
- The key is that this loss comes not from a broken business but from pouring money into a drug trial, so the signal the P/B creates, cheap against assets, must be read together with the fact the profit-and-loss shows, not yet profitable.
- Revenue grew steadily over five years from ₩54.9 billion in 2021 to ₩73.7 billion in 2025 (an annual average of about 7.6%), a flow supported by the base cord-blood-storage business accumulating contracts each year.
- In the first quarter of 2026, too, revenue was ₩19.5 billion, up 1.2% from a year earlier, so growth itself continued.
- The operating loss, by contrast, widened progressively to -₩25.1 billion in 2023, -₩48.5 billion in 2024, and -₩68.0 billion in 2025, with a -₩16.9 billion loss again in the first quarter of 2026.
- This widening loss is not because revenue fell but because, as the US Cartistem Phase 3 trial went into full swing, R&D grew faster than the revenue gain.
- In other words, the company is at present not in a stage of growing profit but in a stage of concentrating spending toward a result, US drug approval.
- Where profit heads from this year on cannot be pinned to a number because the company issues no separate official outlook, and it is more honest to acknowledge this as is.
- In the end, the essence of growth lies less in the revenue growth rate itself than in how far the US Phase 3 trial progresses.
- For reference, on a multi-year trend there is no confirmed basis to view next year's and later profit direction as lower than this year's.
- The weightiest recent disclosure is the 2026-06-04 decision on an additional ₩22.7 billion (about USD 15 million) investment in its US subsidiary MEDIPOST, Inc.
- A decision to fund R&D for Cartistem's US Phase 3 trial, it shows the company continuing to press its US drug challenge.
- At the same time it means this much money flows back into the trial, so it reads as a short-term profit-and-loss burden and, over the medium-to-long term, as a foundation for trial progress.
- The 2026-02-23 results disclosure confirmed that 2025 revenue rose (+4.2%) while the operating loss widened about 40% year on year, again showing that the cause of the loss lies in clinical investment.
- The 2026-05-15 first-quarter report confirms this flow continued into 2026, and the 2026-04-24 IR (investor briefing) was where the company explained trial progress directly to investors.
- This stock plainly has two sides at once.
- Starting with the strong side, the stable cash cow of cord-blood storage supports revenue each year, and the share price has fallen close to held net-asset value, leaving the P/B in undervalued territory below peers.
- Add that if the Cartistem US Phase 3 trial proceeds successfully, a picture becomes possible in which drug value is layered on top of asset value.
- In other words, from a spot that is not expensive even on assets alone, it holds an added upside driver in the trial.
- On the weak side, the loss continues because of trial costs until the company turns profitable.
- The operating loss has widened for a fourth straight year, and to cover it the company keeps investing funds into its US subsidiary, so a burden falls on earnings and cash until trial results come in.
- In sum, it is strong in phases where the cord-blood business's stable cash flow and low valuation against assets provide support, and weak in phases where the US trial is delayed or additional funding needs drag on.
- The conclusion, since the trial's success or failure sways value greatly, is that it makes sense to view it as a stock to watch alongside both its strengths and burdens while confirming trial progress.
🔎 Valuation vs peers Inconclusive
Rather than the broad pharma-bio sector, the comparison was narrowed to the actual business of cell therapies (stem cells), directly comparing peer companies whose in-site data can be confirmed.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Anterogen | — | 1.72x | -1.57% |
| CHA Biotech | — | 3.00x | -36.07% |
| Corestem-Chemon | — | 1.82x | -48.63% |
Against the cell-therapy peer group, MEDIPOST's P/B (1.65x) sits clearly on the low side, so on an asset basis it looks like discount territory. However, (a) all of these companies are net-loss-making, so an earnings-based comparison (P/E) does not hold; (b) much of the P/B gap comes from differing expectations for each firm's in-progress clinical pipeline; and (c) because last year's confirmed (trailing) loss is intended-investment in nature (US trial costs), there is no company-official figure to gauge forward profit-and-loss. So rather than committing to cheap or expensive, both sides must be viewed together: as trial progress becomes visible there is room to fill the asset discount, while if the trial is delayed accumulated losses could shrink net assets and dilute the P/B appeal. The overall judgment, with the trial variable dominant, is that Inconclusive is appropriate.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩18.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,480 and the market capitalization is ₩332.5 billion. The price sits below its 20-day moving average (₩9,323) and below its 60-day moving average (₩16,144). 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 34.2, a neutral level. The one-month change is -9.7%, the three-month change is -56.8%, and the position relative to the 52-week high is -69.7%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 43.4%. 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 -43.36% / 6M -41.49% / 12M -27.15%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.34x is in line with 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 -34.3%, below the sector average (3.0%). The operating margin is -92.3%. The debt ratio is 173.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.5M | $46.8M | $48.8M | +4.25% ↑ faster |
| Operating profit | -$16.7M | -$32.2M | -$45.1M | — |
| Net profit | $3.9M | -$41.4M | -$56.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $36.4M | $42.6M | $45.5M | $46.8M | $48.8M |
| Operating profit | -$3.5M | -$11.5M | -$16.7M | -$32.2M | -$45.1M |
| Net profit | -$452,847 | $2.0M | $3.9M | -$41.4M | -$56.6M |
| Revenue CAGR | 4-yr avg 7.65% | ||||
Revenue rose 4.2% year over year (2023 ₩68.6 billion → 2024 ₩70.7 billion → 2025 ₩73.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.6%. The two-year revenue CAGR is 3.6%. In the most recent quarter (Q1 2026), revenue was 1.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-06-04FilingDecided an additional ₩22.7 billion (USD 15 million) investment in its US subsidiary MEDIPOST, Inc. For Cartistem US Phase 3 R&D and operating funds; stake 100% after acquisition, payment due 2026-06-30, 9.1% of equity.Confirms the company's continued will to invest in the US drug trial. That said, the investment flows back into R&D and again lands in the loss, so a short-term profit-and-loss burden continues (over the medium term, trial progress is the crux). Source
- 2026-02-23Earnings2025 consolidated confirmed results, profit-and-loss structure change: revenue ₩73.66 billion (+4.2%), operating loss -₩67.98 billion (loss widened 40%), net loss -₩85.99 billion. Per the company, the cord-blood-bank segment posted record revenue while expanded R&D from the full-scale US Cartistem Phase 3 trial caused the loss.The company itself confirms a structure where the core business (cord blood) grows but the loss deepens on trial costs. Revenue stability is a positive; the timing of profit recovery is subordinate to trial progress. Source
- 2026-05-15UpdateFirst-quarter 2026 report. Revenue ₩19.46 billion (+1.2%), operating loss -₩16.85 billion, with the loss trend continuing.The first confirmed material for checking whether 2025's pattern of revenue growth with continued loss carries into 2026. A signal of profit recovery is not yet confirmed. Source
- 2026-04-24IRHeld an investor briefing (IR). The company explained its business and trial progress directly to investors.A progress-sharing venue through an official channel, a place to confirm US-trial and cord-blood-business trends. No separate numeric official outlook material was confirmed. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩73.7 billion | ₩73,656,891,468 | Confirmed | link |
| 2025 annual operating result | -₩68.0 billion | -₩67,983,786,233 | Confirmed | link |
| Shareholders' equity | ₩249.0 billion | ₩249,906,753,882 | Confirmed | link |
| P/B | 1.65x | approx. 1.65x | Confirmed | link |
| 2026 annual revenue (approximation) | approx. ₩75.7 billion | — | Unverified | link |
Recent filings
- 2026-06-04Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-24Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-20Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-16Disclosure
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-02-23EarningsEarnings filing
📖 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.