SD Biosensor makes in-vitro diagnostic (IVD) products that analyze specimens outside the body; after the COVID era, non-COVID products such as blood-glucose, sexually transmitted infection, respiratory-infection and malaria diagnostics now lead its revenue, it is preparing a continuous glucose monitor (CGM), and its 2023 acquisition of US-based Meridian Bioscience broadened its market. The May 2026 quarterly report confirmed a Q1 swing to profit, and a lawsuit above a certain claim amount that was disclosed in a corrected filing at end-March could affect the financials depending on the outcome, a matter to watch as it progresses. The notable points right now are that most of the large accounting loss was a one-off, non-cash impairment so cash-generating power remains strong, and that the shares trade at about one-third of net assets while paying a dividend above 3%, which are strengths; the counterweight is that further impairments at the US subsidiary or continued reliance on non-operating items could delay the core-business recovery, and that the lawsuit's progress is also a variable.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 2.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.4% higher than a year earlier.
- ROE is -22.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -11.4%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Bionote 37.35% (corporate)
Controlling bloc incl. related parties 71.59%
With the controlling bloc holding 72%, control is very secure but the free float is thin.
🔎 In-depth analysis
- SD Biosensor makes in-vitro diagnostic (IVD) products that analyze specimens outside the body.
- During the COVID pandemic it grew explosively with rapid antigen test kits, but it is now in the stage of preparing for the era that follows.
- Its current revenue is led by non-COVID products such as blood-glucose diagnostics, sexually transmitted infection diagnostics (HIV, syphilis), respiratory infection (COVID, influenza) and malaria diagnostics.
- It sells products under its own brands such as 'STANDARD Q, F, M' and 'Chronic Care,' and is also preparing to launch a continuous glucose monitor (CGM).
- In 2023 it acquired US IVD company Meridian Bioscience, broadening its US market and product range, and it is looking to build up production capacity and cost competitiveness with a new plant in India.
- The latest closing price is 6,320 won and the market cap is 763.1 billion won.
- The price sits below its 20-day line (6,586 won) and below its 60-day line (7,563 won).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.8, a neutral level.
- The one-month change is -11.1%, the three-month change is -14.9%, and the position versus the 52-week high is -41.7%.
- Relative strength against the KOSPI is 6 (1-99, calculated from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 95% of all stocks by strength.
- Over the past three months it lagged the index by 33.8%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The core of the valuation is the P/B (how many times the book equity per share the share price is).
- The P/B is now 0.33x, meaning the shares trade at one-third of the company's net assets.
- Book value per share (BPS) is 19,294 won while the share price is 6,540 won.
- The P/E ratio (how many times one year's profit the share price is) is not calculable because last year was a net loss.
- But the substance of that loss must be examined.
- Most of the 2025 net loss of 512.1 billion won was a one-off impairment tied to the weak results of the US subsidiary.
- In other words, it is not a loss where cash actually left.
- The evidence is in the cash flow: the free-cash-flow yield (the ratio of actual cash generated to market cap) is a very high 38%.
- That means that despite the accounting loss, it actually earned plenty of cash.
- That said, net borrowings (total borrowings less cash) are about 300.7 billion won, with borrowings raised during the acquisition still remaining.
- The dividend yield is 3.1% (200 won per share).
- Revenue plunged after the pandemic and is recovering gently off the bottom.
- Revenue in 2021-2022 was about ₩2.9 trillion but fell to 655.7 billion won in 2023 as COVID became endemic.
- It then grew again to 694.6 billion won in 2024 and 710.6 billion won in 2025.
- The growth rate itself is a gentle 2.3%.
- The bottom line is passing an inflection point.
- Operating profit and loss ran from -248.1 billion won in 2023 to -54.1 billion won in 2024 and -80.9 billion won in 2025, still in the red but far smaller than right after the pandemic collapse.
- Decisively, Q1 2026 revenue was 193.5 billion won (+4.4%) and quarterly net profit swung to positive at 22.3 billion won.
- The operating stage is still slightly in the red, but non-operating income such as interest from its large cash pile turned net profit positive.
- Future profit hinges on the expansion of non-COVID products and the normalization of the US subsidiary.
- The recent flow mixes routine disclosures such as governance and shareholders' meetings with signals of an earnings recovery.
- The May 2026 quarterly report confirmed the Q1 swing to profit, and in April the company announced an IR briefing.
- In March, disclosures related to the annual shareholders' meeting and the appointment of outside directors followed.
- What stands out is a filing related to a lawsuit above a certain claim amount that was disclosed in a corrected filing at end-March.
- Depending on the outcome, the lawsuit could affect the financials, so it is a matter to watch as it progresses.
- The points to watch are clear.
- This company posted a large accounting loss, but most of that loss was a one-off impairment with no cash outflow.
- Its actual cash-generating power remains strong.
- The shares are at about one-third of net assets and pay a dividend above 3%.
- The condition for strength is that non-COVID products (blood-glucose, STI, respiratory) and the new CGM product, along with the US and India operations, take hold so that operating profit rises into the black.
- In that case there is room for the current low P/B to be re-valued.
- The condition for weakness is that a further impairment arises at the US subsidiary, or that net profit keeps relying on non-operating items such as interest and exchange rates, delaying the core-business recovery.
- The lawsuit's progress is also a variable.
- In summary, the share price is clearly depressed against assets and cash, and the key is the durability of the core-business swing to profit.
🔎 Valuation vs peers Undervalued
Compared against domestic IVD companies that also went through the COVID pandemic windfall.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seegene | 29.48x | 1.40x | 4.75% |
Whereas Seegene, which went through the same pandemic windfall, trades at a P/B of 1.49x, SD Biosensor is at just 0.34x. Its P/E is not calculable because of last year's net loss, but most of that loss was a one-off impairment with no cash outflow. Actual cash (free-cash-flow yield 38%) remains strong, and in Q1 2026 net profit swung back to positive. In other words, judging by last year's results alone makes it look worse than it actually is. Against assets and cash, the share price is clearly depressed, so we view it as undervalued. That said, acquisition-related intangibles remain in book equity, so the possibility of further impairment and the durability of the core-business profit should be watched together.
Price history Close · MA20 · MA60
The latest close is ₩6,320 and the market capitalization is ₩763.1 billion. The price sits below its 20-day moving average (₩6,586) and below its 60-day moving average (₩7,563). 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 37.8, a neutral level. The one-month change is -11.1%, the three-month change is -14.9%, and the position relative to the 52-week high is -41.7%. Relative strength versus the KOSPI is 6 (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 5% of all stocks. Over the past three months it lagged the index by 33.8%. 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 -33.81% / 6M -56.32% / 12M -74.23%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.33x is below the sector median (1.61x).
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 -22.0%, below the sector average (5.0%). The operating margin is -11.4%. The debt ratio is 38.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $434.6M | $460.3M | $471.0M | +2.30% ↓ slower |
| Operating profit | -$164.4M | -$35.8M | -$53.6M | — |
| Net profit | -$310.0M | -$65.2M | -$339.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $1.9B | $434.6M | $460.3M | $471.0M |
| Operating profit | $919.8M | $760.0M | -$164.4M | -$35.8M | -$53.6M |
| Net profit | $721.4M | $604.0M | -$310.0M | -$65.2M | -$339.4M |
| Revenue CAGR | 4-yr avg -29.82% | ||||
Revenue rose 2.3% year over year (2023 ₩655.7 billion → 2024 ₩694.6 billion → 2025 ₩710.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed 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 -29.8%. The two-year revenue CAGR is 4.1%. In the most recent quarter (Q1 2026), revenue was 4.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.2%, is on the high side.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 2.3% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report. Revenue of 193.5 billion won (+4.4%), operating loss of 11.6 billion won, net profit of 22.3 billion won, a quarterly swing to net profit.The core business is still slightly in the red, but net profit swinging back to positive is a signal that points to the recovery direction. Confirming its durability is the key. Source
- 2026-04-30IRDisclosure announcing an IR briefing. Previewing a session where the company explains results and business status directly.Strengthened investor communication. An occasion to check progress on the non-COVID transition and new businesses. Source
- 2026-03-31UpdateFiling related to a lawsuit contesting a claim above a certain amount (corrected disclosure). Could affect the financials depending on the outcome.Depending on the progress and ruling, costs or provisions could arise, a matter to watch. Source
- 2026-03-26FilingDisclosures on the results of the annual shareholders' meeting and the appointment of outside directors. Routine board and governance procedures underway.Limited near-term impact on results, but information for checking the state of governance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B | 0.34x | approx. 2₩329.7 billion, approx. ₩789.7 billion | Confirmed | link |
| 2025 net loss | -₩512.1 billion | 2025 approx. 5,121~₩521.4 billion | Confirmed | link |
| Q1 2026 net profit | +₩22.3 billion (revenue ₩193.5 billion, +4.4%) | 2026 1 net profit , revenue ₩193.5 billion | Confirmed | link |
| 2026 full-year net profit estimate | approx. ₩45.0 billion (self-estimate) | — | Unverified | — |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-08Amended filing
- 2026-04-08Amended filing
- 2026-03-31Litigation disclosure (amended)
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24OwnershipOfficers'/major-shareholders' holdings 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.