Next Biomedical uses its own polymer-material technology to make Nexpowder, a hemostatic powder that stops bleeding during endoscopic procedures, and Nexsphere, embolic microspheres that block vessels to halt bleeding or abnormal blood flow, supplying hospitals with materials used repeatedly at the point of care. Revenue has grown more than 80% a year over three years and the operating loss has narrowed quickly from -₩5.2 billion to -₩0.7 billion, and in April 2026 the company signed an exclusive Japan distribution agreement for Nexsphere-F, adding momentum for overseas commercialization. What stands out lately is that the story is strong when revenue growth and the shrinking loss continue and overseas sales in markets such as Japan show up in actual numbers, but weaker in that the company is still loss-making on both an annual and quarterly basis, the timing of a swing to profit is not yet fixed, and quarterly results can be choppy, so the key is whether growth and profit improvement follow through in the numbers.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 72.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.2% higher than a year earlier.
- ROE is -0.7% (total-net basis). It is below the sector average.
- Operating margin is -4.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Don-haeng 26.09% (individual)
Controlling bloc incl. related parties 30.29%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Next Biomedical makes and sells medical devices and materials using its own polymer technology.
- Revenue rests on two pillars: first, Nexpowder, a hemostatic powder that stops bleeding during gastrointestinal endoscopy; and second, Nexsphere and Nexsphere-F, embolic microspheres that block vessels to control bleeding or cut off abnormal blood flow in areas such as knee osteoarthritis.
- On top of these, it adds a platform that uses absorbable polymers for drug delivery and controlled in-body breakdown, so rather than plain consumables, it supplies materials used repeatedly at the point of care.
- In other words, the company makes its money by supplying Nexpowder and embolic microspheres to hospitals and procedural channels and by widening overseas sales channels in markets such as Japan.
- The latest close is ₩37,700 and the market cap is ₩312.1 billion.
- The price sits below its 20-day line (₩40,745) and below its 60-day line (₩49,074).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.1, a neutral reading.
- The one-month change is -3.1%, the three-month change is -38.5%, and the position versus the 52-week high is -61.5%.
- Relative strength against the KOSDAQ is 48 (on a 1-99 scale that weights recent returns versus the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 52% of all stocks by strength.
- Over the past three months it lagged the index by 18.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Starting with profitability metrics, ROE (how much is earned in a year on equity) is -0.7% and the operating margin is -4.4%, still in loss territory.
- As a result, the P/E ratio (how many times one year's earnings the price represents) cannot be computed at all because earnings are negative; instead, a P/B (how many times net assets the price represents) of 6.82x and a P/S (how many times revenue the price represents) of 19.9x apply.
- The key point here is that for a company like this, in transition from losses toward profit, trailing (past 12-month) earnings are still negative or small, so the P/E carries no meaning and the P/B and P/S take its place.
- That means the fact these multiples look higher than the industry median is hard to read directly as expensive.
- The current price reflects the forward picture of rising revenue and a shrinking loss, not past earnings.
- Financial stability is on the sound side.
- The debt ratio (debt versus equity) is 123%, but most of the debt is not short-dated, so the current ratio, which weighs assets that can be turned into cash quickly against debt due within a year, reaches 538%.
- That means short-term funding pressure is low.
- In short, whether the loss is narrowing quickly (2023 -₩5.2 billion to 2024 -₩3.6 billion to 2025 -₩0.7 billion) becomes clear when viewed alongside rising revenue, and this is not a phase to conclude a burden from a single past metric distorted by last year's loss.
- The revenue trend is clear: ₩4.9 billion in 2023 to ₩9.5 billion in 2024 to ₩16.5 billion in 2025, an 83.7% compound annual growth rate over the available three-year window.
- Over the same period the operating result went from -₩5.2 billion to -₩3.6 billion to -₩0.7 billion, a fast-narrowing loss, so top-line growth and cost control advanced together.
- There is a reason revenue rose this way.
- Nexpowder, an endoscopic hemostatic powder, is a consumable-type material used repeatedly in actual procedures, so revenue accumulates as more hospitals adopt it, and the Nexsphere line of embolic microspheres is widening its use beyond bleeding embolization into new indications such as osteoarthritis, so the market itself is growing.
- Added to this, the exclusive Japan distribution agreement in April 2026 brings an overseas commercialization channel, setting a foothold for revenue that had stayed domestic to expand abroad.
- In other words, the current growth is not a one-off but the result of several drivers overlapping: repeat revenue from consumable-type materials, indication expansion, and overseas channels.
- On pace, revenue growth eased somewhat from last year (+95.5%) to this year (+72.7%), and the most recent first quarter of 2026 showed revenue of ₩4.12 billion (+9.2% year-on-year) with an operating result of -₩1.19 billion, so quarterly volatility remains.
- Still, the broad direction of the shrinking loss and the accumulating structure of revenue are intact, so it is enough to check quarter by quarter whether top-line growth and profit improvement continue together.
- Because the company has not separately disclosed official earnings guidance, it is more accurate to view this by whether the trend continues than to pin down a specific annual figure.
- The centerpiece of the disclosure flow is the exclusive Japan distribution agreement for Nexsphere-F, filed on April 9, 2026 as a key management matter for investment judgment.
- It means the company has secured a channel to distribute embolic microspheres exclusively in Japan, showing that the next driver of revenue growth lies in overseas commercialization.
- Following that, the first-quarter 2026 report on May 15, the 2025 annual report (and its correction) on March 19-20, and the regular shareholders' meeting result on March 30 came in succession, confirming the finalized results and the governance schedule.
- In May there were also filings on changes in executive and major-shareholder stakes; such holdings reports are better viewed as reference material for checking insider trading trends than as good or bad news in themselves.
- The strengths are clear.
- Revenue has grown more than 80% a year over three years, and the operating loss has narrowed quickly from -₩5.2 billion to -₩0.7 billion.
- Revenue comes from consumable-type materials used repeatedly, so it accumulates as more hospitals adopt them, and indication expansion together with overseas channels such as the exclusive Japan distribution rights add the seeds of the next stage of growth.
- Short-term debt burden is small, securing time to hold out until a swing to profit.
- On valuation, earnings are still negative so a P/E cannot be assigned and the P/B and P/S look high, but that is a natural look for a transitional growth name and not a warning sign in itself.
- The point to watch alongside is that the company is still loss-making on both an annual and quarterly basis, the timing of a swing to profit is not fixed, and quarterly results can be choppy as in the first quarter.
- In sum, this name is strong when revenue growth and the shrinking loss keep going and overseas sales in markets such as Japan show up in actual numbers, and weak when the swing to profit is delayed or quarterly losses repeat.
- Whether the current price is expensive or cheap ultimately rests on whether this growth and profit improvement follow through in the numbers.
🔎 Valuation vs peers Inconclusive
Based on the actual business (polymer medical materials and devices, with a growth and transitional profile), the comparison set together weighs profitable aesthetic and diagnostic device makers against still-loss-making growth medtech, with on-site figures on the same data basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Classys | 24.77x | 5.91x | 23.86% |
| Boditech Med | 10.15x | 1.04x | 10.23% |
| Lunit | — | 5.71x | -34.48% |
Because earnings are still negative, a P/E comparison is impossible, and the asset-based P/B of 7.4x is higher than at profitable names such as Classys (5.2x P/B, 24% ROE) and Boditech Med (1.0x P/B, 10% ROE). By contrast, its character resembles still-loss-making growth medtech Lunit (8.0x P/B, -35% ROE), so Next Biomedical's multiple sits closer to the group of companies that price in growth expectations first rather than to profitable ones. With last year's trailing metrics distorted by the loss, a normal P/E cannot be assigned, and the forward basis, absent an official company forecast, rests only on a DART seasonality approximation (about ₩18 billion in 2026 revenue, unverified). Until the timing of a swing to profit and the actual recognition of overseas sales are confirmed, it is hard to conclude cheap or expensive, so this is left inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩4.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩37,700 and the market capitalization is ₩312.1 billion. The price sits below its 20-day moving average (₩40,745) and below its 60-day moving average (₩49,074). 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 41.1, a neutral level. The one-month change is -3.1%, the three-month change is -38.5%, and the position relative to the 52-week high is -61.5%. Relative strength versus the KOSDAQ is 48 (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 48% of all stocks. Over the past three months it lagged the index by 18.4%. 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 -18.38% / 6M -49.73% / 12M -18.38%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 6.49x is above 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 -0.7%, below the sector average (5.0%). The operating margin is -4.4%. The debt ratio is 123.2%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.2M | $6.3M | $10.9M | +72.67% ↓ slower |
| Operating profit | -$3.5M | -$2.4M | -$476,893 | — |
| Net profit | -$5.0M | $1.9M | -$206,178 | -110.88% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $3.2M | $6.3M | $10.9M |
| Operating profit | — | — | -$3.5M | -$2.4M | -$476,893 |
| Net profit | — | — | -$5.0M | $1.9M | -$206,178 |
| Revenue CAGR | 2-yr avg 83.71% | ||||
Revenue rose 72.7% year over year (2023 ₩4.9 billion → 2024 ₩9.5 billion → 2025 ₩16.5 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 3 years on record, revenue compound annual growth (CAGR) is 83.7%. The two-year revenue CAGR is 83.7%. In the most recent quarter (Q1 2026), revenue was 9.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 72.7% year over year, a sign of growth.
Points to watch
- 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
- 2026-04-09UpdateExclusive Japan distribution agreement signed for the Nexsphere-F embolic microspheres, disclosed as a key management matter for investment judgmentSecuring an overseas commercialization channel is the next driver of mid-term revenue growth. That said, the actual scale and timing of revenue recognition need to be confirmed in future results. Source
- 2026-05-15EarningsQ1 2026 quarterly report: revenue of ₩4.12 billion (+9.2% year-on-year), cumulative operating result of -₩1.19 billionThe top line grew but the quarterly loss widened again. A checkpoint for confirming the timing of a swing to profit. Source
- 2026-03-19Earnings2025 annual report: annual revenue of ₩16.5 billion (+72.7%), operating result of -₩0.72 billion with a narrowing lossConfirmed results showing three straight years of high revenue growth and a shrinking loss. The primary basis for valuation and growth judgment. Source
- 2026-03-30FilingRegular shareholders' meeting result: routine agenda items for fiscal 2025 processedFor confirming governance and the regular schedule. The direct impact on short-term results is limited. Source
- 2026-05-26UpdateReport of holdings in specified securities by executives and major shareholders: changes in insider stakesReference material for checking insider trading trends rather than for judging good or bad news. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 annual revenue | ₩16.5 billion(₩16,476,802,680) | ₩16.5 billion | Confirmed | link |
| Q1 2026 revenue | ₩4.1 billion(₩4,121,403,275) | ₩4.1 billion | Confirmed | link |
| Exclusive Japan distribution agreement for Nexsphere-F | 2026-04-09 | DART | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | approx. ₩18.0 billion | — | Unverified | link |
Recent filings
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report (amended)
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-11Disclosure
- 2026-03-06Shareholders' meeting notice
📖 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.