Recensmedical (394420) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Recensmedical is a medical-device company that makes money from precision cooling: it has commercialized a technology that uses a refrigerant to chill a specific spot on the skin or the surface of the eye within seconds, producing an anesthetic effect without chemical anesthetics. Its main products are TargetCool for dermatology and OcuCool for ophthalmology, and a substantial share of revenue comes from abroad. OcuCool was the first product from a domestic medical-device company to receive De Novo clearance from the U.S. FDA, and after its KOSDAQ listing on March 31, 2026 (offer price ₩11,000, raising about ₩15.4 billion), it showed the shareholding-change filings typical of a newly listed company. What stands out recently is that its differentiated technology, FDA De Novo clearance, double-digit revenue growth, and a shrinking operating loss show a company in the early-growth stage approaching a swing to profit; on the other hand, it is still loss-making, which makes earnings-based valuation difficult, and its P/B and P/S are higher than profitable peers, so this is a stage of directly confirming its growth pace and turn to profit.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Aesthetic Medical Devices” (Biotech & Pharmaceuticals · Medical Devices & Healthcare), a type typically read first through forward P/E.
Aesthetic medical-device makers often grow quickly as new products launch and consumable sales expand, so trailing profits can understate the pace of growth. That is why forward P/E — the share price against expected future earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, meaningful revenue has yet to ramp, so pipeline value and cash runway may matter more than this metric.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 41.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 54.7% lower than a year earlier.
- ROE is -274.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -120.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Gun-ho 23.07% (individual)
Controlling bloc incl. related parties 23.12%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Recensmedical earns money from precision cooling. It has commercialized a technology that uses a refrigerant to chill only a specific spot on the skin or eye surface within seconds to temporarily block nerve signals, and it sells devices that use this to deliver an anesthetic effect without chemical anesthetics or to perform cryotherapy. There are two main product lines: TargetCool for dermatology is used in cooling and cryo procedures, and OcuCool for ophthalmology is used for ocular cooling anesthesia. Notably, OcuCool was the first product from a domestic medical-device company to receive De Novo clearance (approval for a novel product class with no prior equivalent) from the U.S. FDA. It is also broadening its lineup with a spray-type device (TargetCool+) and a veterinary cooling device (VetEase), and a substantial share of revenue comes from exports. Because sales are unit sales of equipment, quarterly revenue tends to swing significantly with the timing of orders and certifications.
The latest close is ₩10,950 and the market capitalization is ₩120.4 billion. The price sits below its 20-day moving average (₩11,302) and below its 60-day moving average (₩18,382). 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 41.6, a neutral level. The one-month change is -32.2%, the three-month change is -64.7%, and the position relative to the 52-week high is -67.7%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 51.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
This company is still in the pre-profit stage, so its valuation is viewed on an asset and revenue basis rather than earnings. Because it is loss-making, the P/E (share price to one year of earnings) cannot be calculated; instead the P/B (share price to net assets) is about 28.8x and the P/S (share price to one year of revenue) is 27.3x. Shareholders' equity is ₩7.0 billion and book value per share (BPS) is ₩638, so the current share price mainly reflects expectations for technology commercialization and revenue growth rather than book value. This is common for early-stage technology companies, so rather than calling it expensive on these figures alone, one should also watch how fast revenue grows and how much the loss shrinks. Profitability still shows a large loss: FY2025 operating loss was ₩10.6 billion (operating margin -120.5%), net loss was ₩19.1 billion, and ROE (how much is earned per year on equity) was -274%. That said, financial stability itself is sound, with a current ratio of 269% leaving room in short-term liquidity and a debt ratio (debt to equity) of 172%, not an excessive level. For a loss-making company, trailing (last year's confirmed) earnings metrics are negative and thus weakly meaningful in themselves, so the pace of revenue growth and the timing of the turn to profit are the more critical variables.
The top line is growing quickly. Revenue rose from ₩5.77 billion in 2023 to ₩6.26 billion in 2024 to ₩8.83 billion in 2025, up 41% last year, with the pace of growth actually accelerating (an uptrend over three years). The operating loss also narrowed by ₩3.6 billion, from ₩14.2 billion in FY2024 to ₩10.6 billion in FY2025, a clear improvement in the operating deficit. As revenue grows and begins to absorb fixed costs, the company is on the typical early-growth path toward a turn to profit (though the FY2025 net loss widened to ₩19.1 billion on one-off and financial costs). Most recently, first-quarter 2026 revenue was ₩1.02 billion, down 54.7% year on year; given that equipment revenue clusters around the timing of orders and certifications for an early-stage medical-device firm, it is more reasonable to read the annual flow than any single quarter's change. Because the company is still loss-making, a forward P/E based on this year's projected earnings only becomes meaningful once net profit turns positive, and since no official earnings outlook has been confirmed, no forward earnings metric is presented. So rather than discounting this stock on a forward basis, this is a stage of directly confirming progress along the two axes of revenue growth and a shrinking loss.
The post-listing filing flow stands out. Around the KOSDAQ listing on March 31, 2026 (offer price ₩11,000, raising about ₩15.4 billion through the offering), a securities-issuance results report was filed, followed in early April and again in May-June by a cluster of shareholding-change filings such as large-holding reports and reports on holdings of specified securities by executives and major shareholders. This is a pattern common at newly listed companies, disclosing the holdings and changes of pre-listing investors (such as venture capital) and major shareholders. Over the same period a quarterly report (2026.05.15) and an outside-director-related filing (2026.03.31) were also submitted. Business-body filings such as single supply contracts or an official company earnings outlook have not yet come to the fore, so for now the points to watch are the trend in revenue recognition and any further licensing or order filings.
The strengths are clear: the differentiated technology of precision cooling, OcuCool's U.S. FDA De Novo clearance (the first such case domestically), and double-digit, fast-growing revenue alongside a shrinking operating loss. This is the typical early-growth picture of a company approaching a turn to profit as its top line expands, and if this direction continues, the structure is strong. At the same time there are points to weigh. It is still loss-making, which makes earnings-based valuation impossible, and its P/B and P/S are higher than profitable peers, a result of future growth expectations being priced in ahead. Equipment revenue swings sharply by quarter, and as a recently listed company its trading volatility and shareholding-related supply-demand can also be unsettled. In short, the structure is strong when technology commercialization and overseas revenue scale up in earnest and a path to profitability is confirmed, and weak when revenue growth slows or losses persist. Rather than concluding one way or the other, it fits this stage to keep watching the growth pace and the turn to profit directly.
🔎 Valuation vs peers Inconclusive
A real-business peer group in medical, precision, and optical devices (medical-device manufacturing); InBody is a profitable device peer in the same sector, and Seegene is a diagnostics reference, though as an early-stage loss-making company Recensmedical faces clear limits on direct multiple comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| InBody | 30.81x | 2.87x | 12.20% |
| Seegene | 31.05x | 1.47x | 6.42% |
Because it is loss-making, the P/E (share price to one year of earnings) cannot be derived, so direct comparison with profitable device peers (InBody at about 2x P/B) is of limited meaning. Recensmedical's P/B of 34.5x and P/S of 27.3x carry a large premium over profitable peers, reflecting expectations for technology commercialization and revenue growth rather than book value. With last year's trailing (confirmed) metrics negative, earnings-based valuation cannot be applied, and since no official company outlook is confirmed, a forward basis cannot be presented either. So rather than concluding cheap or expensive, we treat this as a phase where a valuation judgment is only possible once the path to profitability and continued revenue growth are confirmed, and so leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩10,950 and the market capitalization is ₩120.4 billion. The price sits below its 20-day moving average (₩11,302) and below its 60-day moving average (₩18,382). 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 41.6, a neutral level. The one-month change is -32.2%, the three-month change is -64.7%, and the position relative to the 52-week high is -67.7%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 51.7%. 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 -51.68% / 12M -22.09%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.72x is above the sector median (1.23x).
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 -274.0%, below the sector average (2.0%). The operating margin is -120.5%. The debt ratio is 46.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.1M | $4.4M | $6.2M | +41.05% ↑ faster |
| Operating profit | -$8.8M | -$9.9M | -$7.5M | — |
| Net profit | -$5.3M | -$5.5M | -$13.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $4.1M | $4.4M | $6.2M |
| Operating profit | — | — | -$8.8M | -$9.9M | -$7.5M |
| Net profit | — | — | -$5.3M | -$5.5M | -$13.4M |
| Revenue CAGR | 2-yr avg 23.69% | ||||
Revenue rose 41.0% year over year (2023 ₩5.8 billion → 2024 ₩6.3 billion → 2025 ₩8.8 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 3 years on record, revenue compound annual growth (CAGR) is 23.7%. The two-year revenue CAGR is 23.7%. In the most recent quarter (Q1 2026), revenue was 54.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 41.0% 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
- 2026-03-24FilingSecurities-issuance results report filed. KOSDAQ listing offer price ₩11,000; funds raised through a new-share offering (wrapping up the listing fundraise).Short term: inflow of listing funds and changes in share count and capital structure from the new-share issuance. Mid term: check whether the raised funds, spent on facilities and operations, translate into revenue. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report filed. Quarterly revenue of about ₩1.02 billion, down year on year (the quarterly skew of equipment revenue).Short term: confirmation of quarterly revenue volatility. Mid term: a reference point for the annual revenue-recognition trend and the path to a turn to profit. Source
- 2026-06-09FilingLarge-holding report (abridged) filed. Post-listing report on the holdings and changes of a large holder.Short term: possible supply-demand impact from a shareholding change. Mid term: tracking changes in the ownership structure of early post-listing investors. Source
- 2026-04-07FilingReport on holdings of specified securities by executives and major shareholders, plus multiple large-holding reports, filed. A cluster of shareholding-related filings right after listing.Short term: a supply-demand variable tied to early post-listing holding changes. Mid term: monitoring the holding trend of major shareholders and institutions. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-22OwnershipAmended filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipAmended filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-06OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Disclosure
📖 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.