Livsmed's revenue essentially comes from a single product, the laparoscopic surgical instrument ArtiSential, whose selling logic is that its tip bends like a wrist to deliver near-robotic precision at low cost. It recorded 2025 consolidated revenue of ₩51.19 billion (₩45.68 billion domestic, ₩5.51 billion overseas, supplied to about 70 countries); its May 15 quarterly report confirmed Q1 revenue of ₩10.3 billion and an operating loss of ₩8.4 billion, and a May 13 tangible-asset acquisition shows capacity investment underway. The notable point right now is that a product with a low-cost differentiator has sold rapidly for three straight years, revenue growth is accelerating, losses have started to narrow, and a thick cash cushion is a strength. On the other hand, it is still loss-making, so the timing of a swing to profit must be confirmed in actual results; revenue is concentrated in one product; and being early after listing, supply-demand volatility is high.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 88.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.5% higher than a year earlier.
- ROE is -12.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -44.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jung-joo 39.33% (individual)
Controlling bloc incl. related parties 39.41%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis
- Livsmed's revenue essentially comes from one product, 'ArtiSential.' It is a hand instrument used in laparoscopic surgery, and its core is that the tip bends up, down, left and right like a surgeon's wrist, enabling resection and suturing at angles a straight instrument struggles to reach.
- The selling logic is that it delivers near-robotic precision without bringing in an expensive surgical robot, at a far lower cost.
- The 2025 consolidated revenue of ₩51.19 billion splits into ₩45.68 billion domestic and ₩5.51 billion overseas, with the overseas side supplied to about 70 countries - the domestic weight is still large, but the company is at a stage of broadening its sales network.
- The next-generation surgical robot 'STAR' is a development-stage pipeline first unveiled at an academic event in May 2026 and currently contributes almost nothing to revenue.
- The latest close is ₩36,750 and market capitalization is ₩918.9 billion.
- The price sits below its 20-day line (₩37,708) and below its 60-day line (₩52,458).
- Trading below both its short-term and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 43.0, a neutral level.
- The one-month change is -9.3%, the three-month change is -42.2%, and the position versus the 52-week high is -59.8%.
- Relative strength versus the KOSDAQ is 48 (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 52% of all stocks by strength.
- Over the past three months it lagged the index by 24.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Because profit is still in the red, a P/E ratio (how many years of profit the price represents) cannot be calculated.
- So the axes for gauging price become the P/B (how many times net assets the price represents) of 5.08x and the P/S (how many times a year's revenue the price represents) in the low 20x range.
- Those two figures alone look high, but this company is at a growth stage just before profit begins in earnest, so it is hard to conclude it is expensive from the multiple on a single trailing year of confirmed results.
- For a stock like this, how fast revenue grows and how much losses narrow governs the price.
- On profitability, ROE (how much is earned on equity in a year) is -12.7% and the operating margin is -44.2%, showing it is at a stage of building rather than earning.
- Meanwhile, finances are fairly solid.
- The debt ratio (debt against equity) is 111.7%, not heavy, and with a current ratio of 1,268% and current assets of ₩174.9 billion, the cash cushion secured through listing is ample, so it has the stamina to endure the path to profit.
- Revenue rose from ₩17.3 billion in 2023 to ₩27.1 billion in 2024 and ₩51.2 billion in 2025, a three-year compound annual growth of 72.2%, and the pace of increase (+88.8% year-on-year) actually accelerated.
- Because this is growth created by a single product broadening its sales network to about 70 countries, it is closer to a trend than a one-off figure.
- Over the same period the operating loss ran -₩23.9 billion in 2023, -₩26.5 billion in 2024 and -₩22.6 billion in 2025, with the loss starting to narrow again.
- Revenue accelerating while losses shrink means it is shifting toward a structure where each additional unit sold adds more, crossing over fixed costs.
- In the most recent Q1 2026, revenue was ₩10.3 billion, up 5.5% year-on-year, with an operating loss of -₩8.4 billion; the quarterly growth rate was more moderate than the annual trend, but because medical-device sales can be lumpy depending on quarterly order timing, it is too early to call the trend broken on one quarter alone.
- The company's numeric forward outlook has not been confirmed through official disclosure channels, so exactly when it swings to profit is not asserted from this material alone.
- Still, the direction itself of 'accelerating revenue plus narrowing losses' is clear.
- The primary source for the recent flow is disclosures.
- The March 23, 2026 business report confirmed both high annual revenue growth in 2025 and a narrowing loss, and the May 15 quarterly report confirmed Q1 revenue of ₩10.3 billion and an operating loss of ₩8.4 billion.
- In between, a May 13 disclosure of a decision to acquire tangible assets shows that equipment and capacity investment is underway.
- Read as an extension of growth in the sense of capacity preparation to take in more revenue, it also has the flip side of raising costs and depreciation early on.
- Including the March 31 AGM, the narrative of this period is closer to 'confirmation of first-year listed results and production investment' than to new-product launches.
- This stock splits comparatively clearly into strengths and points to check.
- The strengths are that a product with a clear differentiator - low cost versus surgical robots - has sold rapidly for three straight years, so revenue growth is accelerating and losses have started to narrow, and that it has a thick cash cushion to endure that process.
- In other words, the high-looking P/B and P/S are the result of this growth and swing-to-profit expectation being priced in, not weaknesses in themselves.
- The points to check are that it is still loss-making, so the timing of a swing to profit must be confirmed in actual results; that revenue is concentrated in one product; and that being early after listing, supply-demand volatility is high.
- The conclusion is not a flat assertion but conditional.
- If overseas sales expansion and a narrowing quarterly loss continue, the growth logic keeps its force; conversely, if revenue growth visibly slows or the swing to profit keeps being delayed, it becomes hard to justify the high P/B and P/S.
🔎 Valuation vs peers Inconclusive
Within the same medical-device sector, I set InBody (body-composition analyzers) and Dentium (implants) as the peer set - similar in scale and directly making and selling their own products. However, since those two are already profitable while Livsmed is at a growth and loss stage, it is appropriate to view it from a growth and revenue perspective rather than directly matching profit multiples (P/E).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| InBody | 24.42x | 2.35x | 9.64% |
| Dentium | 20.50x | 0.60x | 2.92% |
The peers InBody and Dentium are already at a profit-making stage, so they can be lined up by P/E (on last year's trailing profit), but Livsmed has a net loss, so a P/E itself cannot be calculated. So the axis for gauging price shifts to a P/B of 4.67x and a P/S in the low 20x range, higher than the peers' P/B (0.6-2.5x) and carrying considerable expectation relative to revenue as well. This means Livsmed is a growth stock priced not on current profit but on growth and swing-to-profit expectation. On a trailing basis there is no profit, so one cannot flatly call it 'cheap or expensive', and it is an inflection phase where the assessment changes greatly depending on the forward swing to profit and its magnitude, so the verdict is left inconclusive. The fact that the company's numeric future results could not be confirmed through official channels is one more reason for holding off.
Price history Close · MA20 · MA60
The latest close is ₩36,750 and the market capitalization is ₩918.9 billion. The price sits below its 20-day moving average (₩37,708) and below its 60-day moving average (₩52,458). 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 43.0, a neutral level. The one-month change is -9.3%, the three-month change is -42.2%, and the position relative to the 52-week high is -59.8%. 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 24.3%. 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 -24.26% / 6M -20.56% / 12M -14.60%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.08x 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 -12.7%, below the sector average (5.0%). The operating margin is -44.2%. The debt ratio is 111.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.4M | $18.0M | $33.9M | +88.75% ↑ faster |
| Operating profit | -$15.8M | -$17.6M | -$15.0M | — |
| Net profit | -$37.8M | -$17.0M | -$15.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $11.4M | $18.0M | $33.9M |
| Operating profit | — | — | -$15.8M | -$17.6M | -$15.0M |
| Net profit | — | — | -$37.8M | -$17.0M | -$15.2M |
| Revenue CAGR | 2-yr avg 72.18% | ||||
Revenue rose 88.8% year over year (2023 ₩17.3 billion → 2024 ₩27.1 billion → 2025 ₩51.2 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 72.2%. The two-year revenue CAGR is 72.2%. In the most recent quarter (Q1 2026), revenue was 5.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 88.8% 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
- 2026-05-15FilingQ1 2026 quarterly report filed - Q1 consolidated revenue ₩10.3 billion (+5.5% year-on-year), operating loss ₩8.4 billion, with losses continuing.Short term: confirms slower quarterly growth versus the high annual growth and continued losses. Baseline material for gauging the timing of a swing to profit. Source
- 2026-05-13FilingMaterial-fact report (decision to acquire tangible assets) - disclosure of a decision related to equipment and asset acquisition (including a correction).Medium term: suggests capacity and equipment investment is underway. A signal of capacity preparation for revenue expansion, but accompanied by short-term cost and depreciation burden. Source
- 2026-03-31FilingAGM results - matters such as financial-statement approval handled at the first-year listed AGM.Short term: confirms governance is proceeding normally. Direct earnings impact is limited. Source
- 2026-03-23Earnings2025 business report filed - consolidated revenue ₩51.19 billion (+88.8%), operating loss ₩22.64 billion, a narrower loss versus the prior year (₩26.50 billion loss).Medium term: confirms first-year listed results. Key material where high revenue growth and a narrowing loss were confirmed together. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Material-fact report (amended)
- 2026-05-13Material-fact report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-10OwnershipOwnership-change 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.