[Reading Securities Reports] Tech Special Case SeeasTech... Targeting Medical Market with Subscription Service

Reduced Burden on Medical Institutions with Subscription Service
Projected Revenue of 34.4 Billion KRW in 2026
"Public Offering Proceeds to Be Used for R&D and Debt Repayment"

Seers Technology, which is set to enter the KOSDAQ through a technology special listing, has officially begun its public offering process. As the company is currently operating at a loss, it used its 2026 earnings forecast to determine the desired public offering price.

The projected revenue for 2026 is 34.4 billion KRW, expected to increase by 1,725% compared to last year's revenue of 1.855 billion KRW. Since the listing is through a technology special listing, the key issue will be whether the company can achieve its future performance as projected.

Seers Technology is a digital healthcare solution company that provides diagnostic support and remote patient monitoring services based on wearable medical devices and artificial intelligence (AI) diagnostic algorithms. Its top priorities are △ improving hospital workflow △ enhancing convenience for patients and medical staff △ and expanding hospital profitability through medical fee claims.

The flagship products are the diagnostic support service "mobiCARE™" and the remote patient monitoring service "thynC™." mobiCARE is a service that measures users' vital signs by attaching wearable medical devices and supports diagnosis through AI diagnostic algorithms. thynC is a service that monitors hospitalized patients using wearable devices that measure electrocardiograms, body temperature, oxygen saturation, blood pressure, and vital sign analysis AI. The company has minimized entry barriers by offering subscription-based sales, enabling easy device management and low introduction costs, making it accessible even to general hospital wards.

In 2022, Seers Technology recorded revenue of 1.15294 billion KRW and an operating loss of 7.99029 billion KRW. Last year, revenue was 1.885 billion KRW with an operating loss of 9.83 billion KRW. Due to operating at a loss, future projected earnings were applied when determining the public offering price. The lead manager, Korea Investment & Securities, and Seers Technology forecasted revenue of 7.449 billion KRW and an operating loss of 5.871 billion KRW this year, turning profitable in 2025 with revenue of 20.618 billion KRW and operating profit of 2.265 billion KRW. For 2026, they expect revenue of 34.419 billion KRW and operating profit of 12.858 billion KRW.

The basis for this forecast is the expected increase in sales of mobiCARE and thynC. In particular, mobiCARE's "Holter electrocardiogram (ECG) test" solution is anticipated to be a core driver. The Holter ECG test records rhythm and pulse for 24 hours or more. To conduct the test, the device must be attached to the patient's body, but traditionally, the high cost and difficulty of managing the device made it hard for general hospitals to adopt. However, Seers Technology has lowered the burden by providing the service on a subscription basis. The company is close to a duopoly in this field.

Based on these advantages, Seers Technology expects mobiCARE Holter outpatient sales to increase from 1.323 billion KRW last year to 6.116 billion KRW in 2026. Additionally, in the health checkup (arrhythmia screening) sector, sales are expected to jump from 98 million KRW to 19.045 billion KRW during the same period.

The outlook for thynC is similar. Previously, remote patient monitoring services were too expensive and were mostly applied only in intensive care units. However, Seers Technology provides medical devices free of charge to medical institutions and charges usage fees based on the number of monthly uses per bed. This reduces the burden on hospitals and allows use in general wards as well. The company expects sales in this sector to reach 900 million KRW this year and 7.578 billion KRW by 2026.

Korea Investment & Securities used the price-to-earnings ratio (PER) to determine Seers Technology's public offering price. Comparable companies include Bit Computer, Selvas Healthcare, and Twim. The average PER of these companies is 25.03 times. Using the projected net profit of 12.858 billion KRW in 2026, they calculated a per-share valuation of 15,151 KRW. Applying a discount rate of 7.60% to 30.70%, they set the desired public offering price range between 10,500 KRW and 14,000 KRW.

Seers Technology plans to raise 13 billion to 18.2 billion KRW by offering 1.3 million shares. Based on the lower end of the offering price, 3.958 billion KRW will be used for research and development as well as operating funds. Additionally, 3.316 billion KRW will be allocated to debt repayment. The remaining 6.1 billion KRW will be used for personnel expenses, material costs, and clinical research.