[Click eStock] "Deepnoid, 1785% Sales Increase... Leading Industrial AI"

Sangsangin Securities forecasted on the 9th that Deepnoid's industrial artificial intelligence (AI) led its performance in the second quarter of this year, and that overseas expansion will be in full swing starting next year.

Baek Young-chan, a researcher at Sangsangin Securities, stated in a report on the same day, "Deepnoid's sales in the second quarter of this year reached 3.9 billion KRW, marking a significant growth of 1785% compared to the same period last year," adding, "This is attributed to the recognition of 7.5 billion KRW in machine vision system sales from a domestic secondary battery client ordered last October."

Researcher Baek noted, "The noteworthy points are the potential entry of medical AI into screening centers and the global expansion of aviation hazardous materials security AI," and explained, "Deepnoid's medical AI targets diagnostic assistance markets such as cerebrovascular and pulmonary diseases. The Deep:Neuro solution for assisting diagnosis of cerebral aneurysms through brain MRA was selected as an innovative medical technology last August and has been expanding the number of domestic non-reimbursed billing hospitals since April."

As of the end of July, Deepnoid secured 24 hospitals (18 hospitals as of the end of May) as solution users, and sales began from the second quarter. According to the Health Insurance Review & Assessment Service, the number of domestic cerebrovascular disease patients last year was 1.32 million, and demand for cerebrovascular disease examinations is expected to increase due to aging and the rise in chronic disease patients.

He said, "With the penetration rate expansion due to the Ministry of Science and ICT's medical AI voucher support project, the number of non-reimbursed billing hospitals for Deep:Neuro is expected to reach 50 by the end of this year," and analyzed, "The company is preparing to enter the screening center market next year, where the domestic health screening market size is estimated to be over 5 trillion KRW, and the imaging reading market for X-Ray, CT, etc., is expected to be around 10%."

Furthermore, he stated, "The rate of health screenings for prevention has been continuously rising recently, and the outsourced reading market is also expected to expand," adding, "The company is expected to secure a leading position in this market through collaboration with specialized reading hospitals and sLLM-based reading report generation services."

He also added, "Attention should be paid to the expansion of TAM next year, including the signing of medical AI MOUs in the Southeast Asian market and the FDA 510(k) review application within this year."