[Click eStock] "Selvas AI, Korea's Only Profitable Medical AI Company"

Hana Securities on the 11th projected Selvas AI's 2024 performance with sales of 123.4 billion KRW and operating profit of 13.6 billion KRW. Steep growth is expected compared to the previous year due to the consolidated results reflecting the acquisition of Mediana earlier this year.

Choi Jae-ho, a researcher at Hana Securities, evaluated, "Selvas AI is the only profitable medical AI company in Korea, innovating in the medical AI field."

Selvas AI, originally a Human Computer Interaction (HCI)-based speech recognition (STT) specialist company, is rapidly expanding into the medical sector through the acquisition of the listed company Mediana. Mediana mainly engages in manufacturing and selling medical devices, with patient monitoring devices and defibrillators as its core products. Selvas AI is expected to experience steep growth in the medical AI field through synergy with Mediana.

One of the main products, 'Selvy MediVoice,' is software that automatically generates voice-based notes and charts related to examinations, maximizing work efficiency. Previously, the main revenue source was the radiology departments of hospitals. As of the first half of this year, demand has surged to exceed last year's annual sales. The growth rate is expected to accelerate further. Samsung Seoul Hospital, one of Korea's top five hospitals, is currently using Selvy MediVoice and is expanding its adoption from radiology to all clinical departments to enhance medical efficiency and service quality. Deep learning work is underway using medical data from some clinical departments besides radiology. Considering the project started in June this year, related performance is expected to increase from the end of the year. The application of Selvy MediVoice will be sequentially expanded from one clinical department to a total of 33 departments at Samsung Seoul Hospital. It is anticipated that the trend of adoption will spread to other hospitals through references from large-scale domestic hospitals.

Attention was also drawn to the convergence of Mediana's medical device hardware technology and Selvas AI's software technology. In hospitals, Patient Monitor Device (PMD) equipment is essential for continuously monitoring patients in general examination rooms, operating rooms, and intensive care units. A centralized monitoring software called CMS, which connects each PMD to provide real-time biometric information, is under development. Since it is designed to enable integrated monitoring regardless of brand, rapid demand expansion is expected after launch. A pilot project is being prepared with a target for the end of this year.