[Featured Stock] SeeusTech, Essential Unique Technology Amid Medical Crisis... Anticipated US FDA Approval

The stock price of Seeas Technology is on the rise. Recently, due to the impact of the COVID-19 pandemic and other infectious disease outbreaks, as well as the medical gap caused by the departure of residents, demand for verified remote medical solutions has surged. Analysts expect sales to increase sharply this year and next, which appears to be influencing the stock price.

As of 2:27 PM on the 11th, Seeas Technology is trading at 14,410 KRW, up 7.22% from the previous day.

Seeas Technology offers hospitals a subscription service combining wearable devices and artificial intelligence (AI) for electrocardiogram analysis and remote patient monitoring solutions. On the 5th, a research team led by Professor Lee Ki-hong from Chonnam National University Hospital and Seeas Technology announced an AI arrhythmia prediction model using MobiCare. The deep learning AI model revealed this time demonstrated excellent predictive performance with an accuracy of 97.4%, sensitivity of 97.5%, and F1-Score of 97.4%.

Kim Doohyun, a researcher at Hana Securities, explained, "Seeas Technology’s ‘thynC’ has already proven its versatility in various wards such as cardiology, pulmonology, neurology, and oncology." He added, "Currently, demonstrations are underway beyond remote medical care, including home patient monitoring and remote collaborative treatment."

He continued, "After FDA approval this year, the company plans to enter the U.S. remote medical business," and "is preparing to expand into Mongolia, Hong Kong, Kazakhstan, Vietnam, UAE, Thailand, and other countries."

Researcher Kim analyzed, "Seeas Technology was recognized for its strength in real-time biometric data transmission for arrhythmia screening services targeting health checkup recipients and its superiority in diagnostics, leading to supply contracts with KMI Korea Medical Institute in February and the Health Management Association in July, becoming the first wearable diagnostic company to secure such agreements."

He added, "The company has entered the health checkup market," explaining, "The annual number of health checkup recipients in Korea is about 14 million. Although it is still in the early stages, the installation rates of medical equipment, network devices, server systems, and wearable medical devices at health checkup centers are increasing, resulting in a rise in the number of examinees." He further predicted, "Annual sales exceeding 30 billion KRW are possible in health checkups," and "Starting from the peak season in the fourth quarter, significant growth in scale due to the increase in examinees will begin."

Additionally, he expressed expectations, saying, "Recently, electrocardiogram testing has been designated as an essential item in the adequacy evaluation for hypertension and diabetes patients, and the number of hospitals adopting it is rapidly increasing," and "Steep growth is also possible with the acquisition of additional centers."

Sales this year are estimated at 7.4 billion KRW, a 295.1% increase from last year. Next year, sales are expected to reach 20.6 billion KRW, a 176.8% increase year-over-year. Operating profit is anticipated to turn positive with 2.3 billion KRW next year.

Seeas Technology was listed on the KOSDAQ market on June 19th with an initial public offering price of 17,000 KRW. On the day of listing, the stock price rose to 36,000 KRW but then fell below the IPO price due to selling pressure for profit-taking. Kang Kyung-geun, a researcher at NH Investment & Securities, said, "As of the first half of last year, Seeas Technology dominated the market with a 71.3% share based on long-term care E6556 (over 48 hours up to 7 days)," and explained, "thynC is undergoing commercialization with demonstrations and clinical research at multiple university hospitals." He added, "Revenue is recognized based on the number of service uses per month (6,500 to 20,000 KRW per case)," and "Considering about 14 million annual health checkup recipients in Korea, steep revenue growth is expected."

Lee Young-shin, CEO of Seeas Technology, said in an interview with the media last month, "The FDA product approval review in the U.S. is currently underway," and "We expect to receive approval within the third or fourth quarter of this year." He added, "The leading U.S. electrocardiogram device company in advanced remote medical care is iRhythm," and confidently stated, "As presented in clinical papers, we believe our product has a competitive edge in terms of the electrical characteristics and price of wearable sensors."