[Click eStock] "Seeas Technology, Leaping into Remote Medical Services Company... Various Momentums in Focus"

On the 2nd, SK Securities analyzed that it is time to pay attention to various growth momentum of Seeas Technology.

Heo Seonjae, a researcher at SK Securities, said in a report on the day, "The company aims to achieve its first growth through Mobicare, which can immediately generate visible performance as medical insurance fees have been applied, and to build performance through Think, which has a large potential scale by penetrating general wards." Mobicare is a wearable ECG patch for arrhythmia diagnosis, and Think is a real-time inpatient monitoring solution.

Researcher Heo pointed out the reasons to focus on Seeas Technology as ▲ entering the overhang resolution phase due to the release of the 3-month lock-up shares (9/19) ▲ the peak season effect of Mobicare health screening centers in the 4th quarter ▲ the schedule for entering the U.S. market through Mobicare’s FDA (Food and Drug Administration) approval in the 4th quarter ▲ the schedule for expanding hospitals adopting Think.

Mobicare is expected to actively penetrate the domestic ECG screening market worth 900 billion KRW. Seeas Technology entered the profitable domestic health screening market such as KMI and the Korea Association of Health Promotion since May. It has also been introduced to 42 tertiary general hospitals, more than 220 secondary medical institutions, and more than 580 primary medical institutions.

Researcher Heo said, "High growth in sales at screening centers is expected due to the peak season of health screenings in the 4th quarter, and expansion into seven countries including the U.S. FDA approval schedule is planned," adding, "It is also worth comparing with the market capitalization of the global leading company (iRhythm), which is 3 trillion KRW."

In addition, Seeas Technology has been accelerating its penetration into the domestic inpatient monitoring market worth 1.1 trillion KRW annually since the 2nd quarter. Researcher Heo said, "Think is expected to experience full-scale market growth due to medical staff shortages and hospital profitability issues," and "At least 10 or more hospitals are expected to adopt it by the end of this year."

He added, "Seeas Technology is expected to emerge as a major player in the long-term telemedicine market," and "It is currently securing clinical evidence in actual medical institutions and accumulating sufficient references. It is expected to become a major company capable of meaningful profit generation."