[Click e-Stock] "Seers Technology Set to Evolve from Medical Device to Digital Healthcare Platform"

On June 2, KB Securities analyzed that Seers Technology is continuing its rapid growth by providing digital healthcare services based on wearable devices.

Seers Technology is applying reimbursement rates for its arrhythmia diagnosis service for outpatients, 'mobiCARE', and its remote monitoring service for inpatients, 'thynC'. The company is also accelerating its market penetration by utilizing Daewoong Pharmaceutical's hospital sales network.

In the first quarter of this year, Seers Technology recorded sales of 4.1 billion KRW, a 486% increase compared to the same period last year. Although the company continued to post an operating loss of 600 million KRW, its sales growth is remarkable. In particular, the remote monitoring service for inpatients, 'thynC', is analyzed to be driving this performance.

Han Jeyoon, a researcher at KB Securities, stated, "Since the third quarter of last year, thynC's sales have started in earnest. After being applied to approximately 1,000 beds, it was additionally applied to about 750 beds in the first quarter of this year." He added, "Growth is expected to continue in the second quarter compared to the previous quarter, and steep growth is being seen every quarter." Currently, there are about 700,000 hospital beds in Korea, but thynC's penetration rate is still below 1%, suggesting that rapid growth is likely to continue for the time being.

There is also growing attention on the possibility that Seers Technology's thynC could evolve from a simple remote monitoring device into a 'platform'. Han explained, "If thynC continues to penetrate the market rapidly and secures a leading position, once the devices reach a certain level of distribution, it will become possible to expand into a platform business by providing a broader range of services."

Currently, thynC provides monitoring functions for key vital signs such as electrocardiogram, blood pressure, and oxygen saturation. Based on this, Seers Technology is preparing to transition into a platform business by adding various disease prediction functions. In fact, the company is developing disease prediction solutions for conditions such as cardiac arrest, emergency arrhythmia, and atrial fibrillation. Once approval from the Ministry of Food and Drug Safety is obtained, Seers Technology plans to equip thynC with these solutions through the innovative medical device designation process.

Researcher Han emphasized, "If thynC is utilized as a platform, it will be possible not only to monitor various diseases but also to predict them," adding, "It is important to pay attention to its value as a platform alongside its rapid growth."