[Click e-Stock] "Coreline Soft, Medical AI in Focus... Collaboration Momentum with Boehringer Ingelheim"

Independent research firm ValueFinder stated on June 25 that it is time to revisit Coreline Soft as a medical AI-related stock, citing heightened expectations for its collaboration with Boehringer Ingelheim and the acceleration of its entry into the North American and European markets.

Lee Chungheon, a researcher at ValueFinder, commented, "Since 2023, medical AI-related stocks have experienced rapid share price increases driven by expectations of high growth. However, due to disappointing earnings and the spotlight on other promising domestic industries, these stocks have relatively underperformed. Nevertheless, with the overseas expansion of medical AI-related companies now in full swing, they warrant renewed attention."

Coreline Soft, established in 2012 and listed on KOSDAQ in 2023 through a technology-special listing, is an AI-based medical imaging diagnostic support software company. The company specializes in CT diagnostics, and while domestic performance is recovering this year, overseas sales are increasing, signaling the start of significant growth.

According to market research firms, the global AI healthcare market size grew from $1.43 billion in 2017 to $15.8 billion in 2023, and is projected to reach approximately $181.8 billion by 2030, with a compound annual growth rate of 41.8%. The demand to utilize AI for collecting and learning from medical data, enabling early cancer diagnosis and reducing healthcare costs, is surging. However, the supply of medical professionals remains limited. The company’s product lineup includes 'AVIEW LCS Plus' and 'AVIEW NeuroCAD', which detect and analyze lung-related diseases such as lung nodules and emphysema.

The number of overseas customers has rapidly increased from 40 in 2022, to 61 in 2023, and 88 in 2024. In Europe, the company has secured national-level lung cancer screening projects in Germany, France, the United Kingdom, and Italy, building up its references. Yesterday, the company announced that it had signed a contract to supply its proprietary AI software AVIEW COPD to Baylor College of Medicine, located in the Texas Medical Center, the largest medical complex in the United States, thereby establishing a reference in the North American market as well.

Researcher Lee stated, "Last month, the company announced it would supply its AI lung imaging pattern analysis software 'Aview Lung Texture' to Boehringer Ingelheim’s Taiwan subsidiary. Aview Lung Texture analyzes chest CT images within minutes, quantifies and classifies pulmonary fibrosis patterns. While it has not yet generated significant revenue, collaboration with a global company serves as a positive reference point, demonstrating the company's technological capabilities."

Finally, he added, "The company recently conducted a rights offering for operational funding, raising 25.1 billion won, and achieved 100% subscription from existing shareholders. However, considering that the company’s quarterly losses remain around 3 billion won, if sales do not achieve meaningful growth by the second half of next year, additional fundraising cannot be ruled out."