From Ugly Duckling to Swan: Seers Technology Stock Soars on Strong Earnings

Sales Increase Driven by Inpatient Monitoring Service "Think"
Stock Price Rises on Expectations of Turning Profitable This Year

The stock price of Seers Technology, an artificial intelligence (AI) diagnostic monitoring company, has risen sharply this year. After being listed on the KOSDAQ market in June last year, the stock price remained below the initial public offering (IPO) price for nearly a year, causing concern among shareholders. However, with sales increasing rapidly, the stock price has also shown an upward trend.

According to the financial investment industry on August 6, Seers Technology’s stock price has risen by 230% since the beginning of this year. Even considering that the KOSDAQ index rose by 18% during the same period, the return relative to the market is 212 percentage points (P). Over the past three months, individual investors and foreign investors purchased 12.6 billion KRW and 9.4 billion KRW worth of shares, respectively, driving the stock price increase.

Seers Technology provides diagnostic support services such as “Mobicare,” which utilizes AI algorithms for biosignal analysis and wearable medical devices, and “Think,” a monitoring service for hospitalized patients. The company was listed on the KOSDAQ market on June 19 last year at an IPO price of 17,000 KRW. On the first day of listing, the price rose to 36,000 KRW but closed at 18,500 KRW. Afterward, the stock price did not recover to the IPO price until May this year.

Mobicare, launched in July 2020, is a long-term wearable electrocardiogram (ECG) analysis service for arrhythmia screening and diagnosis. It uses AI algorithms to analyze long-term ECG data of over 24 hours and provides diagnostic reports reviewed by arrhythmia specialists. This service assists frontline medical staff in diagnosing patients suspected of arrhythmia. In collaboration with university hospital health checkup centers and specialized health screening centers, arrhythmia screening services have also been launched for health checkup recipients. As of March this year, more than 960 medical institutions had adopted Seers Technology’s services.

Think is a service that allows real-time observation of vital signs such as ECG, body temperature, oxygen saturation, and blood pressure of hospitalized patients in wards. It consists of wireless wearable medical devices for measuring vital signs, wireless communication network equipment, patient central monitoring software, and a data analysis backend system. The system enables real-time monitoring of inpatients’ biosignals within wards and allows medical staff to respond quickly. Its convenience, clinical effectiveness, and cost-effectiveness have been verified through demonstration and clinical research at several university hospitals, including Hallym University Sacred Heart Hospital, Soonchunhyang University Seoul Hospital, and Chonnam National University Hwasun Hospital.

Ha Taegi, a researcher at SangSangIn Securities, explained, “Think’s sales increased from 340 million KRW in 2023 to 4.18 billion KRW last year,” and added, “In the first quarter of this year, sales reached 3.1 billion KRW.” He continued, “We estimate that Think’s second-quarter sales will reach 5 billion KRW,” and “On an annual basis, sales are expected to reach 21.1 billion KRW this year.”

As more hospitals adopt Think, Seers Technology’s sales are increasing. In the first quarter of this year, Seers Technology recorded sales of 4.1 billion KRW, a 445.4% increase compared to the same period last year. In terms of sales composition, ECG test solutions accounted for 23.4%, and inpatient monitoring solutions accounted for 76.2%. With the rapid growth of Think’s sales, it is estimated that second-quarter sales increased by 585.3% year-on-year.

Han Jeyoon, a researcher at KB Securities, stated, “The total number of hospital beds in Korea is about 700,000, and Think’s market penetration rate is less than 1%,” and predicted, “Rapid growth is expected to continue for the time being.” He emphasized, “In addition to rapid growth, the key point to note is the platform value of Think,” and added, “If the service can quickly penetrate and dominate the market, it will be possible to expand the range of services provided and develop a platform business.”

Daol Investment & Securities estimated that Seers Technology will achieve sales of 31.8 billion KRW and operating profit of 9.2 billion KRW this year. Sales are expected to increase by 293% compared to last year, and operating profit is expected to turn positive.