[Click e-Stock] SG Healthcare's AI Imaging Diagnostic Solution Poised for Global Expansion

On January 22, ARC Research analyzed that the global expansion of SG Healthcare's artificial intelligence (AI) imaging diagnostic solution is highly anticipated. The firm did not provide an investment opinion or target price.

SG Healthcare primarily engages in the manufacturing and sales of imaging diagnostic medical devices. The company is expanding its AI solution business through its subsidiary, Mint Labs.

The subsidiary, Mint Labs, commercialized the MRI acceleration solution IAI (Innovative AI) in 2023. IAI is a solution that dramatically reduces MRI scan time by 50% using only software. It is compatible with MRI machines from other manufacturers as well. In May of last year, the company applied for FDA 501(k) approval in the United States. FDA approval is expected to be completed within the first quarter of this year.

Kim Yongho, a researcher at ARC Research, said, "Following FDA approval, global expansion is expected to accelerate, not only in the United States but also in South America and other regions. With the introduction of IAI, the number of monthly scans per MRI machine will increase from the current 250 to 450 due to the reduced scan time."

He added, "With a higher return on investment (ROI), hospitals can generate approximately 1.7 billion won in additional annual revenue per MRI machine. For patients, the improved medical environment will provide greater convenience and help alleviate bottlenecks caused by waiting demand."

He also emphasized that there is a significant valuation gap compared to peers. ARC Research analyzed that, including SG Healthcare, there are only three companies worldwide that have commercialized MRI acceleration solutions. He noted, "All competitors except SG Healthcare are unlisted companies, so their corporate value can be indirectly estimated through investment cases."

According to ARC Research, based on disclosures and media reports, AIRS Medical was valued at approximately 450.9 billion won after its Series C investment in 2025. Excluding redeemable convertible preferred shares (RCPS), the valuation is about 303.2 billion won. Another competitor, Subtle Medical in the United States, is also likely to have a corporate value similar to AIRS Medical, considering its accumulated investment and global market share. Subtle Medical was valued at about 100 billion won at the time of its Series B investment in 2022.

He said, "SG Healthcare's market capitalization is about 34.2 billion won, which remains significantly lower than that of similar companies. The current reason for this derating is presumed to be IAI's low market share and the lack of FDA approval."

He further emphasized, "If IAI obtains FDA approval in the future, its market share is likely to gradually expand. As the gap in cumulative sales volume with competitors narrows, the valuation gap could also decrease."