iM Securities said on the 1st that, as hospital demand for medical robots for brain surgery is rising, sales in the U.S. market are expected to begin in earnest next year. It maintained an investment opinion of "Buy" and raised its target price to 30,000 won from 23,300 won. The previous trading day's closing price of Goyoung was 23,700 won.
Researcher Lee Sang-heon at iM Securities said, "Geniant Cranial, a medical robot for brain surgery, obtained U.S. FDA 510(k) clearance in Jan. this year and was installed at a large U.S. hospital in Jul. not just for simple testing but for sale," and noted, "This will be recognized as revenue in a few months."
Lee added, "Geniant Cranial is expected to be used to treat complex brain diseases such as epilepsy, Parkinson's disease, and brain tumors." Earlier, research results were presented at CNS, a major U.S. neurosurgery society, showing that it has higher accuracy and surgical workflow efficiency than existing brain surgery navigation platforms.
Lee expected, "As concrete adoption talks with multiple hospitals proceed actively, the spread will accelerate." Lee projected that more than 30 units of Genius Cranial will be installed next year mainly in the U.S. market, and saw the potential to sell more than 100 units within three years.
There are currently 1,437 advanced neurosurgery hospitals in the United States where medical robots for brain surgery can be sold. Goyoung is focusing on the market centered on 301 hospitals selected as priority targets among them. To that end, the company plans to concentrate on demos and sales centered on its initial base hospitals.
At the same time, it saw that revenue expansion in the Americas would continue due to increased server demand from expanded investment in artificial intelligence (AI). Lee analyzed, "In the case of AI-based Smart Factory software revenue, it not only exceeded last year's annual results on a cumulative basis for the third quarter of this year, but is also spreading rapidly centered on global big tech clients, so future revenue growth will accelerate."