KOSDAQ-listed Tomocube said it will expand its business into semiconductor inspection in addition to its mainstay bio segment. The company plans to extend the use of its core holotomography (HT) technology beyond life science research products to industrial analysis products.
Gu Wan-seong, Tomocube's chief financial officer (CFO), attended Kiwoom Securities' Corp Day on Jan. 31 and said, "Meaningful results are continuing in our core Organoid business," adding, "In addition, in the non-bio area, we have set semiconductor glass substrate inspection and semiconductor wafer 3D inspection as key pillars."
Tomocube, a 3D cell imaging company founded in 2015, is developing advanced cell imaging equipment based on holotomography (HT) technology. The holotomography technology enables label-free, three-dimensional observation of living cells, driving demand for related equipment in Organoid research (organ-like structures cultured in 3D from stem cells).
The company plans to apply this technology to industrial equipment as well. It will be used in processes such as TGV, which creates fine electrode vias that facilitate electrical flow in glass substrates for semiconductor packaging.
According to the company, as its core business gains traction, its results are improving. Fourth-quarter revenue last year was about 5 billion won, up 448.6% from a year earlier, and with its first operating profit, the company swung to a quarterly net profit.
Gu, the CFO, said sales of the flagship product "HT-X1 Plus" are increasing, and revenue is being generated in the non-bio area.
First, meaningful results are emerging in the Organoid business, the mainstay. The company said it has been under a joint development agreement with a global big pharma since Jan. last year, and it is also participating in the international standardization of Organoid research and evaluation methods by carrying out a joint project with an agency under the National Institutes of Health (NIH).
Results are also expected to materialize in semiconductor glass substrate and wafer 3D inspection. Tomocube has technology that can inspect and measure TGV in three dimensions without damage using HT technology. For wafer 3D inspection, it cited as a competitive edge the ability to perform non-contact inspection and roughness measurements across the entire wafer using HT technology.
In this business, Tomocube supplies modules to inspection equipment makers, which then deliver the systems to end customers. Gu, the CFO, projected, "As early as the end of this year or early next year, after quality testing, we could attempt to enter mass-production lines in the second half."
The company set this year's revenue target at 16.4 billion won.
At the briefing, questions were raised about Tomocube's governance structure and main business, and about the issue of the CEO concurrently serving as a professor.
A shareholder asked whether outside director Park Sang-il, who serves as the head of nanometrology specialist Park Systems, is in technological competition with Tomocube.
In response, Gu, the CFO, said, "Park Systems' products are used in ultra-precision local inspection, while Tomocube's products are positioned for special process applications," but added, "Since Park Systems acquired Swiss holographic microscope company LynceeTec last year, concerns could be raised that their business areas might overlap in the holographic domain."
However, Gu said, "Semiconductor inspection is still in an early stage without an established industry standard, so whether there will be competition can be judged later," adding, "The appointment of an outside director can also be seen as a positive signal for potential collaboration."
There was also a question about why CEO Park Yong-geun concurrently serves as a professor in the physics department at KAIST. Concerns were raised about conflicts of interest particular to faculty-founded startups or reduced focus.
In response, Gu, the CFO, emphasized, "Given the nature of our business in research equipment, accessing academic presentations and global researcher networks in a professor capacity helps the company's marketing and sales." He added, "The KAIST lab and the company have completely separate roles, and in practice, it is not a structure where personnel from the lab come directly to work at the company."