Seers Technology is moving to target overseas markets, but in the United States it is still awaiting Food and Drug Administration (FDA) approval. The company plans to first secure results and references in the Middle East before pushing into the U.S. market.
Chief Executive Lee Young-shin said at an investor relations (IR) session at the Conrad Hotel in Yeouido, Seoul, on the 4th, "It is true that our U.S. entry has been somewhat delayed," adding, "We plan to achieve results in the highly competitive Middle East market and use that as a springboard."
Lee went on to say, "The inpatient monitoring platform 'Think' is expected to start generating overseas revenue this year," and "2026 will be the time when we enter a growth phase."
◇Structure that collects subscription fees after bed installation…expanding revenue for "Think"
Seers Technology posted an annual operating profit of about 16.3 billion won last year, becoming the first domestic medical artificial intelligence (AI) company to turn an annual profit. Revenue for the same period was about 48.2 billion won, up 495% from the previous year.
The stock price also rose. Starting at 10,510 won on Jan. 2 last year, the stock closed the year at 130,100 won, up 1,138%. So far this year, it closed at 172,200 won on the 3rd. It is cited as one of the names with the largest gains last year among pharmaceutical, bio and healthcare stocks.
At the center of the improved results is Think. Since its 2021 launch, the number of installed beds rose to 40 beds in 2022, 90 beds in 2023, 840 beds in 2024, and 12,000 beds in 2025. Revenue from the Think business was 42.9 billion won last year.
The company said the structure involves initial revenue from bed installations followed by rising revenue from subscription-type insurance reimbursements. As more hospitals sign five-year contracts, it expects demand for renewals to pick up in earnest after 2030.
However, domestic penetration is still not high. The company said Think remains at about 2% of total domestic hospital beds. It estimates there are about 700,000 beds in Korea.
Lee said, "We are in a situation where we could relinquish our market-leading position at any time," adding, "Continuous research and development and management of existing clients are necessary."
◇Targeting the Middle East first…securing references before entering the U.S.
Seers Technology will also speed up its push into overseas markets starting this year. Since 2023, it has entered India, Hong Kong, Vietnam, Kazakhstan and Mongolia, and it plans to make the Middle East and North Africa (MENA) region a core market going forward.
The company estimates the region has about 800,000 beds. Higher insurance reimbursements than in Korea are cited as a reason for entry. The company expects the service "MobiCARE," which diagnoses arrhythmia in outpatients, to spread first.
It also unveiled a strategy to build results and references in partnership with PureHealth, a state-run healthcare group in the United Arab Emirates (UAE).
Founded in 2009, Seers Technology began collaborating with Daewoong Pharmaceutical in Dec. 2020, expanding its domestic distribution network. Daewoong Pharmaceutical currently handles domestic sales and marketing for Think and MobiCARE.
The contract expires in 2028. Lee said, "If the results are good, we can renew," adding, "We are seeing synergies as we establish the subscription model together."
On the possibility of a joint push in overseas markets, Lee said, "We already have overseas distributors," and added, "If conditions are right, we can collaborate."
Regarding financing, Lee said, "We are reviewing all possibilities."
Seers Technology plans to change its corporate name to "Seers" and replace its corporate identity (CI) at the regular shareholders meeting in March. The company said, "This is part of streamlining the brand to match the growth stage."