Portable X-ray equipment corporations REMEDI is moving to target global markets, using its KOSDAQ listing as a springboard. The strategy is to expand its businesses in medical portable X-rays, industrial nondestructive testing (NDT), and key components, and to leap forward as an artificial intelligence (AI)-based X-ray platform corporations.
Chief Executive Officer Jo Bong-ho of REMEDI on the 19th held a briefing at the Fairmont Ambassador Hotel in Seoul and announced this growth strategy and post-listing business plans.
Founded in 2012, REMEDI has been developing and commercializing medical portable X-ray equipment, industrial nondestructive testing equipment, and key X-ray components based on core technologies for low dose, miniaturization, and high image quality. Its strength is the technological capability to develop everything in-house, from key components of X-ray generators to finished goods.
Its flagship product, "REMEX-KA6," is a portable X-ray device weighing about 2.4 kg. It can be used not only in emergency rooms, operating rooms, and intensive care units, but also in ambulances, disaster sites, and military units. REMEDI is also expanding its industrial nondestructive testing business and key components business based on the technological capabilities it secured in the medical market.
Overseas business results are also becoming visible. The company is participating in the Ministry of Health and Welfare's project to build medical infrastructure in India and is supplying equipment to 2,301 public hospitals, and its products have also been selected for the Japanese government's support project for Ukraine. In January this year, after verification by NASA, it was selected as a portable X-ray device for spacecraft and space stations.
This is REMEDI's third attempt to list. It pushed for its first listing in 2022 but voluntarily withdrew due to concerns about undervaluation amid a slump in the bio IPO market, and in its 2024 reattempt, it fell short after failing to sufficiently prove the stability of its business performance and revenue structure. Later, as it improved its results based on technological competitiveness, it went through review and resolution by the KOSDAQ Market Listing Committee of the Korea Exchange (KRX) last month and recently received preliminary approval for listing.
Its results also show a clear growth trend. Revenue increased more than threefold, from about 4 billion won in 2021 to 14.6 billion won last year. Although it posted an operating loss of 2.3 billion won in 2023, it returned to the black last year with 2.5 billion won in operating profit. In the first quarter of this year, it recorded 9.4 billion won in revenue and 3.3 billion won in operating profit, surpassing last year's annual operating profit. Net income also came to 3.0 billion won.
Chief Executive Jo is a global sales expert who worked at Dongkook Pharmaceutical and Bayer Korea. Jo plans to invest the funds secured through the listing in research and development (R&D), expanding production capacity, and strengthening the global sales network. The goal is to grow into an X-ray platform corporations by combining AI-based AX (artificial intelligence transformation) solutions with portable X-ray devices, detectors, and auxiliary equipment going forward.
Jo said, "With the listing as a turning point, we will expand into the global public healthcare market, the industrial nondestructive testing market, and the key components business, and leap forward as an AI-based X-ray platform corporations."