Seers(458870) said on the 9th that it will hold a non-deal roadshow (NDR) for major global institutional investors in Singapore on the 16th-17th. Following Hong Kong in Jan., this is the second overseas IR this year and the first NDR in Singapore since its KOSDAQ listing last year.
What overseas investors are focusing on is Seers' earnings growth and its AI healthcare business model based on hospital infrastructure. Seers posted 60.9 billion won in revenue and 26.8 billion won in operating profit in the first half of this year. The company said its main strength is that it has built a profitable business model among domestic medical AI corporations.
The core product is the AI inpatient monitoring platform "thynC." Wireless gateways are installed throughout the hospital, and wearable devices continuously measure patients' vital signs such as heart rate 24 hours a day. The AI analyzes the collected data and links it with the electronic medical record (EMR).
Whereas existing wearable medical devices have been used mainly for individual health management or specific tests, thynC builds monitoring infrastructure across the entire hospital to continuously manage inpatients. Seers expects this "hospital-infrastructure AI monitoring" business model to have differentiated competitiveness overseas as well.
Its overseas business is also moving into a full-fledged revenue phase. Seers signed a contract worth about 22 billion won to supply the wearable electrocardiogram analysis solution "mobiCARE" with an affiliate of PureHealth, the largest healthcare group in the Middle East, in the United Arab Emirates (UAE).
In the UAE, it is also pushing to apply outpatient arrhythmia testing services using mobiCARE and to include it in the national health screening program. Seers is preparing to deploy thynC at local hospitals and plans to supply initial volumes for commercialization.
In the North American market, mobiCARE is the key product for overseas expansion. MobiCARE measures electrocardiograms with a wearable device and analyzes arrhythmias using AI. After receiving U.S. Food and Drug Administration (FDA) 510(k) clearance in June, it also recently obtained Canada Class II medical device approval.
According to the company, the overseas arrhythmia diagnosis market offers higher reimbursement rates than Korea in some countries, improving business viability. Seers plans to expand mobiCARE, which has proven its business viability in the domestic market, to North America and other overseas markets to raise both sales and profitability.
At this Singapore NDR, the company plans to brief institutional investors on first-half results; the business models of thynC and mobiCARE; commercialization plans in the UAE; and strategies for entering the North American market.
A Seers official said, "We are entering a new growth phase by expanding our AI healthcare business model, proven in Korea, to the global market," adding, "Through this Singapore NDR, we will actively communicate our proven growth and the potential of our overseas business to global investors and expand our base of overseas investors."