"We have been working to penetrate the Middle Eastern market since 2018. The pricing per bed and equipment costs there are 3 to 10 times higher than in Korea, meaning the revenue potential is on a completely different scale," stated Lee Young-shin, CEO of Seers Technology.
During a corporate briefing held at the Conrad Hotel in Yeouido, Seoul, on the 4th, CEO Lee explained that the Middle East has been selected as a strategic priority. "Many hospitals in the region possess the purchasing power to adopt Wearable-based Artificial Intelligence (AI) monitoring solutions, making high-cost commercialization a reality," he noted.
The Middle East is considered a high-value market due to a large population of patients with Cardiovascular Disease and Hypertension. Furthermore, its medical system is centered around public entities and massive medical groups, which allows for rapid decision-making regarding the adoption of new technologies. To facilitate this entry, Seers Technology has established a strategic partnership with PureHealth, the largest medical group in the Middle East, boasting a network of over 100 hospitals.
A Dramatic Financial Turnaround
Seers recorded sales of 48.2 billion won and an Operating Profit of 16.3 billion won last year. Compared to the previous year’s performance—sales of 8 billion won and an Operating Loss of 8.7 billion won—sales skyrocketed by 494%, and the company successfully turned a profit.
CEO Lee remarked, "We achieved profitability last year and were even able to pay out performance bonuses to our employees." According to company officials, this marks only the second time Seers has recorded a profit since its founding in 2009.
Core Growth Drivers: 'mobiCARE' and 'thynC'
The primary engine behind the company's growth is the thynC platform, a Wearable AI-based Inpatient Monitoring System. thynC collects vital signs, such as Heart Rate and Respiratory Rate, via wearable devices to detect abnormal patient symptoms in real-time.
Last year, 12,000 hospital beds in Korea were equipped with thynC. The company estimates the domestic inpatient monitoring market to be approximately 700,000 beds and aims to install the system in an additional 30,000 beds this year. With an estimated average revenue of 3.5 million won per bed, thynC alone is projected to generate 105 billion won in sales. When combined with revenue from mobiCARE, total sales are expected to reach between 120 billion and 130 billion won.
mobiCARE is a wearable ECG (Electrocardiogram) analysis solution. While thynC focuses on inpatients, mobiCARE enables the early diagnosis of Arrhythmia and remote monitoring for outpatients, health check-up participants, and home-care patients, effectively extending the monitoring platform beyond hospital walls.
Looking ahead, the company plans to launch a next-generation system, thynC Plus, around 2028. This update is expected to expand monitoring capabilities to predict severe conditions such as Cardiac Arrest and Malignant Arrhythmia.
Market Reaction and Future Outlook
The market has reacted explosively to the company's high profitability. While Seers saw a loss in the first quarter of last year, the second, third, and fourth quarters posted impressive profit margins of 18%, 42%, and 42%, respectively.
Consequently, the stock price has surged. In early January of last year, the stock was valued at 11,470 won; as of the 4th, it has risen 14-fold to 160,900 won. With a Market Capitalization of 2.3 trillion won, the company now ranks 53rd on the KOSDAQ.
Additionally, Seers Technology plans to officially change its corporate name to Seers following the shareholders' meeting in March.
