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JONBUR Research · Initiation

GC Medical Science · 142280 · Biotech & Pharma

GC Medical Science: Sharp Three-Month Rally, Thin Margins and a First-Half Loss

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

GC Medical Science shares closed at ₩3,885 on 2026-10-16, up 26.8% in one month and 41.3% in three months, though still 3.7% lower over one year. Trailing twelve-month revenue is ₩102.2B with a 2.3% operating margin and a net loss of ₩2.2B.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a story of a small company with stable revenue and slim profitability. Annual operating income has been positive since 2023 and the 2021 losses have been left behind. The trailing figures through H1 2026 show a net loss of ₩2.2B and ROE of -4.5%, so the recovery is not clearly continuing. The recent price jump coincides with news on 2026-10-14 of a plan to introduce continuous glucose monitors from China's Yuwell, but the data gives no financial details on that deal. Foreign ownership fell from 3.5% to 1.1% over 60 days, and the 20-day flows show retail net buying of ₩2.7B against institutional net selling of ₩2.6B. The data does not show whether the rally is backed by earnings.

Business overview

GC Medical Science is a KOSDAQ-listed company in the Biotech & Pharma sector, founded in 2003 and listed in December 2014. It has 23,963,031 listed shares and a market capitalization of about ₩93.1B, which is small next to the large biotech names in the peer list. Annual revenue has ranged from ₩94.0B (2023) to ₩113.1B (2022), and was ₩108.4B in 2025. The 52-week range is ₩2,200 to ₩6,660, so the current price sits well above the low and well below the high.

Financial analysis

These figures come from filed financial statements. Revenue was ₩108.4B in 2025, up 4.4%, after growth of 10.5% in 2024 and a 16.9% decline in 2023. Operating income rose from ₩1.8B in 2023 to ₩2.3B in 2024 and ₩2.9B in 2025, a 2.7% margin. Net income was ₩3.7B in 2025 with ROE of 8.6%, versus ₩3.6B and 9.5% in 2024. Trailing twelve months to H1 2026 show revenue of ₩102.2B, operating income of ₩2.4B (2.3% margin), net loss of ₩2.2B (-2.1% margin) and ROE of -4.5%. Liabilities to equity are 72.9%. Cash is ₩261M, free cash flow is ₩7.3B and borrowings data is not available.

Valuation

The stock trades at a P/B of 1.7 and a P/S of 0.9. P/E and EV/EBITDA are not available because trailing earnings are negative or insufficient. Year-end P/B was 2.2 in 2025, 2.1 in 2024, 3.3 in 2023, and year-end P/E was 26.2 in 2025, so the current P/B is below its recent history. Peers show P/B of 2.5 to 30.4 and P/E of 14.3 to 84.4, but they are much larger companies and the comparison is loose. Enterprise value is about ₩92.8B and the dividend yield is 0.0%. The valuation model estimate is not available, so no model estimate per share can be compared with the ₩3,885 share price.

Catalysts

  • News on 2026-10-14 reported that the company is pursuing domestic introduction of continuous glucose monitors with China's Yuwell, though financial terms are not in the data.
  • The 2026-07-20 filing on adjustment of the exercise price of warrants may affect share count and dilution.
  • Exercise of subscription rights for new shares was filed on 2026-05-20 and 2026-05-21, which relates to the share count.
  • Two 5%+ holding reports (2026-07-01 and 2026-08-07) point to changes among large shareholders.
  • The next earnings filings will show whether the trailing net loss narrows.

Risks

  • Trailing net income is negative at -₩2.2B and ROE is -4.5%, reversing the profit seen in 2024 and 2025.
  • The operating margin of 2.3% leaves little cushion if costs or prices move.
  • Cash of ₩261M is small, and borrowings data is not available, so the funding picture is unclear.
  • Warrant and new-share filings indicate possible dilution for existing shareholders.
  • After a 41.3% three-month rise, the price may be sensitive to changes in sentiment, and foreign ownership has dropped to 1.1%.

Closing view

The data shows a small, thinly profitable company whose share price has risen sharply on partnership news while the latest trailing results turned to a loss. A P/B of 1.7 is lower than recent year-end levels, but weak returns, modest cash and dilution-related filings temper that point. No model estimate is available, and the evidence is mixed rather than conclusive.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 19, 2026InitiationStart of coverage (reader request)GC Medical Science: Sharp Three-Month Rally, Thin Margins and a First-Half Loss

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information