CU Medical Systems씨유메디칼

CU Medical Systems shows strong trailing profitability on AED sales, but the share price has fallen about 34% over the past year.

The company makes automated external defibrillators, selling mostly overseas in Europe and Japan. Trailing twelve-month revenue to H1 2026 was about ₩62.4B with operating income of about ₩15.0B and net income of about ₩9.7B, a sharp improvement on 2024 and 2025. Balance sheet figures show cash of ₩30.9B against borrowings of ₩47.2B.

What stands out

• Trailing operating margin is 24% and net margin 15.6%, well above the 2025 full-year figures of 22.4% operating and about ₩0.8B net income.
• 2025 revenue grew 18.7% to ₩48.2B, after declines in 2023 and 2024, while 2024 and 2023 both posted net losses.
• Liabilities are 75.2% of equity and borrowings exceed cash, so debt is a meaningful feature of the balance sheet.
• Valuation metrics are low on trailing numbers (P/E about 2.5, P/B about 0.3), but the data shows a DCF base value of ₩10,521 against a close of ₩2,000, and the model is not a forecast.
• Filings include an adjustment of conversion price (Aug 2026) and a Material Matters Report on early acquisition of its own convertible bonds (Jul 2026), indicating convertible instruments are active.

What to watch

• The next quarterly and annual results, and whether trailing margins hold given the sharp swing from prior net losses.
• Follow-up on the convertible bond items, including the conversion price adjustment and any buy-back activity.
• Ongoing overseas demand in Japan and Europe, as the data notes these markets drive most revenue; the data does not include guidance.