Dx & VxDXVX

Dx & Vx is still deeply loss-making, with revenue shrinking and the share price down sharply over the past year.

Dx & Vx, a Korean bio-healthcare company spanning diagnostics, supplements and drug development, reported trailing revenue of ₩26.2B against an operating loss of ₩21.0B for the period to H1 2026. Revenue has fallen for two years after a sharp spike in 2023, and the stock closed at ₩1,982, about 63% below its 52-week high. The data does not include any analyst views or forecasts for the business.

What stands out

• Trailing operating margin is -80.2% and net margin is -96.2%, so losses are large relative to sales.
• Free cash flow is negative at about -₩22.2B, and borrowings of ₩14.4B exceed reported cash of ₩28.3B on a net basis only if cash is treated as fully available.
• Revenue fell 13.5% in 2025 after a 27.4% drop in 2024, following a one-off surge in 2023.
• Recent filings show a change of CEO announced in September and again in October, an extraordinary shareholders' meeting, and several 5%+ holding reports.
• The price is down 16.9% over one month and 7.2% over one year, while the stock trades at 2.4x book value and 7.4x sales with no dividend.
• No recent news headlines were included in the data, so the filings are the main recent source of information.

What to watch

• Upcoming full-year results and whether the operating loss narrows from the trailing level.
• Outcome of the leadership change and any further filings on management or governance.
• Debt guarantee decisions and cash burn, given negative free cash flow and the company's borrowings.