Boditech Med바디텍메드

Boditech Med's trailing profits remain solid, but the shares have fallen sharply and revenue growth has slowed from its 2025 pace.

Boditech Med sells point-of-care immunodiagnostic test cartridges and analyzers, mostly to overseas markets. Trailing twelve-month revenue is ₩174.8B with a 15.3% operating margin, though free cash flow was negative at ₩-20.6B. The stock closed at ₩8,560 on 2026-10-29, down 37.9% over one year and near its 52-week low.

What stands out

• Trailing revenue of ₩174.8B and net income of ₩26.0B show profitability holding up, although net income is below the 2024 peak of ₩27.2B and operating income has fallen from ₩28.9B in 2025 to ₩26.7B trailing.
• Revenue rose 17.3% in 2025 after a 2.9% gain in 2024, but the trailing figures suggest growth has not carried into 2026 at the same pace; annual revenue was ₩162.1B in 2025, below the ₩157.7B of 2021 peak years only in margin terms.
• Free cash flow is negative at ₩-20.6B on a trailing basis, while cash of ₩38.4B exceeds borrowings of ₩16.2B.
• Valuation is low on the reported figures: P/E of 7.2 and P/B of 0.8, with no dividend. The DCF model gives a base value of ₩23,805 against the current price, with bear and bull values of ₩15,954 and ₩36,905; these are model outputs, not forecasts.
• Recent filings include a share cancellation decision and termination of a trust contract for own-share buybacks, and news reports a Brazil local production partnership with Biosys aimed at improving price competitiveness.

What to watch

• The next earnings and quarterly report, to see whether revenue growth and the negative free cash flow continue.
• Whether the Brazil local production partnership with Biosys is followed by formal filings or disclosed financial effects; the data does not give terms or timing.
• Foreign ownership has slipped from 4.3% to 4.1% over 60 days and the shares are near their 52-week low, so price and investor-flow movements are worth monitoring.