Biodyne바이오다인

Biodyne's shares have fallen sharply over the past year, while its trailing results show thin margins and a large negative free cash flow.

Biodyne makes liquid-based cytology equipment and reagent kits for cancer diagnosis, with cervical cancer testing as its largest application. Based on the data, trailing revenue to H1 2026 is about ₩5.8B with a 1.3% operating margin, and the company holds ₩11.8B in cash and no borrowings. The share price closed at ₩5,760, down 59.4% over one year and close to its 52-week low of ₩5,500.

What stands out

• Trailing twelve-month net income of ₩0.8B is well above operating income of ₩0.1B, so the bottom line relies on items beyond core operations, which the data does not explain.
• Trailing free cash flow is negative at about -₩2.9B, even though the company reports cash of ₩11.8B and no borrowings.
• The 2025 annual figures show revenue of ₩7.0B and an operating margin of 9.3%, after losses in 2023 and 2024.
• Valuation multiples are very high against earnings: P/E of about 218 and EV/EBITDA of about 304, while the DCF base fair value in the data is ₩217, well below the current price.
• Recent filings include a voluntary disclosure on a loan provision decision (August 2026), an amended half-year report (October 2026), and several insider and 5%+ holding reports.
• Foreign ownership is 4.2%, down slightly from 4.3% sixty days earlier; the 20-day flows show foreign and institutional net selling and retail net buying.

What to watch

• The corrected half-year report and any further filing amendments, which may clarify the reported profit.
• Quarterly results and cash flow trends, given the negative trailing free cash flow.
• Details of the loan provision decision and any related financial impact, which the data does not describe in full.