BioNote바이오노트

BioNote's trailing revenue and operating profit look healthier, but the trailing net loss is very large and the share price is down over the past year.

BioNote, a Korean maker of veterinary diagnostic tests and bio-materials, reported trailing twelve-month revenue of ₩126B and operating income of ₩20B to H1 2026, a 16.2% operating margin. However, the trailing net loss of ₩126B is far larger than operating profit, so the filings do not explain the gap in the data provided. The shares closed at ₩4,590 on 2026-10-23, down 17.6% over one year and near the middle of their 52-week range.

What stands out

• Trailing net loss of ₩126B against operating income of ₩20B; the reason for the gap between the two is not given in the data provided.
• 2025 full-year revenue was ₩118B, up 15.1%, but the 2025 net loss was ₩87B, following a 2024 net profit of ₩55B.
• Balance sheet looks light: liabilities are 4.1% of equity, cash is ₩57B and borrowings are ₩4B.
• The company's fair value model gives a base value of ₩2,279 per share, below the current price; this is a model output, not a forecast.
• Valuation shows price-to-book of 0.3 and a 5% dividend yield, but no meaningful earnings multiple because of the losses.
• Foreign ownership is 0.5%, down from 0.6% sixty days earlier; 20-day flows show foreign and retail selling and institutional buying.

What to watch

• The H1 2026 half-year report and the preliminary earnings filings for the reasons behind the large trailing net loss.
• Details of the corporate value-up plan filed on 2026-10-22, which the data does not describe.
• The lawsuit filed or ruled on 2026-03-31, whose outcome and size are not stated in the data.