Seers씨어스

Seers posted a large profit swing in 2025 and the first half of 2026, but its shares are down over the past three months and it is raising convertible bond funding.

Seers, a Korean maker of AI-based wearable ECG and inpatient monitoring devices, reported trailing twelve-month revenue of ₩97.0B and operating income of ₩42.2B to H1 2026, after a loss in 2024. The stock closed at ₩23,700 on 2026-10-23, roughly 63% below its 52-week high, with a market cap of about ₩909B. The company is expanding overseas, including an AI arrhythmia screening program in the UAE and a US push funded by a ₩110B convertible bond issue.

What stands out

• 2025 revenue was ₩48.2B, up from ₩8.1B in 2024, and operating income moved from a loss of ₩8.7B to a profit of ₩16.3B.
• Trailing figures show a 43.5% operating margin and ₩25.9B in cash against ₩3.0B of borrowings, with free cash flow of ₩15.6B.
• Valuation is high against peers on book value: P/B of 13.3 versus roughly 3 to 6 for most listed peers, while P/E of 21.7 is in the middle of the peer range.
• Shares fell 13.3% over three months and 5.4% over one month, though they are up 2.5% over one year.
• Recent headlines focus on an IRB-approved AI arrhythmia screening program in Abu Dhabi, a new Yongin plant, and the ₩110B convertible bond, with press noting the wearable ECG market is competitive.
• Foreign ownership fell from 5.1% to 4.0% over 60 days, and foreign investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• Convertible bond filings and any dilution effects, since the 2nd series CB results were filed on 2026-10-21.
• Next periodic results and whether the strong 2025 and H1 2026 profitability holds, given the data shows only trailing figures and no forward guidance.
• Progress of the UAE rollout and US expansion, and competitive pressure in wearable ECG that press coverage has flagged.