LivsMed리브스메드

LivsMed (Revesmed) is still loss-making, with H1 2026 operating losses about 44% of revenue, though its shares have risen sharply over the past month.

LivsMed sells laparoscopic surgical instruments, led by its ArtiSential multi-joint instrument, and is developing a stapler, a 3D 4K camera and a surgical robot. Trailing revenue is ₩51.2B against an operating loss of ₩22.6B and free cash flow of minus ₩42.0B, and cash of ₩50.5B against borrowings of ₩3.0B. The shares closed at ₩38,000 on 2026-10-23, up 25.8% over one month but well below the 52-week high of ₩95,900.

What stands out

• Trailing revenue of ₩51.2B is the same as the 2025 annual figure in the data, so the H1 2026 trailing and annual numbers cannot be separated; revenue growth is not available.
• Operating margin is -44.2% and net margin is -44.7%, with trailing free cash flow of minus ₩42.0B.
• Balance sheet looks light on debt: liabilities are 14.6% of equity and borrowings are ₩3.0B against ₩50.5B of cash.
• Valuation is high relative to sales (P/S 18.7, P/B 5.9) and P/E is not meaningful because earnings are negative; the data does not include a fair value estimate.
• Recent news centres on product approvals and awards, including the ArtiSential hernia surgery award and plans for simultaneous US and Japan approvals for the STARC robot; the data does not say when these approvals will come.
• Foreign ownership fell from 5.5% to 2.8% over about 60 days, and 20-day flows show foreign net selling of ₩8.3B against retail net buying of ₩7.4B.

What to watch

• Q3 2026 quarterly results and the timing of any narrowing of operating losses, which the data does not forecast.
• Progress on the US and Japan approvals for the STARC surgical robot, as the company has said it is pursuing them.
• Continued foreign selling and the share price's large swings, given the stock's gap between its 52-week low of ₩27,100 and high of ₩95,900.