[Weekend Money] After Dominating Domestic Hospital Rooms, This Company Races Globally with Medical AI, Reaching Even the US

Rapid Growth of General Ward Monitoring 'thynC'
Establishing a Recurring Revenue Model

From FDA Clearance to UAE Contract
Full-Scale Global Expansion of Remote Healthcare Platform

Seers, a company that has rapidly increased its presence in the domestic digital healthcare market, is now accelerating its expansion into global markets. Having established a strong foothold in the domestic market with its two core pillars—the 'Digital Ward' platform for real-time management of general ward patients and its remote ECG monitoring service—the company is entering a new phase of growth as it seeks to expand overseas, focusing on the United States and the Middle East.

Donghee Lee, a researcher at Small Insight Research, explained, "Seers' growth drivers are its in-hospital patient monitoring platform 'thynC' and its wearable ECG analysis solution 'mobiCARE.' By integrating biosignal analysis artificial intelligence (AI), wearable medical devices, and centralized hospital monitoring software into a single platform, the company has built a unified digital healthcare model that encompasses everything from admission to post-discharge management."

The company has also reported steep financial growth. Last year, revenue reached 48.2 billion won, approximately five times higher than the previous year, and operating profit turned positive at 16.3 billion won. In the first quarter of this year alone, the company posted revenues of 32.5 billion won and operating profit of 13.9 billion won, achieving a significant portion of last year's annual performance within a single quarter.

The key driver behind this growth is thynC. This monitoring system is installed at every hospital bed, and as the number of beds with installations increases, usage fees and maintenance revenue are generated on a recurring basis. Last year, thynC accounted for about 89% of total revenue, and its share exceeded 95% in the first quarter of this year. The cumulative number of installed beds surpassed 12,000 last year, and the company aims to reach 42,000 beds by the end of this year. With the domestic bed monitoring market penetration rate still hovering around 2%, there is significant room for further growth.

In particular, Seers’ aggressive sales expansion leveraging Daewoong Pharmaceutical's hospital network is seen as a positive factor accelerating market penetration. However, increased accounts receivable resulting from large-scale bed installations has been noted as a factor requiring continued monitoring of the company’s cash generation ability and accounts receivable turnover going forward.

The other growth driver, mobiCARE, is now targeting tangible results in overseas markets. This is a subscription-based service that combines a wearable device capable of measuring ECG for up to nine days with AI-powered arrhythmia analysis. Currently, it is in use at over 1,000 medical institutions nationwide, and cumulative testing cases have surpassed 700,000. As more examination data accumulates, the AI's performance improves and repeated revenue is generated from ongoing analysis services.

Global expansion is also picking up speed. In June this year, Seers obtained FDA 510(k) clearance in the U.S., establishing a foothold in the world's largest remote patient monitoring (RPM) market. In addition, the company signed a distribution agreement worth approximately 22 billion won with a subsidiary of PureHealth, the largest healthcare group in the United Arab Emirates (UAE). There is a strong outlook that, as the business evolves beyond mere device sales to include testing and analysis services, Seers will further strengthen its recurring revenue-based global business model.

Researcher Lee commented, "As the healthcare paradigm shifts from treatment-focused to prevention- and management-focused, the markets for digital wards and remote patient monitoring are expanding rapidly. Seers, with both thynC for in-patient care and mobiCARE for post-discharge management, is expected to be a prime beneficiary of this transformation."

This content was produced with the assistance of AI translation services.