Lameditech of South Korea was listed on the KOSDAQ exchange on the 17th

On June 11, 2024, Korean laser medical equipment manufacturer Lameditech successfully completed its initial public offering and was listed on the KOSDAQ exchange on the 17th.

Last month, its public offering price was fixed at 16000 Korean won. In this public offering, Lameditech issued a total of 1298000 shares, raising approximately 20.8 billion Korean won. Since Lameditech's debut on KOSDAQ, as of 1pm on the 17th, its stock price has risen 98.1% to 31700 Korean won, with a market value of over 270 billion Korean won.

After investigation, Lameditech was founded in 2012 and is an enterprise that develops beauty and medical device products based on ultra small and high-power laser source technology. Lameditech's laser technology reduces the laser oscillator that determines the size of the laser by 90-95%, achieving high-power laser beam transmission while improving portability.

The company's main products include beauty equipment Puracell, excimer light K-Bum, and needle free laser blood collection equipment Handyray.
Among them, needle free laser blood collection equipment was the foundation of Lameditech's establishment. As early as 2018, the device obtained FDA certification in the United States. Up to now, Lameditech's first laser blood collection device has been launched in the United States, Japan, Europe and other overseas markets, which is crucial for the diagnosis and treatment of diabetes patients.

But in 2023, Lameditech's annual sales were only 2.9 billion Korean won, with an operating deficit of up to 3.5 billion Korean won. According to the securities documents corrected by Lameditech on the 28th, its sales in the first quarter of 2024 were approximately KRW 1 billion, and the confirmed sales in the second quarter as of now are approximately KRW 1.6 billion.

Regarding this, Lameditech expects its sales to reach 9.2 billion Korean won and operating profit to reach 1 billion Korean won in 2024. At the same time, as Lameditech is currently focusing on developing overseas markets, it has sufficient confidence in its performance growth after going public.
It is understood that Choi Jong seok is the current CEO of Lameditech and the largest shareholder and founder of the company. Choi holds a 5.26% stake in Lameditech.

In fact, Choi worked at B&B Systems, which was spun off from the SEMES and medical equipment departments of Samsung Electronics, and founded Lameditech after leaving.

It is worth mentioning that the third largest shareholder of Lameditech is Boditech, a company founded in 1998 that focuses on the production and sales of in vitro diagnostic equipment. In 2023, it achieved sales of KRW 134.2 billion and operating profit of KRW 28.5 billion.

As early as 2015, when Lamediatech was still in its infancy, Boditech invested 900 million Korean won and held 600000 shares. It did not make further investments for the next nine years and now holds 6.9% of Lamediatech's shares. There is a strong cooperative relationship between the two that goes beyond simple equity investment.

In May of this year, Boditech announced the signing of a global sales agreement with Lametech for the laser blood collection device Handyray, which will have a synergistic effect with Boditech's main in vitro analysis and diagnostic equipment.

Source: OFweek