Remedi reaches 2,301 medical institutions in India, eyes expansion in Southeast Asian public procurement

[Financial News]  NH Investment & Securities said on the 21st that Remedi is expanding its business into Southeast Asia, building on its delivery track record in India’s public healthcare market. The firm assessed that top-line growth and improved profitability are occurring simultaneously, as the technological competitiveness of Remedi’s portable X-ray equipment combines with its success in entering government procurement markets. It did not provide an investment rating or a target price.
Kang Gyeong-geun, an analyst at NH Investment & Securities, said, "Remedi specializes in portable X-ray imaging devices and has brought production in-house from key components, including X-ray tubes, emitters and high-voltage generators, through to finished products. Its flagship product, the KA6, weighs 2.4 kg—about one-third as much as products from U.S. competitors—and is competitive in terms of portability and image quality."
The report particularly highlighted the growth potential of India’s public healthcare market. In June last year, Remedi supplied 1,534 units through a global tender under the National Tuberculosis Elimination Programme (NTEP) run by India’s Central Medical Services Society (CMSS). It delivered a further 767 units in the first half of this year, worth about 4 billion won, bringing the number of Indian public healthcare institutions with its equipment installed to 2,301.
Kang said, "The Indian government plans to hold tenders for around 2,000 units annually over the next several years. With Remedi’s equipment penetration at just 1.1% of the 207,856 clinic-level medical institutions in the country, there is ample room for further growth."
Expansion in Southeast Asian public procurement markets was also cited as a factor for optimism. Indonesia is pursuing a mid- to long-term plan to introduce 4,000 units, while Remedi has secured a letter of intent (LOI) for the purchase of 600 units in the Philippines. A tender for 400 units is also scheduled in Bangladesh this year. From 2024 through this year, Remedi has won eight of nine government procurement tenders.
In the domestic market, permission to conduct imaging outside medical institutions and the partnership with Daewoong Pharmaceutical Co., Ltd. are seen as new growth drivers. Remedi launched a business targeting primary medical institutions with Daewoong Pharmaceutical Co., Ltd. last August and is conducting a proof of concept (PoC) for a business model that combines small X-ray and ultrasound equipment with artificial intelligence (AI) interpretation technology.
Its financial performance is also improving rapidly. Revenue in the first half of this year was 15.57 billion won, up 109.7% from the same period last year. Operating profit rose 489.3% to 6.17 billion won, and the operating margin was 39.6%.
Kang forecast full-year revenue of 24 billion won and operating profit of 6.8 billion won. These would represent increases of 64.1% and 147.4%, respectively, from the previous year.

[email protected] Kim Gyeong-a Reporter