Bodyfriend, a healthcare robot company, is expanding overseas revenue not just through product sales but through "technology exports." The company plans to overcome domestic market growth limitations by leveraging its differentiated technology.
According to a regulatory filing on Sunday, Bodyfriend's healthcare division posted overseas revenue of 45 billion won ($33 million) last year, up 110% from the previous year. From 2020 to 2023, overseas revenue had hovered just above 10 billion won. After the company began technology exports in 2024, the figure rose to 21.4 billion won and more than doubled last year, sharply accelerating growth. The company found additional growth potential in overseas technology exports amid limited opportunities for new revenue in the domestic massage chair market.
Consumer sentiment weakened and the real estate market slumped last year, significantly shrinking the home appliance market including massage chairs. Bodyfriend posted consolidated revenue of 422.6 billion won and operating profit of 11.5 billion won last year, down 3.3% and 49.1% year-on-year respectively. Overseas revenue, however, surged and its share of total revenue grew to 10.6%.
The key lies in technology exports. Bodyfriend began exporting its "Robotics Technology," commercialized in 2022, starting in 2024. The technology moves various body parts including arms and legs to stretch the entire body and care for core muscles. Overseas manufacturers produce and sell products using this technology, and Bodyfriend collects licensing fees. China, home to large-scale massage chair production facilities, is the primary export destination.
The share of technology exports in overseas revenue more than doubled. "Technology exports accounted for 65% of overseas revenue last year, up from 30% in 2024," a Bodyfriend official said. In monetary terms, that translates to 6.4 billion won in 2024 and 29.2 billion won last year. Bodyfriend aims to double technology export revenue to more than 58 billion won this year.
Bodyfriend is also steadily increasing research and development investment to maintain its technological edge. R&D spending reached 22.4 billion won last year, up 14% from the previous year. The R&D-to-revenue ratio rose from 4.5% to 5.3%. These efforts led to the launch in March this year of the "733," a wearable artificial intelligence healthcare robot that adds hip joint and ankle movements to existing technology that independently moves the legs.
Bodyfriend is expected to expand product exports through local subsidiaries while focusing on technology exports to target overseas markets this year. Its massage chairs "Falcon" and "Famile" are currently sold at Costco in the United States, and three additional products will be added to Costco stores within the year. "We will further expand the scope of healthcare robots globally and leap forward as a technology export platform company," a Bodyfriend official said.