Humedix (200670.KQ) is expected to post record earnings this year, driven by strong growth in "Elravie Rituo," an ECM (extracellular matrix)-based skin booster launched last year, according to a forecast.
On Wednesday, iM Securities projected that Humedix would set a record by posting consolidated revenue of 198.6 billion won and operating profit of 48.8 billion won this year. The figures represent increases of 16.7% and 15.4%, respectively, from a year earlier.
At the center of the earnings improvement is the skin booster "Elravie Rituo," launched in November last year. Humedix signed a business agreement with L&C Bio last year, securing distribution rights for domestic dermatology and aesthetic clinics. Elravie Rituo is a product that replenishes skin ECM using human acellular dermal matrix (hADM), promoting effects such as pore and skin texture improvement and skin regeneration.
Following aggressive academic marketing after its launch, the product recorded 9.6 billion won in revenue last year and 6 billion won in the first quarter of this year. iM Securities forecast that Rituo's revenue would surpass 35 billion won this year, a 264.6% increase from last year. Analysts said the marketing cost burden incurred to establish the product in the early market would ease starting this year, bringing profitability improvement effects into full effect.
The filler business, which had been the core of Humedix's growth, is also expected to recover. Humedix's filler revenue increased to 56.2 billion won in 2024 but declined to 49 billion won last year. Exports were weak due to intensified competition in the Chinese market and inventory adjustments in Brazil, while price competition also intensified in the domestic market.
This year, however, a bundling strategy of supplying Rituo together using the existing filler sales network is being assessed as effective. Expansion into new export markets such as Russia and Thailand is also cited as a factor for optimism. iM Securities forecast that the recovery in filler revenue would become visible starting in the second quarter.
"Elravie Rituo will lead revenue growth and profitability improvement, and as the filler business recovers, achieving record earnings this year will be possible," said Lee Sang-heon, an analyst at iM Securities.
