Livsmed (491000.KQ) is expected to see its valuation recover based on mid-to-long-term growth momentum despite overseas sales delays and short-term earnings weakness, according to analyst reports. The regulatory approval, launch, and sales expansion of its new laparoscopic surgical robot 'Stark' are being pointed to as key variables for future earnings rebound.
"A stock price decline is inevitable due to downward adjustments in overseas sales estimates for laparoscopic instruments, but we expect a valuation rebound as expectations materialize ahead of the Stark laparoscopic surgical robot's regulatory approval," Park Jong-hyun, an analyst at Daol Investment & Securities, said in a report Wednesday.
First-quarter 2026 earnings are expected to be sluggish. Projected Q1 revenue is 13.6 billion won, up 36% year-on-year but down 18% quarter-on-quarter. This reflects continued overseas sales weakness combined with seasonal off-peak effects for Artisential products.
Annual consensus estimates have also been lowered from previous projections. Revenue for 2026 is expected to reach 101.6 billion won, up approximately 98% year-on-year, but operating losses are forecast at 19.4 billion won. Overseas sales forecasts were revised downward as the domestic launch of the laparoscopic surgical robot is being strategically prioritized over overseas sales of laparoscopic surgical instruments.
The key to an earnings rebound lies in recovering overseas sales projections. Livsmed is pursuing partnerships with vision tower companies in addition to GPO contracts. Vision towers are platforms that integrate entire laparoscopic and endoscopic imaging systems into a single unified equipment setup. The company has established a sales organization of approximately 30 people deployed regionally across the United States.
The new product 'Stark' is considered a core pillar of mid-to-long-term growth. The company aims to file for product approval this year, and after approval, plans to launch full-scale marketing including introductions and sales pitches to global key opinion leaders (KOLs). Stark revenue is expected to be fully reflected starting in 2027.
However, investment risks remain. Market capitalization expanded to 2 trillion won after listing, but valuations declined alongside the release of potential selling pressure (overhang) from three-month lockup expirations. "We maintain our Top-Pick recommendation within the surgical robot sector, but dilution risk from capital increases due to continued losses persists," Park said.
