This article was released as Pharm Edaily Premium Content on December 31, 2025, at 8:00 AM.
[Kim Jinsoo, Edaily Reporter] On Dec. 30 shares of WSI surged as investors priced in expectations for a sharp earnings ramp in 2026 driven by new medical device launches through subsidiaries and drug development initiatives.
Mediana also climbed on optimism that sales of its wearable ECG products will accelerate in 2026. Cellumed fell to its daily lower limit after news that L&C Bio withdrew plans to acquire the company through its subsidiary raising concerns about a change in the private placement investor.
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WSI stock Trend.(KG zeroin) |
WSI expected to expand from distribution into medical-device development
According to KG Zeroin’s MP Doctor, WSI closed up 16.24% at 2,935 won. The move was widely attributed to expectations for stronger performance in 2026 and the launch of new products.
PharmEdaily reported on Dec. 29 that WSI CEO Yoon-seok Lee said the company plans to increase sales not only from medical device distribution but also from medical devices and pharmaceuticals it develops and manufactures directly.
The report said WSI posted revenue of 27.1 billion won in 2022 and 30.9 billion won in 2023, and is targeting 100 billion won in revenue by 2028, with growth expected to be led by subsidiaries including EzMedibot and IntrobioPharma.
EzMedibot is awaiting product approval from Korea’s Ministry of Food and Drug Safety for its obstetrics-and-gynecology surgical robot U-BOT. The company describes U-BOT as the world’s first assist robot for OB-GYN laparoscopic surgery and drug injection. With aging demographics driving an increase in OB-GYN surgeries amid a persistent shortage of clinicians, U-BOT is being positioned as a solution to staffing constraints.
IntrobioPharma is expected to contribute through drug development. In 2026, the company projects more than 5 billion won in revenue from an antiepileptic drug and a bowel cleansing product. It also plans to develop an oral obesity drug into a film coated tablet formulation and pursue an out licensing deal.
A WSI official said the stock rose on expectations tied to newly launching products and clinical milestones in 2026.
Mediana aims to challenge Sears Technology’s “profitable” medical-AI model
Mediana shares ended up 11.69% at 9,170 won, with gains attributed to expectations that revenue from its wearable ECG products will begin to scale meaningfully in 2026.
Mediana said it plans to expand its wearable ECG lineup and build an integrated wired and wireless monitoring system. Last week, it said it will run a pilot at Inha University Hospital linking existing wired patient monitoring devices with ATsens’ wearable ECG solution, signaling a full scale push into the wearable medical-device market.
Investors have focused on Mediana’s strategy because it resembles the business model of Sears Technology, widely viewed as the only medical AI company in Korea expected to remain profitable. Sears Technology posted its first quarterly profit in the second quarter of 2025 and remained profitable in the third quarter, strengthening expectations for full year profitability.
A Mediana official said the company’s wearable ECG products are viewed favorably versus competing devices on factors including battery capacity and water resistance. The official added that many severe patients still rely on higher-accuracy wired systems, making Mediana’s ability to integrate wired and wireless monitoring a key advantage.
Analysts also point to Mediana’s installed base supplying patient-monitoring devices to about 3,000 hospitals in Korea and its distribution capabilities, including partnerships with global medical-device ODM companies. Those factors could help Mediana accelerate adoption of its integrated monitoring platform and scale wearable ECG shipments more quickly.
A Mediana official said sales have recently begun and are expected to ramp in earnest starting in January 2026.
Cellumed plunges on 17 billion won private-placement investor change
Cellumed shares hit the daily lower limit early and closed at 1,154 won, snapping a four-session streak of limit up moves that began Dec. 24. The decline followed reports that L&C Bio, through its subsidiary L&C ES, withdrew plans to acquire Cellumed.
In a Dec. 29 disclosure Cellumed said it changed the subscriber in its third party private placement from “L&C ES and two others” to TD Landmark Association No. 1. The payment date was also pushed back from Dec. 30 to Jan. 22, 2026.
As of the third quarter of 2025, Cellumed reported 71.6 billion won in total assets and 55.1 billion won in total liabilities with 16.5 billion won in equity. The company’s midyear capital impairment ratio exceeded 50%, and its debt ratio climbed to 333.5%.
Cellumed is also involved in litigation in Orange County, Florida, related to alleged violations of Korea’s law governing human-tissue safety and management. The claimed amount is 148 million won, with a separate damages lawsuit totaling 300 million won, heightening the urgency of securing funding.
L&C Bio had been seen as a strategic investor that could generate operational synergies given its human tissue graft business. Market concerns intensified because TD Landmark Association No. 1 is not widely known, raising uncertainty about the new would be controlling shareholder.
Cellumed said TD Landmark Association No. 1 is the most suitable partner in terms of shared vision and the ability to deploy funds quickly adding that the investor has an extensive network in the biotech sector.
A Cellumed official said the company conducted a thorough review of the investor’s financial condition and funding capacity, and expects the investment to close on schedule positioning it as a catalyst not only for capital inflow but also for expanding the business.
Meanwhile, L&C Bio shares rose to 63,700 won early in the session but reversed course to finish down 1.13% at 61,100 won.
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