Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported solid performance in 2Q23, with revenue and operating profit growing 40% and 52%, YoY, respectively, mainly driven by consumables sales in both domestic and overseas markets.  </li>
<li>Despite increase in advertising and R&amp;D expenses, operating profit margin expanded 370 basis points to 50.4%. Net profit increased 34% YoY to KRW18.6 billion.</li>
<li>With 1H23 revenue of KRW84.9 billion, Classys is on track to meet 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.</li>
</ul>



Classys (214150 KS) reported solid performance in 2Q23, with revenue and operating profit growing 40% and 52%, YoY, respectively, mainly driven by consumables sales in both domestic and overseas markets.  
Despite increase in advertising and R&amp;D expenses, operating profit margin expanded 370 basis points to 50.4%. Net profit increased 34% YoY to KRW18.6 billion.
With 1H23 revenue of KRW84.9 billion, Classys is on track to meet 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.


Classys (214150 KS): Beautiful Growth Story Continues; No Sign of Slowing Down

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.</li>
<li>Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.</li>
<li>Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.</li>
</ul>



Classys (214150 KS) reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.
Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.
Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.


Classys (214150 KS): Strong 1Q23 Result Lifted by Overseas Performance and Consumables Sales

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported strong performance in 2022, with highest ever revenue and profit, driven by increased sales of equipment and consumables due to increased global awareness of major products.</li>
<li>Revenue from export recorded a CAGR of 30% during 2017–2022, mainly driven by strong growth in Brazil. Classys launched Shrink Universe in Korea and Ultraformer MPT in global market.</li>
<li>For 2023, Classys has guided for revenue of KRW170B (+20% YoY), driven by Shrink Universe's expansion into the global market, full-fledged domestic sales of Volumemers, and increasing volume of consumables.</li>
</ul>



Classys (214150 KS) reported strong performance in 2022, with highest ever revenue and profit, driven by increased sales of equipment and consumables due to increased global awareness of major products.
Revenue from export recorded a CAGR of 30% during 2017–2022, mainly driven by strong growth in Brazil. Classys launched Shrink Universe in Korea and Ultraformer MPT in global market.
For 2023, Classys has guided for revenue of KRW170B (+20% YoY), driven by Shrink Universe's expansion into the global market, full-fledged domestic sales of Volumemers, and increasing volume of consumables.


Classys (214150 KS): Record-High Sales and Profit in 2022; Geography Expansion to Accelerate Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.</li>
<li>The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.</li>
<li>Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.</li>
</ul>



Classys (214150 KS) has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.
The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.
Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.


Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Event-Driven

<ul>
<li>Considering the progress of the legislative process at this juncture, the effective date could be as early as the end of this year or, at the latest, early next year.</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/ilooda-co-ltd" target="_blank" data-smartkarma-citation="entities:40136:1" rel="noopener">Ilooda (164060 KS)</a></strong> will likely become the first case. A tender offer at ₩11,000 (a 30% premium to the current price) per share for 14%+1 share may greet us.</li>
<li>There is sufficient value in monitoring the interaction between the offer structure and stock price movement in the context of the first application of a mandatory tender offer in Korea.</li>
</ul>


Considering the progress of the legislative process at this juncture, the effective date could be as early as the end of this year or, at the latest, early next year.

Ilooda (164060 KS) will likely become the first case. A tender offer at ₩11,000 (a 30% premium to the current price) per share for 14%+1 share may greet us.
There is sufficient value in monitoring the interaction between the offer structure and stock price movement in the context of the first application of a mandatory tender offer in Korea.


Latest Development & Potential First Target of Mandatory Tender Offer in Korea

South Korea

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Classys (214150 KS)