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 stellar performance for 1Q25, with record-high quarterly sales and operating profit. 1Q25 revenue grew 53% YoY to KRW77B, while operating profit increased 46% YoY to KRW39B.</li>
<li>Recently, Volnewmer got approval in Europe. Ultraformer MPT is expected to obtain European approval in July. Next-generation new product launch in the domestic market is expected in July.</li>
<li>Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. Bain Capital’s recent stake sales in the company via a discounted block deal raises concern.</li>
</ul>



Classys (214150 KS) reported stellar performance for 1Q25, with record-high quarterly sales and operating profit. 1Q25 revenue grew 53% YoY to KRW77B, while operating profit increased 46% YoY to KRW39B.
Recently, Volnewmer got approval in Europe. Ultraformer MPT is expected to obtain European approval in July. Next-generation new product launch in the domestic market is expected in July.
Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. Bain Capital’s recent stake sales in the company via a discounted block deal raises concern.


Classys (214150 KS): Solid Start to 2025; Global Expansion Continues; Stake Sale Overhang to Remain

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>After the market close on 16 May, Bain Capital sold about 6% stake in Classys (214150 KS) in a block deal sale.</li>
<li>Bain Capital sold 3.93 million shares of Classys at 57,915 won per share (this price is 10.9% discount from Classys’ closing price the previous day).</li>
<li><em><strong>Bain Capital’s decision to sell a 6% stake in Classys via a discounted block deal, rather than offloading its entire 60.2% controlling stake, indicates a share overhang on future sales. </strong></em></li>
</ul>


After the market close on 16 May, Bain Capital sold about 6% stake in Classys (214150 KS) in a block deal sale.
Bain Capital sold 3.93 million shares of Classys at 57,915 won per share (this price is 10.9% discount from Classys’ closing price the previous day).
Bain Capital’s decision to sell a 6% stake in Classys via a discounted block deal, rather than offloading its entire 60.2% controlling stake, indicates a share overhang on future sales. 


Classys: Block Deal Sale of 6% By Bain Capital Raises Overhang Concerns

<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 record-high revenue of KRW243B for 2024, 8% ahead of guidance. Operating profit grew 37% YoY to KRW 123B, and the operating profit margin improved to 50.4%.</li>
<li>Volnewmer remained the key growth driver. Volnewmer has exceeded 1,200 units in annual global sales mainly due to successful launches in major countries including Brazil, Thailand, and the U.S.</li>
<li>The company has guided for 2025 sales of KRW350B, up 44% YoY. 2025 operating profit margin is expected to improve from the operating profit margin of 48.1% reported in 4Q24.</li>
</ul>



Classys (214150 KS) reported record-high revenue of KRW243B for 2024, 8% ahead of guidance. Operating profit grew 37% YoY to KRW 123B, and the operating profit margin improved to 50.4%.
Volnewmer remained the key growth driver. Volnewmer has exceeded 1,200 units in annual global sales mainly due to successful launches in major countries including Brazil, Thailand, and the U.S.
The company has guided for 2025 sales of KRW350B, up 44% YoY. 2025 operating profit margin is expected to improve from the operating profit margin of 48.1% reported in 4Q24.


Classys (214150 KS): 2024 Sales Beat Guidance; New Record Sales Target for 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.</li>
<li>In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.</li>
<li>Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.</li>
</ul>



Hugel Inc (145020 KS) reported 4% YoY increase in revenue to KRW89B, while operating profit grew 22% YoY to KRW37B in 4Q23. Revenue was mainly driven by strong demand filler.
In domestic market, Hugel’s Botulax maintained the largest market share for the eight consecutive years thanks to the long-standing safety and quality track records as well as holistic value-adding services.
Hugel has resubmitted biologics license application in the U.S. for BTX. In the coming year, Hugel plans to solidify its position in both the domestic and international BTX markets.


Hugel Inc (145020 KS): Achieves Record High Revenue and Operating Profit in 4Q23

Thematic (Sector/Industry)

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

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.

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Classys (214150 KS)