[Edaily Reporter YU JIN-HEE ] #Remedy, a company specializing in X-ray technology, has secured an exclusive contract opportunity in India’s massive public healthcare procurement market—which serves a population of 1.4 billion—after decisively outpacing its global competitors.

Outperformed Global Competitors to Become Sole Technically Qualified Bidder… Advances to Final Price Bidding Stage

According to industry sources on the 13th, Remedy’s product was the only one to pass the technical evaluation in a procurement bid for portable digital X-ray equipment launched by the Odisha state government in India. The company was selected as the sole “Qualified” vendor.

This procurement tender by the Odisha state government attracted massive participation from major global manufacturers of radiological medical devices. It was conducted using a multi-stage technical evaluation process that comprehensively and rigorously verified the products’ precision performance, safety regarding low radiation doses, manufacturing quality, and compliance with local technical specifications.

Remedy fully met the stringent technical standards set by the Indian government. It outperformed all global competitors and was the only participating company to obtain certification for passing the technical evaluation. As a result, Remedy has advanced as the sole candidate to the price bidding stage—effectively the final hurdle to winning the contract—and is now on the verge of securing the contract.

Remedy’s portable digital X-ray equipment, which passed this technical evaluation, is lightweight enough for doctors to operate with one hand. The device combines an ultra-lightweight design with low-dose control technology that dramatically reduces radiation exposure. It received high marks from the Indian public health evaluation panel for its unparalleled technological capability to deliver hospital-grade imaging quality even in remote areas where medical infrastructure is underdeveloped and large-scale equipment cannot be deployed.

Industry analysts have noted that this achievement carries political significance beyond simply winning a single state government tender. In India, each state government operates its own independent medical equipment procurement system. The scale of individual procurements is so vast that it rivals the total budget of many small and medium-sized countries.

Remedy has already secured an official contract through the Indian central government’s National Tuberculosis Eradication Program (NTEP). Last year, the company supplied 1,534 portable X-ray units on a large scale. Subsequently, in July of this year, it successfully shipped an additional 750 units in accordance with local procurement requirements.

Following the central government contract, the company has now secured exclusive technical references for this Odisha state government procurement project as well. It is assessed that the company has secured an absolute advantage in the competition for large-scale medical equipment procurement projects from the remaining 27 state governments in India, as well as for additional central government national projects. The final contract signing and specific equipment supply volume will be confirmed shortly, following the results of the remaining price bidding and the final administrative procedures by the ordering agency.

A major order windfall on the day of its KOSDAQ listing... Accelerating earnings growth on the back of a 5 trillion won subscription boom

The news of Remedy’s sole technical qualification by the Odisha state government in India drew significant attention from the capital markets, as it broke on the very day of the company’s KOSDAQ listing. In its bookbuilding process for institutional investors, Remedy secured a final offering price of 20,700 won—the upper limit of its target price range—after overcoming a competition ratio of 1,146.41 to 1. The public subscription was also a resounding success, attracting a massive 5.2993 trillion won in subscription deposits.

Notably, 697,500 shares—equivalent to 77.5% of the allocated shares—were subject to mandatory holding commitments ranging from a minimum of 15 days to a maximum of six months. This completely eliminated concerns about a large-scale sell-off (overhang) during the early stages of listing, ensuring stock price stability. The 24.84 billion won raised through this public offering will be focused on building infrastructure to handle the rapidly increasing global supply volume, including a contract secured with the Odisha state government in India.

The total production capacity (CAPA), currently at 3,400 units per year, will increase to 3,700 units this year following a production efficiency improvement process. Next year, once the first phase of automation equipment installation is complete, capacity will more than double to 7,000 units. By 2028, when the second phase of automation is completed, annual production capacity will expand significantly to 7,700 units. This major success in securing the contract with the Indian state government is expected to serve as a key catalyst for boosting the utilization rate of the aggressive infrastructure expansion and production base that Remedy is currently building.

Remedy’s earnings growth has already entered a steep upward trajectory. Revenue showed a steady upward trend, rising from 13.4 billion won in 2024 to 14.6 billion won in 2025. In particular, operating profit for 2025 reached 2.8 billion won, a 191.3% surge compared to the previous year.

Remedy has allocated a total of 12.1 billion won from the proceeds of this public offering to research and development (R&D) and the strengthening of its global sales network. The company will allocate 4.9 billion won to diversify its portfolio of derivative products, including improving the efficiency of high-voltage (HV) modules and developing tubes specifically for industrial non-destructive testing (NDT). It will also expand investment in a customer relationship management (CRM) platform to manage global customers.

The company is also diversifying its strategy for regional subsidiaries aimed at directly bidding on large-scale projects in overseas procurement markets. It will significantly expand the workforce at its Indian subsidiary, which secured the recent order. At the same time, it will focus on securing large-scale supply contracts linked to Official Development Assistance (ODA), centered on its five key regional subsidiaries in Indonesia, the Philippines, South Africa, and Brazil. In the United States, the world’s largest market, the company will establish a local subsidiary to intensively target demand for home healthcare diagnostics. Through these efforts, the company has presented a firm roadmap to achieve sales of 24 billion won this year, 40 billion won next year, and over 60 billion won by 2028.

A Remedy official emphasized, “Our sole approval in the technology evaluation by the Indian state government is a remarkable achievement, demonstrating that our core radiology platform technology has received the most objective and rigorous recognition in the global healthcare market,” adding, “We will use the proceeds from the public offering to significantly expand our production capacity to 7,700 units annually and accelerate our global expansion, thereby clearly proving our value to shareholders through tangible results and figures.”