[Edaily Reporter Kim Seung-kwon ] On the 29th, as the domestic stock market once again failed to escape a downtrend, inverse exchange-traded funds (ETFs) betting on a decline in the KOSDAQ index swept the top ranks in terms of returns. More than half of the top 30 stocks by total return that day were inverse-tracking funds.

Even as the overall index continued its steep decline, some biotech and healthcare stocks managed to rise. T&R Biofab Co., Ltd(246710) and #LEMON COMPANY LIMITED were the standout performers. The two companies emerged as “contrarian” stocks amid the bear market, backed by clear catalysts: improved first-half earnings for one and a reassessment of technological competitiveness for the other.

T&R Biofab Co., Ltd. Reports 46% First-Half Earnings Growth Amid Surge in ECM Sales

According to KG Zeroin MP Doctor, T&R Biofab Co., Ltd closed at 2,525 won today, up 7.2% from the previous trading day. This rise is driven by expectations of improved earnings. The company reported consolidated revenue of 18.3 billion won for the first half of the year, a 46% increase compared to the same period last year. Looking at the second quarter alone, revenue reached 9.5 billion won, marking an increase of more than 10% from the previous quarter. Analysts suggest that as this improvement in performance is reaffirmed, the market is reevaluating the company’s regenerative medicine technology, which had previously been undervalued.

T&R Biofab Co., Ltd is a regenerative medicine specialist focused on 3D-printing-based biodegradable scaffold technology. Recently, the company has rapidly expanded its business scope into extracellular matrix (ECM)-based biosurgical product lines, establishing a new growth engine. Based on decellularized ECM technology, the company has built a product portfolio that includes the hemostatic agent “Hemofix,” the wound dressing “Reprofoam,” and acellular dermal matrix (ADM).

The biosurgical division is the key driver of improved performance. Second-quarter standalone revenue reached 3.7 billion won, a 125% increase year-over-year and a 35% increase quarter-over-quarter. On an annual basis, ECM revenue rose 155.2% from 1.4 billion won in 2024 to 3.6 billion won last year, and in the first quarter of this year, it surged 214.6% to 1.3 billion won compared to 400 million won in the same period last year. Driven by this growth, the consolidated operating loss ratio fell from 60.1% in the first quarter of last year to 10.7% this year, marking a noticeable improvement in the company’s profit and loss structure.

The performance of Blisspack, a wholly-owned subsidiary, is also supporting the company’s overall stability. Blisspack reported preliminary first-half revenue of 11.8 billion won, a 25% increase compared to the same period last year. The company explained that, based on its ODM and OEM capabilities and a monthly production capacity of 4 million units, it continues to secure repeat orders and new contracts from cosmetics clients.

The biggest driver of momentum in the second half will be whether the company receives approval from the U.S. Food and Drug Administration (FDA). The company is pursuing FDA marketing authorization for “TnR CFI (CranioFacialImplant),” a 3D-printed biodegradable artificial scaffold, and has already submitted its final response to the FDA’s request for additional information.

A company official stated, “We submitted the final response to the FDA’s request for additional information on the 1st and expect final approval by mid-August,” adding, “Once approval is granted, we will be able to fully expand into global markets, including the U.S.”

Development of its follow-up pipeline is also proceeding in parallel. A company official explained, “We are preparing to enter clinical trials for a medical device-type ECM-based skin booster, with a target launch date of 2028,” adding, “We are also developing a drug-eluting hydrogel-type medical device.”

Oh Hyun-jin, an analyst at KIWOOM Securities, also projected that T&R Biofab Co., Ltd.’s annual revenue would increase by 65% year-over-year to 46 billion won, driven by growth in its cosmetics business. In another report, the firm set a target price of 4,800 won and predicted an accelerated turnaround based on the stabilization of the company’s financial structure and improved performance at its subsidiary, Blisspack.

LEMON COMPANY LIMITED: Technical Capabilities of Medical Data Brokerage Platform Re-examined

Lemon Healthcare closed at 4,120 won today, up 6.2% from the previous trading day. This rise is interpreted as a result of increased market interest following the company’s recent IPO process and a reassessment of its core technology, “Lemon Data Bridge (LDB).” The company defines itself not merely as a system integration (SI) firm, but as a technology company specializing in real-time, bidirectional medical data relay platforms.

A long-standing challenge in the healthcare IT industry has been that the data structures and coding systems of Electronic Medical Records (EMR) and Picture Archiving and Communication Systems (PACS) vary from hospital to hospital, and that medical information systems themselves are designed with closed architectures. Lemon Healthcare built LDB as a strategy to directly overcome this barrier. LDB is comprised of three core technologies: “Lemon Private (PrivateAPI),” which standardizes APIs by service purpose; “QAB (QueryAgentBox),” a standard integration module installed within hospitals to enable real-time data relay even in closed-network environments; and “F-Flow,” an integrated operational structure that monitors the entire data flow.

This technology is implemented through three solution lineups: Hospital Smart Services (LDB-H), Electronic Documents and Certificates (LDB-E), and Data Relay (LDB-D). The company explains that because these solutions are based on a common architecture, they feature a SaaS-based structure that allows for immediate service deployment—simply by expanding accounts—without the need for separate development when new hospitals are added. The company’s technological moat is assessed to lie not in the number of patents, but in the combination of its experience in integrated operations accumulated over nearly 10 years with 130 hospitals. However, it also holds approximately 30 domestic and 10 international patents and has completed patent registrations in the U.S., China, Japan, and Europe, establishing a barrier for technology protection as it expands globally.

Its AI strategy is also worth noting. The medical data secured through the “Claim God” app—based on patient consent—already totals approximately 120 million records, and the company plans to grow into a platform that standardizes this data and reliably supplies it to AI companies.

A company official emphasized, “The wall of experience we’ve built over the past 10 years in collaboration with 130 hospitals acts as a barrier to entry that cannot be easily overcome even with financial resources,” adding, “In the long term, this will serve as the foundation that enables us to compete even with large corporations.”