[Edaily Reporter KIM JI-WAN ] On the 3rd, Heo Seon-jae, an analyst at SKSecurities, published a report on OSTEONIC Co., Ltd.(226400), highlighting the need to focus on “share price momentum that will complement earnings growth.” He also maintained a “Buy” rating and set a target price of 10,300 won.

Researcher Heo projected that the stock will enter a period of momentum in the second half of this year. The first source of momentum is the expansion of the product lineup supplied to its key client, “Zimmer Biomet (hereinafter ‘Zimmer’),” and the U.S. Food and Drug Administration (FDA) approval of new products. The second source of momentum is the sequential acquisition of new global clients in the trauma and CMF segments, which is expected to drive earnings growth.

For the Sports Medicine business division, the company projected that starting in 2026—as U.S. shipments to Zimmer, which began in 2Q25, enter their second year of sales—the reorder cycle will gain full momentum. Sports Medicine revenue is estimated to grow rapidly, reaching 17.4 billion won in 2025, 24.1 billion won in 2026, and 35.6 billion won in 2027, leading to the full realization of operating leverage.

The Trauma and CMF business units are projected to grow through the acquisition of new clients. Trauma, which accounts for approximately 30% of revenue, is a core product line, and the company stated that discussions regarding ODM supply contracts are underway with multiple global medical device companies.

Analyst Heo stated, “We forecast this year’s expected results to be revenue of 57.5 billion won (+26.6% YoY) and operating profit of 12.1 billion won (+36.6% YoY, OPM 21.0%),” adding, “Starting next year, we will see the expansion of the highly profitable product lineup for Zimmer, the acquisition of new clients in the Trauma and CMF divisions, and the benefits of transitioning to an automated factory.” We estimate that in 2027, the company will record revenue of 74.4 billion won (+29.5% YoY) and operating profit of 17.4 billion won (+43.8% YoY, OPM 23.4%),” he added.