[Edaily Reporter YU JIN-HEE ] WSI Co., Ltd.(299170), a company specializing in pharmaceuticals and medical devices, is breaking away from its long-standing distribution-centric business model—which had been heavily reliant on a single product—and is moving full steam ahead with its transformation into a high-value-added manufacturing and biotech R&D company.

Expected to Be a Game-Changer in the U-Bot Market... Initial Exports to China and India Underway

According to industry sources on the 3rd, WSI Co., Ltd. is set to see tangible progress starting in the fourth quarter of this year, with the regulatory approval of its independently developed medical robot and the entry of its new drug pipeline into the clinical trial phase.

If these new business initiatives come to fruition, the company is projected to maintain stable double-digit revenue growth this year, while new manufacturing revenue is expected to contribute in full starting next year, leading to explosive revenue expansion. This is expected to be a critical turning point that will determine the success or failure of its mid-to-long-term goal of “achieving annual revenue of 100 billion won by 2028.”

At the forefront of this transformation is “U-BOT,” the world’s first laparoscopic surgical assistance robot for gynecology, developed by the subsidiary Easy MediBot. U-BOT is an automated uterine elevation robot equipped with artificial intelligence (AI) technology. It completely replaces the task of manually lifting the uterus—which previously required 3 to 4 hours of effort by an assistant during gynecological laparoscopic surgery—with precise joystick-based remote control.

Although gynecological procedures account for 34% of all laparoscopic surgeries in Korea, there is a severe labor shortage due to residents’ reluctance to specialize in the field. U-BOT resolves this structural challenge in the medical field by implementing a “single-surgeon system,” which allows the operating surgeon to perform the procedure alone without the need for an assistant.

It has already secured key patents from the U.S. Patent and Trademark Office (USPTO) and the European Patent Office (EPO), as well as in 19 European countries including the United Kingdom. It is currently in the final stages of product approval review by the Ministry of Food and Drug Safety and is expected to receive official approval shortly.

In addition to selling the robot unit itself, U-Bot has established a model for the exclusive supply of “Utru GyneX,” a dedicated consumable used once per patient surgery. This business model, which generates consistent, high-margin recurring revenue, is considered a key driver that will dramatically boost the company’s operating profit margin.

EziMedibot is targeting 57 leading general hospitals and cancer centers in South Korea that perform robotic surgery as its primary market, while also exploring collaborations with Doosan Robotics(454910)in the field of collaborative robots and examining export opportunities to the Chinese and Indian markets. The company has set a goal of achieving annual sales of 30 billion won by 2028 in the surgical robotics sector alone.

Its new drug pipeline is also set to enter the clinical trial phase starting in the fourth quarter. Its subsidiary, IntroBioPharma, has independently designed an “oral obesity treatment” based on a glucagon-like peptide-1 (GLP-1) analog in the form of film-coated tablets and has been conducting preclinical trials.

The company has now completed animal efficacy tests and has begun preparing to file a clinical trial application (IND) alongside applying for a key foundational patent. Given the overwhelming convenience of this oral obesity treatment, the company plans to actively pursue global technology licensing (L/O) from the early stages of clinical trials.

Following last year’s milestone of surpassing 50 billion, the company is on track again this year… “We will leap forward as an innovative healthcare company”

Since its establishment in 2018 (based on corporate incorporation), WSI Co., Ltd. has grown as a healthcare company by supplying products—including the nation’s top-selling topical hemostatic agent, as well as endoscopes and anti-adhesion agents for spinal surgery—to approximately 400 hospitals and clinics across Korea.

The company’s reliance on a single product—the topical hemostatic agent, which once accounted for over 70% of total revenue—was cited as a chronic risk. This is because a revenue structure heavily weighted toward a specific imported product is inevitably vulnerable to fluctuations in cost ratios and risks associated with licensing agreements. This was one of the reasons why WSI Co., Ltd.’s enterprise value was undervalued compared to companies of similar size.

To overcome this, the company has pursued a bold product diversification strategy over the past two to three years. It segmented its lineup of spinal medical devices and aggressively expanded high-margin products, such as cardiovascular interventional devices, through collaborations with global cardiovascular companies.

This strategy was immediately validated by changes in key metrics. According to the Financial Supervisory Service’s electronic disclosure system, the share of pharmaceutical distribution (product sales)—which accounted for 65.4% of total revenue in 2024—plummeted to 46.6% in 2025. In the first half of this year, it remained at 48.7% (12.1096 billion won), solidifying a steady downward trend. In contrast, the share of direct pharmaceutical manufacturing (product sales) skyrocketed from 15.1% in 2024 to 28.9% (7.19973 billion won) in the first half of this year.

Driven by structural improvements, WSI Co., Ltd.’s revenue growth has been steep. WSI Co., Ltd.’s consolidated revenue surged by 28.0%, rising from 40.4 billion won in 2024 to 51.7 billion won in 2025. This marked the company’s best-ever performance since its founding.

Although a temporary net loss of 4.5 billion won occurred last year due to valuation losses on convertible bonds (CBs) resulting from the rise in stock prices, this uncertainty was completely resolved this year as the CBs were fully converted into shares and extinguished. The company continues to show robust momentum, having recorded revenue of 24.87127 billion won in the first half of this year. This is due to the stable sales of three improved new drugs from IntroBioPharma—including a sustained-release formulation of the antiepileptic drug topiramate and a tablet-based laxative—as well as orders secured by its contract research organization (CRO) subsidiary, IBPLab.

The pharmaceutical and biotech industry assesses that WSI Co., Ltd., which had previously been limited to acting as a general distributor of pharmaceuticals, has now completed a vertically integrated development and manufacturing model encompassing new drugs and advanced medical robots. This is because the company has established a structure where it directly sells its own high-margin products on top of its stable “cash cow”—an existing distribution network of approximately 400 hospitals.

Lee Yoon-seok, CEO of WSI Co., Ltd., stated, “We have completely diversified our revenue structure—which was previously heavily reliant on a single product, a local hemostatic agent—to include spinal and cardiovascular devices.” He added, “Starting in the fourth quarter of this year, the commercialization of our obstetrics and gynecology medical robot and the commencement of clinical trials for our oral obesity treatment will coincide, enabling us to leap forward as a true healthcare innovation company.”

He continued, “Starting next year, as we move away from a distribution-centric business model and begin to significantly expand the proportion of our proprietary products, profitability will be maximized,” and added, “Based on our proven business execution capabilities, we will usher in an era of annual sales exceeding 100 billion won.”