[Edaily Reporter Kim Hyung-il ] Korea Investment & Securities analyzed that InBody Co., Ltd.(041830)is seeing growing demand for body composition analyzers due to the widespread adoption of GLP-1-based obesity treatments. In particular, considering the increase in sales to U.S. hospitals and the low equipment penetration rate, the firm projected that sales growth in the U.S. will continue.

On the 23rd, Hong Ye-rim, an analyst at Korea Investment & Securities, stated regarding InBody Co., Ltd., “Recently, the growing popularity of GLP-1-based obesity treatments has been driving new demand for body composition analyzers.” She explained that since both body fat and muscle mass can decrease during the weight loss process induced by these treatments, there is increasing demand to monitor changes in body fat and muscle before and after treatment.

InBody Co., Ltd. is a manufacturer of body composition analyzers that measure body weight by breaking it down into muscle, body fat, and body water. In the first half of this year, professional-use products accounted for 71% of revenue, while home-use products accounted for 13%; overseas sales accounted for 87% of total revenue. By region, the U.S. accounted for 36% and Europe for 14%.

The rise in demand driven by the widespread adoption of GLP-1-based obesity treatments is reflected in sales to U.S. hospitals. Following a 28% increase last year, sales to U.S. hospitals are estimated to have grown by more than 60% in the first half of this year. Their share of total U.S. sales also rose from 37% to 44%.

During the same period, the usage rate of GLP-1 for weight loss among U.S. adults rose from 8% to 11%. It is estimated that only about 2% of the 224,000 healthcare facilities in the U.S. have InBody Co., Ltd. devices installed; analysts suggest that as the number of obesity treatment users increases, there is room for healthcare facilities to expand their adoption of new equipment.

Researcher Hong projected that U.S. sales would grow by 38.5% this year and 23.9% next year, reflecting the low equipment penetration rate and expanding demand from hospitals.

He also projected an improvement in financial performance. Consolidated revenue for this year is expected to reach 288.1 billion won, a 23.1% increase year-over-year, while operating profit is forecast to rise 59.4% to 58.6 billion won. The operating profit margin is projected to be 20.3%. The estimated price-to-earnings ratio (PER) for this year is 14.8x, and 13.3x for next year.

Over the past five years, InBody Co., Ltd. has traded within a 12-month forward price-to-earnings ratio (PER) range of 6 to 9 times. This was because, although revenue growth continued, profits stagnated as the operating profit margin fell from 26% to 16% due to costs associated with expanding its direct overseas sales network. However, in the second quarter of 2026, the operating profit margin recovered to 20% for the first time in nine quarters.

Analyst Hong noted, “As the customer base diversifies due to the spread of obesity treatments and profit margins recover as upfront investment costs are recouped, InBody Co., Ltd. has entered a valuation re-rating phase.”