[Edaily Reporter YU JIN-HEE ] #BIOBIJOU Co., Ltd., a company specializing in aesthetic medical devices, is on track to post its best-ever annual results after achieving a steep quantum leap in performance, driven primarily by the North American market. Next year, the company is expected to experience another period of high growth as it secures overseas approvals for its flagship hyaluronic acid (HA) filler and completes a large-scale expansion of its new manufacturing facility.

First-Half Operating Profit of 5.3 Billion Exceeds Last Year’s Total… U.S. Sales Share Soars to 39%

According to the securities industry and other sources on the 1st, BIOBIJOU Co., Ltd. is virtually certain to post its best-ever results since its founding this year, with annual revenue expected to exceed 30 billion won—potentially reaching as high as 38 billion won—and operating profit around 10 billion won.

The primary driver of these strong results is the company’s remarkable progress in the U.S. market. Analysts note that the company’s focus on expanding into North America—an effort aimed at reducing its reliance on the Chinese market, which previously accounted for nearly 70% of sales—has now yielded substantial results.

In fact, BIOBIJOU Co., Ltd.’s proprietary medical cosmetics brand, “Kandorup” (CDL), has penetrated the local market by simultaneously launching on Amazon, a major U.S. e-commerce platform, and expanding its offline distribution network. As a result, sales in the U.S. alone reached approximately 7 billion won in the first half of this year, propelling the region into a key market that accounts for 39% of total sales.

A review of BIOBIJOU Co., Ltd.’s annual financial performance clearly reveals the company’s rapid growth in scale and stable profit structure. Annual revenue surged more than threefold in just four years, rising from 8.7 billion won in 2021 to 29.6 billion won in 2024. However, due to business restructuring and other factors, revenue stagnated at 28.2 billion won last year, falling short of the milestone of 30 billion won in annual revenue for the first time.

Nevertheless, driven by factors such as the expansion of its U.S. operations, the company recorded revenue of 17.9 billion won and operating profit of 5.3 billion won in the first half of this year alone. Given the seasonal nature of the aesthetic medical device industry—where demand for procedures peaks in the second half of the year—analysts predict the company will comfortably meet the earnings forecasts set by the securities industry.

BIOBIJOU Co., Ltd. stated, “The brand power of Medical Cosmetics, which has been proven in the North American market, and the Skin Booster product line—which fundamentally improves the dermal layer of the skin—are generating a powerful synergistic effect.” The official added, “Based on stable cash flow, we completed a 2 billion won buyback and cancellation of treasury stock last July, and we are taking the lead in enhancing shareholder value by maintaining a high dividend policy of around 36 percent.”

While the U.S. market is driving regional diversification, in the domestic hospital and clinic market, extracellular matrix (ECM)—a next-generation regenerative cosmetic material—is leading the diversification of the product portfolio and improving profit margins. BIOBIJOU Co., Ltd. is leading a paradigm shift in the skin aesthetics market with the launch of “Cellivion,” a fifth-generation ECM skin revitalizer utilizing human-derived acellular dermal matrix (hADM).

Recently, the company has maximized procedural convenience in clinical settings by introducing “Cellivion Linzei,” a liquid hydrated formulation in which the drug is pre-filled in a syringe, allowing for immediate administration without a separate mixing process. Cellivion Linzei employs a proprietary decellularization process that selectively removes only cells and immunogenic substances in a low-temperature (4°C) circulating environment, thereby completely preventing heat-induced protein denaturation at the source.

Infrared spectroscopy analysis revealed a protein structure preservation rate of 0.990, indicating that the collagen’s inherent triple-helix structure was fully preserved. Additionally, by achieving ultra-precise microparticulation with an average size of 33.92 μm, the product reduces the risk of nodule formation and ensures a smooth injection experience.

The efficiency of its business structure is also noteworthy. Rather than shouldering the burden of large-scale capital investment in facilities, BIOBIJOU Co., Ltd. adopted a master distributor model, sourcing products exclusively from the specialized manufacturer OlsoTech to focus on distribution and sales. By implementing a cross-selling strategy that integrates Celivion into its existing nationwide filler distribution network of hospitals and clinics, the company significantly increased the average transaction value per client without incurring additional selling, general, and administrative expenses. By moving beyond the filler market—which focuses solely on volume enhancement—to capture demand in the premium regenerative market, which extends the natural lifespan of skin tissue, the company has established a high-margin business structure.

Securing 60 billion won in convertible bonds (CB) to expand Plant No. 2… Building infrastructure for annual sales of 150 billion won with additional approvals in Europe and China

BIOBIJOU Co., Ltd.’s growth momentum is expected to gain even more traction next year. The company recently successfully issued 60 billion won worth of convertible bonds (CBs) to raise funds for facility and working capital.

The conversion price was set at 14,000 won, a 26% premium over the base share price, with both the coupon rate and maturity rate set at 0%. The offering garnered high confidence from institutional investors, as it excluded a price adjustment (refixing) clause tied to falling market prices and secured a call option of up to 50%.

The funds raised will be primarily invested in the construction of a second factory to expand production capacity (CAPA). BIOBIJOU Co., Ltd. plans to secure preemptive mass production capabilities in time for the regulatory approvals of its proprietary HA fillers, “Corena” and “Kandorup,” in major overseas markets.

Once European CE certification for in vitro diagnostics and medical devices and product approval from China’s National Medical Products Administration (NMPA) are sequentially completed, global export volumes are expected to surge dramatically. This structure completes a three-pronged growth axis spanning cosmetics in North America, ECM in the domestic market, and fillers in the global medical market.

BIOBIJOU Co., Ltd. stated, “We expect a significant increase in export volumes once our flagship filler products receive European and Chinese NMPA approvals next year,” adding, “To meet the surging global demand, we are currently expanding our production capacity by building a second plant in addition to our existing Plant 1. Through this, we plan to establish the physical infrastructure necessary to achieve annual sales of 150 billion won in the mid- to long-term.”