[Edaily Reporter YU JIN-HEE ] #BIOBIJOU Co., Ltd., a company specializing in medical aesthetics, is showing a marked rebound in its stock price, driven by explosive earnings growth in the North American market and the expansion of its next-generation regenerative materials lineup. As expectations grow that the stock will recover to the high 13,000 won range it reached earlier this year, market attention is focused on the company as factors driving medium- to long-term valuation re-rating—such as the acquisition of overseas approvals and large-scale facility investments—come into play.

On the 13th, BIOBIJOU Co., Ltd. was trading at 12,340 won on the KOSDAQ market, up 5.29% (620 won) from the previous trading day (as of 3:22 p.m.). The stock price soared to 12,370 won during the session, easily breaking through the 12,000-won mark. Trading volume also surged nearly fourfold from the previous day to 187,670 shares, and the total trading value reached 2.259 billion won, clearly indicating an improvement in supply and demand. Building on the support level established around 11,440 won on the 1st, the stock has continued a steady, step-by-step upward trend, bringing the year’s high (13,100 won as of January 29) within reach.

The key driver behind BIOBIJOU Co., Ltd.’s recent stock price rebound is undoubtedly its earnings. The company is projected to not only surpass 30 billion won in annual revenue this year but also achieve up to 38 billion won in revenue and around 10 billion won in operating profit, setting a new record for its best performance since its founding.

Behind these strong results lies the company’s successful expansion into the North American market. BIOBIJOU Co., Ltd. has focused on developing sales channels in North America to reduce its reliance on China, which previously accounted for 70% of its business. Its proprietary medical cosmetics brand, “Kandorup” (CDL), has gained a firm foothold on major online platforms such as Amazon as well as in offline channels, driving steep sales growth. In the first half of the year alone, sales in the U.S. totaled approximately 7 billion won, accounting for 39% of total revenue, solidifying the U.S. as a key market.

In fact, BIOBIJOU Co., Ltd. recorded sales of 17.9 billion won and an operating profit of 5.3 billion won in the first half of this year alone, achieving an operating profit margin of 29.6%. The operating profit for the first half alone has already far exceeded last year’s full-year operating profit (4.2 billion won). Since the aesthetic medical device industry typically enters its seasonal peak in the second half of the year, when demand for procedures concentrates, the company is expected to easily meet its annual earnings forecast.

In the domestic hospital and clinic market, products based on extracellular matrix (ECM)—a next-generation regenerative aesthetic material—are driving qualitative growth in performance. BIOBIJOU Co., Ltd. has secured a leading position in the premium regenerative market by introducing “Cellivion,” a fifth-generation ECM skin revitalizer utilizing human-derived acellular dermal matrix (hADM).

Recently, the company maximized convenience for medical professionals by supplying “Cellivion Linzei,” a pre-filled liquid formulation where the drug is pre-loaded into a syringe, enabling immediate treatment. By applying a proprietary decellularization process in a 4°C low-temperature circulation environment, the company prevented protein denaturation; spectroscopic analysis revealed a protein structure preservation rate of 0.990, indicating that the collagen triple-helix structure was fully preserved. Additionally, ultra-precise micronization to 33.92 μm reduces the risk of nodule formation and ensures a smooth injection experience.

The efficiency of its business model is also noteworthy. Instead of bearing the burden of capital investment in facilities, BIOBIJOU Co., Ltd. adopted a sole distributor model, sourcing products exclusively from the specialized manufacturer AllsoTech. By implementing a cross-selling strategy that integrates Celivion into its existing nationwide distribution network of hospitals and clinics, the company significantly increased the average transaction value per client without incurring additional sales and marketing expenses, thereby establishing a high-margin structure.

The medium- to long-term growth trajectory is also clear. To finance facility construction and working capital, BIOBIJOU Co., Ltd. issued 60 billion won worth of convertible bonds (CBs) at a zero interest rate (0% coupon and maturity rate) and without any conversion price adjustment (refixing) clauses. Institutional investors’ confidence in the company’s medium- to long-term fundamentals was confirmed, as the conversion price was set at 14,000 won—a 26% premium over the reference share price.

The funds raised will be invested in the construction of a second factory for the mass production of the hyaluronic acid (HA) fillers “Corena” and “Kandorup.” This move is intended to proactively address the surge in overseas demand once the European CE certification and Chinese NMPA product approval—both currently underway—are sequentially completed. Once the plant expansion is complete, the company will have the production infrastructure necessary to achieve annual sales of 150 billion won in the medium to long term.

The securities industry anticipates that BIOBIJOU Co., Ltd.’s revenue growth and profitability will accelerate further as it completes its “three major medical aesthetics lineups”: cosmetics leading the North American market, ECM skin boosters focused on domestic clinics and hospitals, and HA fillers awaiting approval in Europe and China. The continued focus on shareholder returns—including a 2 billion won share buyback and cancellation last July and a high dividend policy of around 36%—is another factor leading analysts to predict that the stock price will break through the 13,000 won mark.

BIOBIJOU Co., Ltd. stated, “We will establish a sustainable high-growth structure based on strengthening our overseas sales foundation and the competitiveness of our new medical aesthetics products,” adding, “We will further solidify our position in the global medical aesthetics market.”