[Edaily Reporter Shin Ha-yeon ] On the 28th, independent research firm Value Finder projected that #P&S Robotics would expand its presence in the Americas market, building on a major contract win with a large rehabilitation facility in Mexico. The firm also highlighted the company’s medium- to long-term growth potential, noting that it is expanding its product lineup from lower-limb rehabilitation robots to upper-limb rehabilitation robots. No specific investment opinion or target stock price was provided.

Lee Chung-heon, CEO and researcher at Value Finder, stated in a report released that day, “Although the company posted disappointing results in the first half of this year due to delays in overseas sales and the burden of new product development costs, a recovery in earnings is expected going forward, driven in part by the recognition of revenue from additional orders in Mexico.”

P&S Robotics is a company specializing in rehabilitation robots that listed on KOSDAQ in July 2024. Its flagship product, “Walkbot,” is a wearable exoskeleton lower-limb rehabilitation robot that simultaneously controls three joints—the hip, knee, and ankle—and provides training tailored to the patient’s physical condition and walking ability.

As of the first half of this year, revenue breakdown consisted of 92.6% from product sales and 7.4% from maintenance, with exports accounting for 79.6% of total revenue. Given the company’s high dependence on overseas markets, securing new customers and expanding order intake are considered key drivers of earnings growth.

In particular, results are becoming visible in the Mexican market. Following the installation of its first unit in May at the Teletón Foundation—a major rehabilitation organization operating 27 centers across Mexico—P&S Robotics signed an additional supply contract worth 2.56 billion won in July. This amount represents approximately 33% of last year’s annual revenue of 7.6 billion won.

The analyst assessed, “By supplying the company’s products to centers that previously used equipment from competitors, the company is believed to have preempted the demand for replacing competitors’ equipment, thereby increasing the potential for further order expansion in the Americas.”

However, the delivery schedule for one of the four units covered by the contract has been delayed until the end of this year. The contract value remains unchanged. The analyst predicted, “As the company is strengthening its ability to serve overseas customers through its local subsidiary in Mexico, securing follow-up orders and acquiring new international clients will serve as key growth drivers going forward.”

The company is also expanding its product lineup. It is broadening its business scope from its existing focus on lower-limb rehabilitation to upper-limb rehabilitation with the “Healerbot,” a robot designed to assist patients with impaired shoulder function. The Healerbot measures joint range of motion and muscle strength to provide personalized exercise routines tailored to each patient.

The analyst explained, “Through a pilot project last August, the company began implementing the technology in clinical settings by supplying equipment to three domestic hospitals,” adding, “It has also secured European CE MDR certification, laying the groundwork for exports.”

At CES 2027, scheduled for January of next year, the company plans to unveil not only Workbot and Healerbot but also prototypes of the Healerbot hybrid model and a home-use model currently under development.

Financial performance still needs to recover. Last year’s revenue was 7.6 billion won, a 7.5% increase from the previous year, but operating profit fell 38% to 1 billion won. In the first half of this year, the company recorded revenue of 2.7 billion won and an operating loss of 800 million won. Delays in overseas sales and the burden of new product development costs contributed to the deterioration in profitability.

However, the company is considered to have secured financial stability, as it holds approximately 27.7 billion won in cash and cash equivalents. The analyst highlighted the potential for growth in overseas operations, citing the expansion of supplies to a major rehabilitation facility in Mexico, the company’s ability to capture demand for replacing competitors’ products, and the expansion of the HealerBot product line.