[Edaily Reporter Kim Jinsoo ] As concerns mount over the weak third-quarter earnings of SEERS, a wearable medical AI company, analysts suggest that this earnings decline is due to temporary supply delays rather than a slowdown in the growth of its flagship business, the AI inpatient monitoring platform “thynC.”

According to the pharmaceutical and biotech industry on the 10th, SEERS reported revenue of 9.8 billion won and an operating loss of 1.9 billion won in its third-quarter consolidated financial results released on the 6th. Compared to the previous quarter’s revenue of 28.4 billion won and operating profit of 12.9 billion won, this represents a significant setback. With results falling far short of market expectations, the stock price plummeted to the daily lower limit, and the securities industry raised a series of concerns regarding the company’s supply chain management capabilities and the reliability of its earnings outlook.

However, delays in the procurement of AI servers—rather than a decline in demand from hospitals—are being cited as the primary reason for the poor third-quarter performance. Consequently, there is growing speculation that this sharp drop in earnings stems from temporary supply issues rather than a structural slowdown in growth.

According to SEERS, approximately 20 billion won worth of inventory—originally planned for third-quarter delivery—could not be supplied due to delays in the arrival of AI servers. This figure represents the estimated revenue based on the combined total of servers and related software that the company was able to secure by the end of October.

DAEWOONGPHARMACEUTICAL Reduces Third-Quarter Orders Due to Server Supply Disruptions… Coordinating Fourth-Quarter Supply Schedule

According to DAEWOONGPHARMACEUTICAL

,

although order plans for Think-related products had been established for the

third quarter

, the actual order volume fell short of initial expectations due to disruptions in securing AI servers. DAEWOONGPHARMACEUTICAL is currently coordinating with SEERS on the fourth-quarter order volume and delivery schedule, including the volume carried over from the third quarter.

A DAEWOONGPHARMACEUTICAL official stated, “Due to delays in securing the AI servers and software for the Think project that were planned for the third quarter, orders totaling approximately 20 billion won could not be placed. Currently, the Think business is proceeding normally, and sales efforts targeting hospitals and the expansion of adoption are continuing.”

The spokesperson added, “As our supplier, SEERS, completed server delivery by the end of October, both companies are currently discussing order volumes and supply schedules. Now that the server supply issue has been resolved, we expect supplies related to the Think business to proceed smoothly in the fourth quarter as well.”

This explanation suggests that the decline in third-quarter performance was due to delays in the supply schedule rather than a decrease in hospital demand. Since a portion of the originally scheduled orders was carried over to the next quarter due to server procurement issues, it is difficult to conclude that this poor performance indicates a weakening of the Think business’s growth potential.

SEERS completed the receipt of AI servers in late October and began working to normalize supply. With the server procurement issue resolved, the company expects to recognize revenue from the deferred orders in accordance with future order and delivery schedules.

Think, SEERS’ core business, is a medical platform that combines wearable sensors with AI analysis software to monitor the vital signs of hospitalized patients in real time. As a solution addressing nursing staff shortages and the need for patient safety management, its adoption is increasing, particularly among domestic medical institutions.

According to data released by SEERS, as of the end of September, the cumulative number of hospital beds equipped with Think exceeded 21,000, and the number of medical institutions adopting the system surpassed 230. Based on the total of approximately 650,000 hospital beds in South Korea, the market penetration rate stands at around 3%. While adoption is spreading, particularly among tertiary general hospitals, analysts note that the market is still in its early stages, suggesting significant potential for future business expansion.

A notable point is that, in contrast to SEERS’ sharp decline in third-quarter revenue, the performance of DAEWOONGPHARMACEUTICAL’s digital healthcare business—as the domestic distributor—actually improved.

According to DAEWOONGPHARMACEUTICAL’s third-quarter earnings report, revenue from the digital healthcare division reached 17.9 billion won, a 40% increase year-over-year and a 14% increase from the previous quarter. This represents growth from 12.8 billion won in the same period last year and marks the highest revenue recorded in recent quarters.

DAEWOONGPHARMACEUTICAL is expanding its presence in the domestic hospital market by utilizing “Think” as a key solution for its smart ward business. Given that the Think-based smart ward business is one of the main growth drivers in the digital healthcare sector, the sales growth trend of the distributor is noteworthy.

SEERS is also overhauling its supply chain management system in response to this server procurement issue. The company plans to establish a stable supply base by placing advance orders for AI servers to cover at least two quarters’ worth of demand. Additionally, SEERS has completed technical preparations to run its proprietary AI engine not only on existing Intel CPU-based servers but also on servers equipped with AMD CPUs. This has reduced dependence on specific server specifications and ensured supply chain flexibility.

Last October, the company opened its second factory in Yongin, increasing its annual production capacity for wearable medical devices and network equipment to approximately 200,000 units. This move not only expands the domestic distribution of Think but also establishes a manufacturing base capable of supporting future expansion into overseas markets.

SEERS plans to supply new orders in the fourth quarter that reflect hospital adoption demand for the first quarter of 2027, in addition to orders carried over from the third quarter. The company is also maintaining its annual order target of 30,000 hospital beds as originally planned.

A SEERS official stated, “We completed the normalization of AI server supply and demand by the end of October and are working to expand supply to address the backlog from the third quarter and meet new demand in the fourth quarter. Now that we have finalized the diversification of our server supply chain and the expansion of production capacity, we expect to resolve temporary supply disruptions in the fourth quarter and return to a full-fledged growth trajectory.”