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[InBody] The Essence of the Business?

An investment idea framing InBody as a human-data sensing and collection company, not just a body-composition device maker

Date: 2025-02-06 · Business essence note · Naver Blog

Investment decisions are your own responsibility. This material is research and is not a buy or sell recommendation.

0. Bottom line first

The author sees the essence of InBody's business as sensing and collecting human-body data. However, the company still appears to lack know-how in using that data, and the author's view is that companies with large pools of human-body data may become more valuable as the AI era advances.

1. Business essence: data over devices

Interpretation: The author wants to view InBody not simply as a body-composition device company, but as a company accumulating human-body data. Combining height, blood pressure, weight, body water, and body-composition data in a three-dimensional way may create new use cases.

InBody Data Platform HypothesisOnly the data types mentioned in the original post
Measurement dataHeight · blood pressure · weight
Body dataBody water · body composition
Desired additionBlood-glucose data
Use potentialHuman-data value in the AI era
The central question is how well the data can be combined and used.

2. Blood-glucose data and an M&A thought

Interpretation: The author imagines whether InBody could use accumulated cash to acquire a continuous glucose monitor maker. The reason is that adding blood-glucose data to InBody's existing data could make the human-data picture more complete.

Current asset

Human-data sensing

The author focuses on the potential to accumulate height, blood pressure, weight, body water, and body-composition data.

Missing capability

Data-use know-how

The author thinks InBody still appears short on know-how for using the data.

Expansion idea

Acquire a CGM maker

The idea is that glucose data could improve the completeness of the combined human-data set.

3. What to watch in the AI era

Interpretation: As the AI era arrives, data utilization appears to be becoming easier. The author's questions are whether companies with abundant human-body data can be revalued, and what Chairman Cha Ki-chul's thinking and plan may be.

  • The ability to collect data and the ability to use it should be evaluated separately.
  • Securing blood-glucose data could become an important expansion axis for combining data.
  • If AI lowers the difficulty of using data, companies holding human-body data could gain revaluation potential.

Sources

Naver original