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InBody Q1 2025 Results Review

A results note focused on SG&A, labor-cost growth, and cash generation that still appears intact

Written: 2025-05-16 · Q1 results/headcount expansion review · Original Naver Blog post

You are responsible for your own investment decisions. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

Overall SG&A continues to rise, and I think the increase may continue through Q2 this year. The company hired a lot of people from the second half of last year and is still adding staff, so I am not expecting much from this year's earnings. Still, despite the higher payroll, the actual cash the business generates does not look very different from usual, so I think these results are fairly impressive.

1. The Core Cost Increase Is Headcount

The number of people hired since the second half of last year is very large, and the company is still hiring this year. Taking that into account, I am not expecting much from this year's earnings.

Official fact: In the source, labor costs are summarized as increasing by KRW 5 billion, from KRW 13.9 billion in 2023 to KRW 18.9 billion in 2024.

Item20232024Change
Labor costKRW 13.9 billionKRW 18.9 billionIncrease of KRW 5.0 billion
Cost

SG&A increase

With continued hiring, the SG&A burden may persist for a while.

Input

Salesforce expansion

This is a period of waiting for the people hired since last year's second half to enter actual sales activity.

Expectation

Step-up timing

I am waiting for the point when the added staff begin producing results and lift earnings to another level.

2. Related Memo and Source Link

The earlier memo on additional hiring can be found at [InBody] InBody continues additional hiring.

Thumbnail for the source link about InBody's additional hiring Source image related to InBody's Q1 2025 costs and results

3. What Still Looks Positive

Interpretation: In addition, cash flow is not bad. Despite the salaries for the larger workforce, the actual cash the company earns does not look different from usual. From that perspective, I think these results are fairly impressive.

InBody Monitoring PointsAbsorbing cost growth first, then waiting for sales output
Labor costKRW 13.9B → KRW 18.9B
SG&ALikely to rise through Q2
Cash flowNot very different from usual
Expected timingSecond-half sales contribution
This year is more about watching whether added personnel convert into performance than focusing only on near-term cost pressure.
Source image related to InBody cash flow

For now, I am waiting for the people hired last year to begin sales activity in earnest in the second half and produce results.

Sources

Naver original