DEEP RESEARCH · Asterasys

Asterasys: aesthetic-device technology moat and profitability leverage

A review of Liftera, Coolfase, CoolSoniq, FDA approval, and consumables revenue

Published: 2025-12-25 · Company research · Original Naver Blog post

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

0. Bottom line first

The key is recurring consumables revenue after the installed base expands, not just device sales.

Official fact: The source cites the January 24, 2025 KOSDAQ listing, October 2025 U.S. FDA 510(k) approval for Coolfase, cumulative Q3 2025 revenue of KRW 25.8 billion, up 42.1%, and operating profit of KRW 6.7 billion, up 127.7%. Consumables were about 62.0% of revenue.

Interpretation: High-margin consumables and new-product mix are creating operating leverage.

Consumables

62.0%

Recurring cartridge and tip sales

Revenue

KRW 25.8bn

YoY +42.1%

Operating profit

KRW 6.7bn

YoY +127.7%

1. Growth path

Founded in July 2015 as Daehan Biomedical, Asterasys internalized HIFU technology and launched Liftera with the world’s first pen-type applicator. From 2020 to 2024 it secured approvals such as CE, ANVISA, and Russia MOH, and won the USD 7 million Export Tower in 2022.

2. Ownership

As of September 30, 2025, CEO Eun-taek Seo held 34.53%, CTO Jong-seok Kim 6.40%, and CFO In-ho Lee 3.88%. Management ownership aligns incentives with shareholder value.

3. Products and technology

Asterasys product structurePortfolio that creates recurring revenue

LifteraTDT™ HIFU and pen type

CoolSoniqACC™ cooling HIFU

CoolfaseDCC™ RF and FDA 510(k)

ConsumablesCartridges and tips

As the installed base grows, consumables become central.

TDT™ delivers ultrasound energy at more than 10Hz to diffuse heat broadly and evenly. CoolSoniq received MFDS approval in February 2025, and Coolfase FDA approval creates a bridgehead into North America.

4. Financials

Item	Q3 2024 cumulative	Q3 2025 cumulative	YoY
Revenue	18,139	25,778	+42.1%
Cost of sales	5,267	5,616	+6.6%
Gross profit	12,872	20,162	+56.6%
SG&A	9,916	13,431	+35.5%
Operating profit	2,956	6,731	+127.7%
Net income	1,685	5,369	+218.6%
OPM	16.3%	26.1%	+9.8%p

Unit: KRW million · Source noted in the original as Asterasys Q3 2025 presentation and quarterly report

5. Valuation and risks

The source cites about 15-20x 2025E PER for Asterasys, versus Classys at about 25-30x and Viol around 20x. Risks are competition, the speed of revenue conversion after FDA approval, and volatility if expectations are priced in early.

Sources

원문: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=224122397411
Daum FDA 승인: https://v.daum.net/v/Xt0uueBWOt?f=p
Investing.com: https://www.investing.com/equities/asterasys-consensus-estimates
Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/high-intensity-focused-ultrasound-hifu-market
Precedence Research: https://www.precedenceresearch.com/radiofrequency-based-aesthetic-devices-market
ChosunBiz: https://biz.chosun.com/stock/market_trend/2025/10/20/BUPQCSXV6VEIBFIFTSLFQNKEDU/

Naver original