DEEP RESEARCH · Classys

Classys: the 2026 supercycle path toward a global EBD platform

A review of the Ilooda merger, Volnewmer/Everesse, Brazil direct operation, and U.S. market entry

Published: 2026-01-21 · Company research · Original Naver Blog post

0. Bottom line first

Official fact: The source cites 9M 2025 consolidated revenue of KRW 243.4bn, up 44.4% year on year; operating profit of KRW 119.4bn, up 37.8%; operating margin of 49.1%; overseas revenue of KRW 158.9bn, up 39.2%; and export mix of 65.3%.

Interpretation: Even if selling and marketing costs temporarily pressure margin, U.S. launch and Brazil direct operation matter more if they expand the installed base and compound consumables revenue.

1. Company and ownership: global expansion after Bain

Founded in 2007, Classys grew through hospital-use CLASSYS, aesthetic-shop CLUEDERM, and home-care SKEDERM brands. After its 2017 KOSDAQ listing, the HIFU device Shurink, known overseas as Ultraformer III, became the growth base.

Official fact: As of September 30, 2025, the source says Bain Capital's BCPE Centur Investments, LP held about 54.16%, while founder Jung Sung-jae and related parties held about 13.54%.

Interpretation: Bain's stake creates overhang risk, but it also leaves open the possibility of a strategic sale or integration into a larger global medical device company. The 6% block deal in May 2025 shows that the market is already watching this supply risk.

2. Ilooda merger: completing the EBD portfolio

The Ilooda merger, completed on October 1, 2024, added microneedle RF and laser technology to Classys' HIFU and monopolar RF base. Ilooda brought devices such as the Secret series and Reepot, allowing the combined company to propose protocols across the epidermis, dermis, and SMAS layer.

3. Product edge: Shurink and Volnewmer

Shurink Universe, Ultraformer MPT, adds line-type MP mode to the prior dot method, shortening procedure time. Its pen-type handpiece improves treatment of curved facial areas and the eye area. The source frames Ultherapy as stronger in imaging precision, while Shurink wins the mass market with speed, lower pain, value, and convenience.

Volnewmer is positioned against Thermage FLX in 6.78MHz RF. Its differentiators are continuous water cooling, hidden-edge and tilting tips, and a more flexible consumables economics model. The source views the April 2024 U.S. FDA clearance as the bridgehead for North America.

4. 3Q25 numbers: growth and cost both expanding

5. Three global axes: Brazil, U.S., and China

Brazil direct operation can lift the price effect because revenue shifts from distributor transfer price to hospital market price even at the same unit volume. The source says retail prices can be around twice wholesale prices and expects Brazil revenue growth above 60% in 2026.

The U.S. is described as 45% of the global aesthetic medical device market. The source expects initial shipments from Q4 2025 and a target of more than 300 units in 2026. China is framed as a market that could contribute more than KRW 100bn toward the 2030 KRW 1tn revenue goal.

6. Risks and valuation

There are three main risks: overhang from Bain Capital's exit timing, patent litigation or ITC complaint risk as U.S. expansion becomes more visible, and marketing cost growth in the early U.S. launch and Brazil direct-operation phase.

Official fact: The source cites street consensus for 2026 revenue of about KRW 465.8bn and operating profit of KRW 243.8bn, each more than 90% above 2024.

Interpretation: If the source's point that the stock trades at a low-20s 2026E PER is right, the key variable is not the multiple alone, but the actual pace of U.S. and Brazil installed-base growth and recurring consumables revenue.