Bio Visu's U.S. Sales Surge Past 7 Billion Won as ECM Skin Booster Business Fuels Global Expansion
核心洞察
Bio Visu (搜索)'s U.S. revenue surged from 300 million won last year to approximately 7.1 billion won in the first half of this year, reaching 39.5% of total revenue.
First-half operating profit of 5.3 billion won already surpassed last year's full-year operating profit of 4.2 billion won, with an operating margin of 29.6%.
The company is reducing its reliance on China (down to 45% of revenue) while launching the ECM skin booster "Cellivion Lindsay (搜索)" as a new growth engine.
Bio Visu (搜索), a KOSDAQ-listed medical aesthetics company, is rapidly transforming its revenue structure as U.S. sales surge while its dependence on the Chinese market declines. According to independent research firm ValueFinder (搜索), U.S. revenue jumped from 300 million won last year to approximately 7.1 billion won in the first half of this year, expanding to 39.5% of total revenue. In contrast, China's share of revenue fell to 45% in the first half of this year, down from roughly 68% in both 2024 and 2025.
The company's financial performance has improved markedly. Revenue in the first half of this year reached 17.9 billion won, up 0.4% year-on-year, while operating profit climbed 17.2% to 5.3 billion won, yielding an operating margin of 29.6%. Notably, first-half operating profit already surpassed last year's full-year operating profit of 4.2 billion won.
Yuanta Securities (搜索) analyst Ko Seungbeom noted that second-quarter results exceeded market expectations, with sales reaching 9.9 billion won, a 60% increase year-on-year and up 24% from the previous quarter. "The company has established a diversified product lineup that covers the entire aesthetic industry," Ko stated, attributing the exceptional results to growth in skin boosters and medical cosmetic product lines beyond the intensely competitive filler and Botox market.
U.S. Market Expansion Through Multi-Channel Strategy
Bio Visu (搜索)'s push into North America has been driven by proactive advertising investments made last year. The company spent approximately 3.8 billion won on advertising through Amazon, TikTok, and other channels, laying the groundwork for entry into local offline store shelves. This year, the company is reducing the proportion of online advertising to defend profitability.
The company's products are now available on Amazon, Walmart's online mall, Ulta Beauty, and other online platforms in the U.S. Offline, Bio Visu (搜索) entered REALO DRUGS, a North Carolina-based pharmacy chain, in July, and is in talks to supply an additional 1,400 offline pharmacy chains nationwide. Together with its largest shareholder's U.S. distribution affiliate, Creativ, the company is operating popup stores in major commercial areas.
Yuanta Securities (搜索) highlighted strong performance from the medical cosmetics brand "Candorup" as a key driver of U.S. sales. Researcher Ko Seungbeom observed, "The company is establishing a multi-channel sales structure that covers both online and offline, successfully diversifying its sales structure that was previously concentrated in China."
ECM Skin Booster as Next Growth Engine
The new ECM skin booster "Cellivion Lindsay (搜索)" is considered a central pillar of Bio Visu (搜索)'s growth strategy. The product uses acellular human dermal allograft (hADM) as its raw material, is manufactured by Orthotech (搜索), and is exclusively distributed by Bio Visu. Following a technology cooperation agreement in August of last year, the product was launched in April this year.
ValueFinder (搜索) estimates that the domestic ECM skin booster market, worth approximately 9.9 billion won last year, will grow to 110 billion won this year and to around 200 billion won by 2027. In the first half of this year alone, combined sales of competing products reached 33.5 billion won, already far exceeding last year's full market size.
Yuanta Securities (搜索) described the fifth-generation ECM product "Cellivion" as a high-end product with a high concentration of collagen, manufactured using a low-temperature process. The company noted it can secure high margins through exclusive distribution rights with manufacturers. In the third quarter, Bio Visu (搜索) also plans to launch a hydrating product designed to reduce procedural pain and improve convenience.
Filler Approvals and Manufacturing Expansion
Bio Visu (搜索) is advancing regulatory approvals for its filler business as a future growth driver. In March, the company secured product approval from the Ministry of Food and Drug Safety for the "Corena Premium Filler Soft Molecule (搜索)" in Korea and plans to fully launch the product in domestic hospitals and clinics in the second half of the year. European CE (MDR) certification is currently in the submission and review stage, while the Chinese NMPA approval process is underway. The company plans to sequentially secure major overseas approvals, including Brazil, by 2027.
Additionally, Bio Visu (搜索) has developed the "Chitosan Skin Booster (搜索)," which has completed patent registration and clinical efficacy verification, as well as the "Dualin (miPDRN+PN) Filler (搜索)," targeting both immediate volume and long-term regeneration effects.
To meet rising global demand, Bio Visu (搜索) is working to expand its second plant, with plans to develop manufacturing infrastructure capable of supporting annual sales of 150 billion won over the mid to long term.
Analyst Outlook
Yuanta Securities (搜索) projected Bio Visu (搜索)'s full-year sales at 38 billion won and operating profit at 10 billion won, considering the seasonal nature of the aesthetics industry where performance is concentrated in the second half. The company's operating margin is expected to be approximately 30%.
ValueFinder (搜索) researcher Jeon Woobin stated, "The expansion of sales to the U.S. is being accomplished simultaneously through online and offline channels, contributing to greater earnings stability," adding, "The increased penetration of ECM products in hospitals and clinics, along with the scheduled acquisition of CE, NMPA, and Brazilian approvals for fillers in 2027, will be key triggers for future re-rating."
Bio Visu (搜索), founded in 2018 and listed on KOSDAQ last year, is majority-owned by cosmetics distributor Cheongdam Global (搜索), which holds a 51.85% stake. The company independently develops and manufactures hyaluronic acid (HA)-based skin boosters and fillers while sourcing and distributing medical cosmetics and ECM products through a two-pronged manufacturing and distribution structure. In July, the company completed the purchase and cancellation of treasury shares worth 2 billion won and is maintaining a dividend policy of approximately 36%.