P&S Robotics enters Mexico's Teleton…Overseas growth eyed on robot lineup expansion

[Edaily Reporter Shin Ha-yeon] Independent research firm ValueFinder published a company report on P&S Robotics(460940, KQ) on the 28th, saying, ‘By expanding supply to Mexico’s large rehabilitation institution, the Teletón Foundation, P&S Robotics has captured replacement demand for rival equipment and secured a foothold in the Americas, and its overseas growth will accelerate through an expanded upper-limb rehab robot lineup and its local subsidiary in Mexico.‘ No investment rating or target price was provided.

Listed on KOSDAQ in July 2024, P&S Robotics specialises in rehabilitation robots. Its flagship product Walkbot is the world’s first wearable exoskeleton lower-limb rehab robot to control the hip, knee and ankle joints simultaneously, providing training tailored to each patient‘s physical condition and walking ability. On a 1H26 basis, revenue breaks down into products 92.6% and maintenance 7.4%, with exports accounting for 79.6%. 1H26 revenue came to KRW 2.7bn with an operating loss of KRW 0.8bn, while the company holds about KRW 27.7bn in cash and equivalents, securing financial stability.

ValueFinder analyst Lee Choong hun said, “P&S Robotics is expanding supply to the Teletón Foundation, a large rehabilitation institution operating 27 centers in Mexico. After the first installation in May, it signed an additional KRW 2.56bn supply contract in July, equal to about 33% of last year’s annual revenue. As it has captured replacement demand by supplying centers that previously used rival equipment, the chance of further orders in the Americas has also increased. One of the four contracted units has been delayed to year-end, but the contract value is unchanged, and 1H26 results, which were weak on delayed overseas sales and new product development costs, are expected to recover as additional Mexican orders are reflected in revenue.”

He added, “The company is expanding its lower-limb-focused lineup with ‘Healerbot’, an upper-limb rehab robot for patients with reduced shoulder function from frozen shoulder or rotator cuff injuries, and began clinical use in August by supplying three Korean hospitals through a demonstration project led by a public agency. It has also obtained European CE MDR certification, laying the groundwork for exports. At CES 2027 next January, it plans to showcase Walkbot and Healerbot along with prototypes of a Healerbot hybrid model and a home-use model under development. With its Mexican subsidiary strengthening support for overseas customers, follow-on orders and new overseas customers should be key momentum.”