Sky Labs puts a date on profit: 2028, Omron and Otsuka permitting

Sky Labs chief executive Byeong-hwan Lee told an IPO press briefing in Seoul's Yeouido on the 21st that the company expects to turn profitable by 2028 as overseas partnerships with Omron Healthcare and Otsuka Pharmaceutical materialize behind its existing European partner ^[1]. The company is offering 2 million shares at an indicative 13,000 to 16,000 won, a raise of 26 billion to 32 billion won, with subscription on the 26th and 27th and a KOSDAQ listing planned for early September ^[2].

The forecast is specific enough to be scored. Sky Labs targets revenue of 10.2 billion won this year, 18.8 billion next year and 38.7 billion in 2028 with 4.7 billion won of operating profit ^[3]. The loss path runs 15.4 billion won this year and 10.4 billion next before the switch ^[4]. That is a 15.1 billion won swing in operating result across two years ^[5], on revenue that has to more than double from the 2026 target ^[6]. For 2030 the company projects 78 billion won of revenue and 30.5 billion won of operating profit, a 39 percent operating margin ^[7][8].

Both of the levers arrive late. Sky Labs has completed clinical trial protocol discussions with the U.S. Food and Drug Administration and expects approval around the end of 2027 following local trials ^[9]. Otsuka plans to supply Japanese medical institutions starting in 2028 ^[10]. So 2028 is the first year in which either catalyst contributes revenue, which is also the year the company promises profit. Omron Healthcare, which holds roughly 50 percent of the global blood pressure monitor market, invested 3.5 billion won last November, and Lee said talks are under way to use its pharmacy and consumer distribution channels ^[11][12].

What is not speculative is the domestic base. As of June, CART BP had been adopted at all of Korea's top five hospitals and at 38 of the country's 47 tertiary general hospitals, about 81 percent of that tier ^[13][14]. The device is a cuffless finger-worn monitor with Korean MFDS approval and European CE-MDR certification, and it was the first cuffless monitor to receive a reimbursement rate for 24-hour ambulatory blood pressure testing from the Health Insurance Review and Assessment Service ^[15][16]. Exports are already visible: of roughly 5 billion won of first-half revenue, about 2.6 billion, or 52 percent, came from abroad ^[17][18]. Lee said overseas prices are higher than domestic ones, so margins improve as exports grow, and that replacement cycles from the September 2024 launch should push actual revenue above the plan ^[19][20].

The cash arithmetic is tight. Guided losses for this year and next total 25.8 billion won, against a raise of 26 billion to 32 billion won, and no 2027 loss figure was given ^[21]. On the low end of the range, the IPO funds roughly two years of the current burn.

Watch three things. Whether CART-O actually reaches the more than 10,000 hospital beds targeted this year through the Thync inpatient platform built by Daewoong Pharmaceutical and Seers Technology ^[22]. Whether the FDA trial starts on a schedule consistent with end-2027 approval. And whether Omron's distribution discussions convert into a signed agreement rather than remaining discussions, since the 3.5 billion won equity cheque is a fraction of the money being raised now.