New Risk • May 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩33b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₩33b free cash flow). Minor Risk Market cap is less than US$100m (₩136.1b market cap, or US$90.6m). New Risk • May 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩150.0b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Annonce • Feb 27
Vuno Inc., Annual General Meeting, Mar 27, 2026 Vuno Inc., Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 6, teheran-ro 103-gil, gangnam-gu, seoul South Korea Annonce • Dec 11
Vuno Inc. announced that it has received KRW 10 billion in funding from Smilegate Investment, Inc. On December 10, 2025, Vuno Inc. closed the transaction. Annonce • Dec 03
Vuno Inc. announced that it expects to receive KRW 10 billion in funding from Smilegate Investment, Inc. announced a private placement of series 4 bearer, unsecured, privately issued, perpetual convertible bonds for a gross proceeds of KRW 10,000,000,000 on December 2, 2025. The transaction will include participation from new investor Smilegate Innovation Growth Fund, a fund managed by Smilegate Investment, Inc. The bonds have yield to maturity of 5%. The bonds will mature on December 10, 2055. The bonds will be 100% converted into 361,441 common shares at a fixed conversion price of KRW 27,667 per share for an equity stake of 2.52%. The conversion period is from December 10, 2026 to November 10, 2055. The payment date of the transaction is December 10, 2025. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ₩74.00 (vs ₩207 loss in 3Q 2024) Third quarter 2025 results: EPS: ₩74.00 (up from ₩207 loss in 3Q 2024). Revenue: ₩10.8b (up 58% from 3Q 2024). Net income: ₩1.03b (up ₩3.87b from 3Q 2024). Profit margin: 9.6% (up from net loss in 3Q 2024). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Medical Equipment industry in South Korea. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ₩58.00 loss per share (vs ₩234 loss in 2Q 2024) Second quarter 2025 results: ₩58.00 loss per share (improved from ₩234 loss in 2Q 2024). Revenue: ₩9.25b (up 45% from 2Q 2024). Net loss: ₩817.3m (loss narrowed 75% from 2Q 2024). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in South Korea. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 26
VUNO Showcases DeepCARS at AACN NTI 2025, Highlighting AI-Driven Cardiac Arrest Risk Prediction VUNO presented its solution VUNO Med -DeepCARS at the 2025 National Teaching Institute & Critical Care Exposition (NTI), hosted by the American Association of Critical-Care Nurses (AACN), from May 19-21 at the Ernest N. Morial Convention Center in New Orleans. DeepCARS is an AI-powered medical device that predicts an inpatient's risk of in-hospital cardiac arrest within the next 24 hours. By continuously analyzing patients' vital signs--such as blood pressure, heart rate, respiratory rate, and body temperature-- the solution enables timely clinical intervention in general wards. At AACN NTI 2025, VUNO's booth drew significant attention from clinical professionals, particularly members of Rapid Response Teams (RRTs) seeking innovative tools to detect patient deterioration earlier and respond more effectively. The VUNO team--including Robert Tingley, Andrew Abbring (Area Sales Director), and Tae Min Son (Director of Product Management)--engaged with healthcare stakeholders to better understand the needs and workflows of U.S. hospitals. DeepCARS has been adopted across more than 48,000 hospital beds in South Korea, including 20 tertiary general hospitals, making it a critical component of routine care. In 2023, the solution received Breakthrough Device Designation (BDD) from the U.S. Food and Drug Administration (FDA) and is currently undergoing the FDA 510(k) clearance process. As the company strengthens its presence in the U.S. market, it continues to focus on working closely with healthcare providers to ensure successful integration into existing clinical workflows and environments. Breakeven Date Change • May 19
Forecast breakeven date pushed back to 2026 The analyst covering Vuno previously expected the company to break even in 2025. New forecast suggests losses will reduce by 100% to 2025. The company is expected to make a profit of ₩7.30b in 2026. Average annual earnings growth of 103% is required to achieve expected profit on schedule. New Risk • Apr 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩12b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. New Risk • Mar 28
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -₩12b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Annonce • Feb 26
Vuno Inc., Annual General Meeting, Mar 28, 2025 Vuno Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 138, teheran-ro, gangnam-gu, seoul South Korea Buy Or Sell Opportunity • Feb 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩24,450. The fair value is estimated to be ₩31,347, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Feb 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to ₩26,450. The fair value is estimated to be ₩33,488, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last 3 years. Earnings per share has grown by 19%. Annonce • Dec 25
Vuno Inc. announced that it expects to receive KRW 23.729201772 billion in funding Vuno Inc. announces Unregistered Interest Unsecured Private Placement Perpetual Convertible Bonds for gross proceeds of KRW 23,729,201,772 on December 24, 2024. Maturity date is December 27, 2054. Interest on the notes is 0% and interest rate to maturity is 5%. Conversion period starts on December 27, 2025 and ends on November 27, 2054. Smart Healthcare New Technology Investment Fund No. 1, Korea Investment & Securities Co., Ltd. (in the position of trustee of StarQuest KBIZ Alpha General Private Equity Trust 2023-LA), SW-MV New Technology Fund, One SmartTech KOSDAQ Venture General Private Equity Trust No. 2, One KOSDAQ Venture Multi-Strategy General Private Equity Trust No. 7, Synaptic Future Growth No. 1 Pef 202, SBI Innovation Growth Fund, Wired Clover PEF acting as investors. Buy Or Sell Opportunity • Dec 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩27,300. The fair value is estimated to be ₩34,179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₩27,000. The fair value is estimated to be ₩34,331, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last 3 years. Earnings per share has grown by 19%. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩13b). Share price has been volatile over the past 3 months (8.2% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Nov 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -₩13b This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩13b). Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • Nov 14
Third quarter 2024 earnings released: ₩207 loss per share (vs ₩197 loss in 3Q 2023) Third quarter 2024 results: ₩207 loss per share (further deteriorated from ₩197 loss in 3Q 2023). Revenue: ₩6.87b (up 92% from 3Q 2023). Net loss: ₩2.84b (loss widened 26% from 3Q 2023). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Medical Equipment industry in South Korea. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₩27,400. The fair value is estimated to be ₩34,515, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 78% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 91% in a year. Earnings are forecast to grow by 99% in the next year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: ₩234 loss per share (vs ₩232 loss in 2Q 2023) Second quarter 2024 results: ₩234 loss per share (further deteriorated from ₩232 loss in 2Q 2023). Revenue: ₩6.39b (up 113% from 2Q 2023). Net loss: ₩3.22b (loss widened 22% from 2Q 2023). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in South Korea. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Jun 27
Forecast to breakeven in 2026 The 3 analysts covering Vuno expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of ₩7.50b in 2026. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Annonce • Mar 27
Vuno Inc. announced that it has received KRW 10.4 billion in funding On March 26, 2024, Vuno Inc. closed the transaction. New Risk • Nov 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₩15b). Shareholders have been diluted in the past year (5.7% increase in shares outstanding). Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩197 loss per share (vs ₩404 loss in 3Q 2022) Third quarter 2023 results: ₩197 loss per share (improved from ₩404 loss in 3Q 2022). Revenue: ₩3.57b (up 328% from 3Q 2022). Net loss: ₩2.26b (loss narrowed 51% from 3Q 2022). Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Medical Equipment industry in South Korea. Annonce • Oct 24
Vuno Inc. Secures FDA 510(K) Clearance for Vuno Med-Deepbrain VUNO Inc., has received 510(k) clearance from the Food and Drug Administration (FDA) for its AI-powered brain quantification device, VUNO Med®-DeepBrain®. VUNO Med®-DeepBrain® is intended to automate the current manual process of identifying, labeling, and quantifying segmentable brain structures from MRI images. The AI software efficiently provides volumetric data on over 100 brain regions through brain parcellation and provides cortical thickness, and white matter hyperintensity (WMH). The patients' atrophy data is compared with a normal population and displayed with a normative percentile measurement. This high quality, quantifiable brain data can be compiled and presented as a customizable report to clinicians, which may be valuable in dementia and other neurodegenerative diseases. With the FDA clearance in hand, VUNO intends to bolster its sales and marketing efforts targeting United States medical institutions. Furthermore, the company plans to enhance its collaborations with globally recognized pharmaceutical firms seeking AI-based brain MRI quantification technology. VUNO has previously explored the potential for early diagnosis of Alzheimer's disease with information provided by VUNO Med®-DeepBrain® through clinical research. According to clinical research presented at the Alzheimer's Association International Conference (AAIC) held in July 2023, VUNO Med®-DeepBrain® demonstrated its ability to provide information that can be used to predict amyloid positivity in patients experiencing Subjective Cognitive Decline (SCD), one of the earliest noticeable symptoms of Alzheimer's disease and related dementias. This suggests that the product can contribute to the early detection and management of patients who may progress to dementia even before Mild Cognitive Impairment (MCI) or early dementia. Annonce • Sep 19
VUNO Inc.'s First AI-Based Prospective Study Results Published in Critical Care VUNO Inc. announced that its AI-based cardiac arrest risk management system, VUNO Med-DeepCARS, has proven its clinical validity for the first time through a prospective study utilizing Real World Data(RWD). VUNO announced that the multicenter clinical study paper, which confirms the clinical validity of VUNO Med-DeepCARS through its initial prospective research, has been published in "Critical Care," a leading international journal in intensive care medicine. VUNO Med-DeepCARS is a medical AI device that analyzes four vital signs: respiratory rate, body temperature, blood pressure, and heart rate to predict cardiac arrest within 24 hours in general ward patients. It's Korea's first cardiac arrest prediction AI medical device and is recognized as a breakthrough device by the Korean Ministry of Food and Drug Safety(MFDS). In the study published in Critical Care, the VUNO research team conducted a multicenter study using patient data from general wards at four tertiary medical institutions: Seoul National University Hospital, Bundang Seoul National University Hospital, Inha University Hospital, and Dong-A University Hospital, each with varying sizes, locations, and medical environments. A total of 55,083 patients admitted to general wards in all participating institutions over three months, comparing the in-hospital cardiac arrest (IHCA) prediction accuracy, unexpected intensive care unit transfer (UIT) prediction accuracy, and false alarm rate of VUNO Med-DeepCARS with existing high-risk patient prediction systems like NEWS (National Early Warning Score). The study found that the predictive performance of VUNO Med-DeepCARS had an AUROC score of 0.869, outperforming traditional methods (NEWS 0.767, MEWS 0.756). The number of alarms per 1,000 beds was more than halved compared to the same sensitivity level, proving higher trustworthiness in the alarms leading to actual medical interventions. Furthermore, its effectiveness was apparent across varying patient ages, genders, and times of occurrence. In this study, VUNO Med®-DeepCARS displayed exceptional predictive abilities and adaptability in identifying high-risk patients, even in its first prospective research. It consistently performed at the same level as in previous retrospective studies published in renowned international journals. Reported Earnings • Mar 26
Full year 2022 earnings released: ₩1,383 loss per share (vs ₩1,806 loss in FY 2021) Full year 2022 results: ₩1,383 loss per share (improved from ₩1,806 loss in FY 2021). Revenue: ₩8.27b (up 268% from FY 2021). Net loss: ₩15.7b (loss narrowed 20% from FY 2021). Annonce • Aug 25
Vuno Inc. Received Regulatory Approval from the Ministry of Food and Drug Safety (MFDS) for its VUNO Med®–DeepCARS™ VUNO Inc. announced that it has received regulatory approval from the Ministry of Food and Drug Safety (MFDS) for its VUNO Med®–DeepCARS™, an AI medical device for cardiac arrest prediction through vital signs. VUNO Med®–DeepCARS™ is a breakthrough AI-driven medical device that analyzes the potential risk of cardiac arrest using four primary vital signs: Blood Pressure (diastolic and systolic); Respiratory Rate; Heart Rate; Body Temperature. These data points are collected from the electronic medical record (EMR) of hospitalized patients. It has been shown to provide reliable early cardiac arrest prediction which can enable medical practitioners to mount a rapid and effective response. 
