IBEX Medical Systems, a South Korean manufacturer of hyperbaric oxygen chambers (HBOT), is preparing to file a preliminary review for a KOSDAQ listing in May 2026, following its technology evaluation pass late last year. The company holds about 80% of the domestic HBOT market and is increasingly supplying aesthetic clinics, including plastic surgery and dermatology practices, where its chambers are used to reduce post-procedure recovery time by up to one-third. CEO Yoon Seok-ho, a former Johnson & Johnson medical devices executive who also handled business setup for Allergan Aesthetics and Merz in Korea, founded IBEX in 2011. The company claims to be the only Asian manufacturer meeting ASME U·U2 standards for its chambers, and holds certifications including ISO 13485, KGMP, CE MDD, CE PED, and PVHO-1. Its patented A.B.T.® RIDE technology automatically controls chamber pressurization based on real-time eardrum mobility measurement, preventing middle ear barotrauma—the main side effect of HBOT. IBEX reported 2024 revenue of KRW 13.5 billion (up 77% YoY) and operating profit of KRW 1.2 billion. In 2025, revenue reached KRW 15.2 billion, but operating profit turned to a loss of KRW 2.1 billion due to increased R&D and sales staffing. Export revenue from Thailand, entered in 2025, reached KRW 1 billion that year and KRW 700-800 million in Q1 2026 alone. First shipments to Portugal began in March 2026 under CE certification, and test exports are ongoing to Taiwan and Mongolia.
The company has raised approximately KRW 26 billion cumulatively, with the latest Series C round in May 2025 valuing it at KRW 70 billion pre-money. Major shareholders include CEO Yoon (32.81%), Ildong Holdings (10.34%), DK Mtech (8.18%), and Grain One (5.19%). NH Investment & Securities is the IPO underwriter; no pre-IPO round is planned. CEO Yoon stated: "We aim to exceed KRW 20 billion in revenue this year, with exports alone reaching KRW 4 billion. Within 2-3 years, exports should account for 55-60% of total revenue." He added that the company sees strong growth in the aesthetic medical device sector and expects eventual expansion into home-use devices.
Source: Read the original report | Published: May 02, 2026