Genoray’s Largest Shareholder Raises Stake to 26.97%, Signaling Commitment as Turkish Orders Grow

Byung-wook Park, CEO and largest shareholder of KOSDAQ-listed medical device company Genoray, has raised his stake to 26.97% through open-market purchases. The decision by the largest shareholder of an export-driven company that generates more than 70% of its sales overseas to increase his stake with personal funds is being interpreted as a sign of confidence in second-half earnings growth. Genoray has recently secured a large order for 130 units through Turkey’s government procurement market, accelerating its push into global markets.

Largest Shareholder Raises Stake and Extends Collateral Agreements

According to the Financial Supervisory Service’s electronic disclosure system on the 16th, Park and related parties hold 3,925,478 Genoray shares, representing a 26.97% stake. This is an increase of 10,257 shares, or 0.07 percentage points, from the 3,915,221 shares, or 26.90%, reported in the previous filing dated July 21.

Park personally purchased 7,071 shares through three open-market transactions from the 1st through the 3rd. Related party Juna Park purchased 1,786 shares on the 2nd, while Jaemin Ahn purchased 1,400 shares on the 21st and 24th of last month. All purchases were funded with the buyers’ own retained funds.

Park also extended the terms of stock-collateralized loan agreements secured by some of his shares. The collateral agreements covering 403,145 shares with BNK Investment & Securities and 285,715 shares with Hanyang Securities were each extended through December 14. As of the current filing, shares subject to collateral agreements totaled 2,955,761, equivalent to 20.31% of the total shares outstanding.

Genoray Secures Large Order for 130 Units Through Turkey’s Government Procurement Market

Genoray is a Korean medical device company that researches, develops and manufactures X-ray imaging diagnostic equipment for dental and general hospitals using its own technology. It produces everything domestically, from core components and software to finished-product assembly, and generates more than 70% of its total sales overseas.

Recently, the company won a large order for its internally developed Hestia mammography system through Turkey’s government medical device procurement market. Including previously awarded orders for mobile X-ray fluoroscopy systems (C-arms), Genoray has secured supply contracts totaling 130 units through Turkish government tenders this year. “Government procurement markets have high barriers to entry initially, but once delivery records are established, they can provide an advantage in subsequent tenders or when entering other product categories,” a medical device industry official said. “Genoray’s simultaneous establishment of references for mammography systems and mobile X-ray fluoroscopy systems is highly significant for expanding its global product portfolio.”

Expectations for Global B2G Expansion and Higher Corporate Value

Based on its successful execution of the Turkish government project, Genoray plans to continue pursuing local registration of new products and expand its portfolio for responding to procurement agency tenders. This is expected to serve as a bridgehead for accelerating expansion into neighboring countries in Europe and the Middle East.

Expectations for enhancing shareholder value are growing following the largest shareholder’s open-market purchases, after Genoray held a briefing on its second-quarter results and business status on Aug. 21, where it shared an update on its global marketing activities. With a stable governance structure and a strong global export network, the company is expected to achieve sustained earnings growth over the medium to long term.