Classys May exports: strengthening devices vs. moderating consumables with Brazil’s recovery gaining clarity

Research evidence excerpt

Classys May exports: strengthening devices vs. moderating consumables with Brazil’s recovery gaining clarity

J P M O R G A N Asia Pacific Equity Research

15 June 2026

Classys Overweight

214150.KS, 214150 KS

May exports: strengthening devices vs. moderating Price (15 Jun 26):W43,800

consumables with Brazil’s recovery gaining clarity Price Target (Jun-27):W74,000

Classys’s May exports rose to $14mn (+27% y/y and +27% m/m), rebounding Medical devices

ACfrom a softer April. Devices drove the upside at $8mn (+49% y/y and +50% m/m) Jihyun Cho

on a strong recovery in Brazil, the US and Thailand. Consumables increased to (82-2) 758-5480

$6mn (+6% y/y and +5% m/m), lagging devices – likely reflecting promotional jihyun.cho@jpmorgan.com

consumables bundled with device placements – though trends in Brazil, Japan and Tae Wook Kim

Taiwan remain constructive. For investors’ key watchpoints, exports to Brazil (82-2) 758-5719

strengthened across both devices and consumables, supporting a smoother post- taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

Medsystems normalization. However, industry data show the opposite mix: Branch

devices were relatively muted at $38mn (+2% y/y and +5% m/m) vs. consumables

at $36mn (+58% y/y, +21% m/m). Altogether, we believe that May’s data further

support improving operating momentum in Classys: 1) robust device sales to

eventually drive up consumables sales; 2) Brazil recovery underway in both

devices and consumables; and 3) more broad-based growth with ongoing

geographic expansion and portfolio diversification via new launches. We view the

recent weakness as a buying opportunity and reiterate OW.

May export data for Classys’s headquarters region

• Total exports (devices + consumables) advanced to $14mn (+27% y/y and