An InBody body composition analyzer. [Provided by InBody]
An InBody body composition analyzer. [Provided by InBody]

Shares in InBody, a body composition analyzer maker, have surged more than 50% in a single week, as the company posted record earnings for the 10th consecutive quarter and securities firms raised their target prices in quick succession.

According to Korea Exchange, InBody closed Friday at 70,800 won ($50), up 0.71% from the previous session. The share price jumped 53.35% from July 31 through Friday.

The stock has gained 116.85% since the start of the year — a sharp contrast to Kosdaq, which has fallen more than 15% over the same period.

Analysts attributed the rally to a combination of export-led revenue growth and mounting expectations that InBody stands to benefit from the rapid spread of obesity treatments such as Wegovy and Mounjaro.

Earnings have been robust. InBody disclosed Thursday that second-quarter sales rose 30% year on year to 73.2 billion won, while operating profit climbed 71% to 17.7 billion won — beating market consensus by 8% and 35.1%, respectively, and extending its streak of record quarterly earnings to 10 straight quarters.

Profitability improved sharply even after stripping out a 2.9 billion won tariff refund, with the operating margin reaching its highest level since the first quarter of 2024.

Growth was led by the United States. American sales rose 49% year on year to 26.7 billion won, reflecting the launch of the H40, a home-use body composition analyzer.

"As GLP-1 benefits spread across the board, sales through large hospital contracts, obesity treatment clinics and wellness channels have expanded," said Park Jong-hyun, an analyst at Daol Investment & Securities. "On top of that, the revenue impact from the home-use H40 launch has been confirmed."

Europe also stood out. European sales climbed 56% year on year to 11.2 billion won — surpassing South Korean sales on a quarterly basis for the first time.

Securities firms expect the proliferation of GLP-1 class obesity drugs to become a medium- to long-term growth engine for InBody, as demand for body composition analysis — used to monitor progress and verify outcomes during treatment — continues to expand. Analysts said InBody is well positioned to become a core infrastructure provider in the obesity care market.

"As significant weight loss through medication becomes possible in a short time, interest in healthy weight management is growing alongside it," said Shin Min-su, an analyst at Kiwoom Securities. "Demand for equipment is expanding across channels that require professional body composition management — including hospitals and fitness centers at home and abroad, as well as military units."

Kiwoom Securities forecast InBody's full-year sales will reach 208.3 billion won this year, up 28.3% from the previous year.

Mirae Asset Securities raised its target price for InBody from 74,000 won to 100,000 won in a report issued Thursday.

Sangsangin Investment & Securities also lifted its target price for InBody last month, from 43,000 won to 75,000 won.

"The obesity trigger is drawing the market's attention to InBody's many strengths that had long gone unnoticed — including its high export ratio and solid financial structure," said Kim Chung-hyun, an analyst at Mirae Asset Securities. "The absence of valuation burden is also one of its major advantages."


moon@heraldcorp.com