Korean 3D Printing Materials Developer Graphy Goes Public

Korean vat polymerization materials developer Graphy, founded in 2017, has gone public. Graphy develops innovative resins for OEMs and offers products such as shape memory resins and directly 3D printed aligners. The company has resins for open systems, resins for Formlabs systems, dental resins, and more. It has a lot of dental-specific products, including materials for dentures, surgical guides, and castable materials. Graphy also makes facial scanners, oral scanners, and ancillary equipment, and has a Tera Har smart robot, which automates a lot of dental end-use part production steps. The main innovation that Graphy is showcasing now is in 3D printed clear aligners with shape memory properties.

Directly 3D printed aligners of course save costs and time when compared to printing molds and then thermoforming the final aligner. The shape memory properties let you improve the fit and feel of the aligner on the patient. The company will aim to release more products and solutions specific to orthodontics in the future.

The company went public on the 25th of August, Korean time on the Kosdaq. Graphy had over $12 million in revenue and $22 million in losses over the last year. The company also has $9 million in debt. Currently, the market cap is $88 million. Gross margins are 48% while EBITA margins are -52%. Revenue growth was 39% in 2022, 145% in 2023, and 54% in 2024. So far, shares are slightly lower since the IPO announcement. Generally, this is not a stock for those with a weak heart.

Graphy’s CEO  Un-Seob Sim has said that,

“As a first mover, not a fast follower, Graphy leads changes and pioneers new fields in the 3D printing materials industry. Our new materials overcome the limitations of 3D printers, offering durability that allows the final printed products to be used directly, and excel in eco-friendliness, safety, and cost competitiveness.”

I like that Graphy helps and promotes a lot of research with its materials and products. I also like that as a small company, they are continually producing products that are much more innovative than other much larger firms are making. There is room, and indeed a need, for specialized, committed, resin vendors in the 3D printing market. Graphy certainly seems good at developing materials. But, it is not very good at selling and marketing them, however. It has a terrible website, does not explain itself well, and didn’t even send out press releases upon going public. The company really doesn’t approach the press, and generally doesn’t put itself out there. Graphy needs to be better at marketing, selling, and PR in order to grow its business.

Graphy could have some real potential. If it manages to distribute and sell its dental solutions more broadly, the company could have truly sustainable growth. The revenue growth over the past few years is very impressive, as are the solutions they have right now. Can the company scale in the face of many Chinese competitors? That we don’t know yet. Dentists and labs should be concerned with material safety, and sensitive to the health of their customers. But, will they be swayed by cheaper prices? Graphy is showing that it is serious about research. If it manages to market itself as a safe, reliable brand, then it could monetize its innovation portfolio globally. It would also be a tempting takeover target for dental companies wanting to get more 3D printing exposure. I hope that Graphy continues to innovate and push out products that really change our industry. I also hope that they do well financially and grow for years to come. But, the firm will have to step it up a notch to do well.