SBC Medical Group (SBC) reported 3Q:25 revenue of $43.4 million, down 18% year over year and slightly below our estimate of $44.1 million. The revenue decline was driven by business restructuring and franchise fee revision, which had an estimated negative revenue impact of $8.6 million. EPS were $0.12, versus $0.03 in 3Q:24; 3Q:24 EPS included an extraordinary stock based compensation expense and an unusually high tax rate. SBC entered the Thai market through a strategic partnership with BLEZ Asia, leveraging its 20-clinic pharmacy network to test the market in a 6–12 months proof-of-concept phase. The company also announced the acquisition of a majority stake in Waqoo (TSE: 4937, NC), enhancing its vertical integration with R&D and product development to support its orthopedic and regenerative medicine initiatives. As of September 2025, the company had $127 million in cash and cash equivalents, with long-term debt of $18 million. Our high-risk rating reflects the industry's intense competition, need for constant technological upgrades, and the company's operational risks from geographic expansion and acquisition integration.