Smoak Capital, LP / Smoak Capital Management, LLC on InBody

InBody is a category creator and global leader in body-composition measurement devices, with the US and Europe becoming its largest markets after years of geographic expansion. GLP-1 adoption is creating an additional demand driver because weight-loss therapies can reduce lean mass, increasing the importance of convenient body-composition monitoring. The company's shift from distributors to direct sales temporarily suppressed margins, but that investment cycle is largely complete and continued revenue growth should now generate significant operating leverage. InBody also has a large accumulated body-composition dataset that creates switching costs for clinics with years of patient history. With roughly one third of its market capitalization in net cash and shares valued at only 7.6x estimated 2026 EBIT, the manager sees substantial downside protection and a long runway for earnings growth.