Although the peak period of fast screening has passed and entered a stable period, the operation will return to the industry in 2023, and the blood glucose business performance will resume in the past. The CGM (continuous glucose monitor), which is in clinical trials, is also expected to be introduced next year, and the significant increase in market share of private label products such as blood pressure monitors in recent years is also an important driver.
In the first three quarters, post-tax net profit increased by 70%, with EPS of NT$31.95. The company's revenue and profitability both set new historical records. From the first three quarters, fast screening accounted for more than half of the total revenue of 52%, which is the biggest driving force for growth this year, with a gross profit margin of 50-60%; blood sugar accounted for about 30%, with an additional temperature gun of about 5%.
The new epidemic has boosted demand for telemedicine, especially in the United States, where state subsidies have increased significantly. Fast screening is an important technology platform for biosensing and requires automated equipment and R&D capabilities.
As for the existing coronavirus antigen test, TaiDoc said that the fast sieves will be shipped in the range of 40-50 million doses this year and the current unit price for export is around US$2.00, with a gross margin of 50-60%. The peak period for fast screening has indeed passed and has entered a stable period, while Japan has been shipping from September onwards.
New products are also an important opportunity. The multi-parameter products that have been launched, which can measure eight parameters such as cholesterol and lactate, will gradually be developed. Our existing products, including blood pressure monitors, are also important drivers for the future, as the new coronary epidemic has led to a significant increase in our own brand market share.
The development of CGM is an important opportunity. At present, major global players include Doxcom, Abbott and Medtronic, while TaiDoc's products are currently in clinical trials. CGM has been receiving government subsidies in recent years, and there may be a tender for the product, which is beneficial to the company.
Looking ahead to 2023, Chen said the global economy may be flat or in recession due to the US interest rate hike, and medical devices will also be affected. As a result of the war in Russia, some orders have been affected and shipments from the Middle East have also been delayed. This year's blood glucose and test strip results have declined slightly by around 5%.
