With the support of TCI Biotechnology's resources, Maxigen Biotech Inc. (MBI) 's performance in China has taken off this year, and its revenue share in the third quarter has surged to 20%. Next year, the company is optimistic about the growth of Southeast Asia, including Malaysia, and the Middle East.
Maxigen has also received new trade orders from customers in Malaysia and India, as well as orders for new products from customers in Korea. General Manager Cindy Chen said at a recent earnings call that the company has already obtained 12 new certifications for 2022 and was the sole sponsor of the recent dermal filler, Formaderm®, at the Oriental Aesthetic and Plastic Art Conference.
According to Chen, the current plan is to launch in six new markets by 2024. She pointed out that the company's global business strategy revolves around Taiwan with licensed products. If the CE threshold becomes higher, may only apply for an item first. As for Southeast Asia, the Middle East and other countries, the licensing time is shorter, new markets can be prepared for entry first, the recent promotion is mainly intra-joint injection.
Maxigen focuses on hyaluronic acid, collagen, or a combination of the two products. Chen pointed out that intra-articular injections have recently been actively delivered in various countries around the world. The Taiwanese version of the dermal filler has changed its packaging this year and has recently been re-launched. Collagen is not only used in orthopedics, dentistry, and surgery Products, also extended to health products - agile 633. With the unblocking of various countries, there will be a total of 31 exhibitions at home and abroad this year, which is a significant increase compared to the previous two years, and it will also affect the increase in marketing expenses, but it is hoped that the follow-up will be reflected in the performance.
The company's third-quarter revenue of NT$160 million and gross profit of NT$108 million were both record highs, but operating expenses also increased at the same time. Maxigen is now in a phase of heavy investment and will continue to invest in business, talent and marketing in the future.
In terms of market share, China's share rose to 20.1% in the third quarter, up significantly from 3.4% and 17% in the first quarter. In other words, with the support of the TCI's resources, the results of expansion are beginning to show, with China taking off significantly. The US accounted for 25.7%, Europe 3.4%, and Taiwan’s remained at 40-45%.
In the coming year, Maxigen expects to see success in its overseas operations and licenses, and it is hoped to maintain double-digit revenue growth and a slight increase in gross margin from 66% in the third quarter.
