Bonraybio is set to go public and list on the Innovation Board in early December, with an initial public offering price tentatively set at NT$108 per share. On the 29th, Cheng-Teng Hsu, Chairman and CEO of Bonraybio, stated that the company has gained international recognition through its comprehensive solutions for male infertility. With products now marketed in 53 countries, Bonraybio is poised to benefit from the rapidly expanding global assisted reproduction industry. Revenue for the first three quarters of this year has already matched the company’s performance for the entire previous year, with an after-tax earnings per share (EPS) of NT$1.56 for the first half of the year, surpassing last year’s full-year EPS of NT$1.51.
Bonraybio will hold a pre-listing performance presentation on the 30th. Currently, the company's paid-in capital is NT$196 million, which will increase to NT$216 million post-listing. The largest shareholder is Boh Bon Corporation, led by Cheng-Teng Hsu, holding approximately 17.4%. The second-largest shareholder is Wistron Venture Capital with 14.17%, followed by China Development Financial with 7.02%, and medical equipment manufacturer Hua Guang holding about 5%.
Cheng-Teng Hsu noted that due to an aging population, high stress, and changes in dietary and lifestyle habits, infertility rates have been climbing yearly. While societal focus often falls on female infertility, male fertility issues receive relatively little attention, presenting a niche for Bonraybio. As a high-end medical device company, Bonraybio boasts three core competitive technologies: AI optical microscopy, solid-state staining transfer technology, and sperm motility selection technology.
For the first three quarters of this year, Bonraybio reported revenue of NT$160 million, marking a 47.4% year-over-year increase, surpassing last year's total. Net profit after tax for the first half of the year was NT$31 million, with an EPS of NT$1.56, exceeding last year’s NT$1.51. Among the first-half performance figures, revenue from sperm quality analysis instruments accounted for 37.51%, while consumables for sperm quality analysis comprised 56.64%, with other products making up 5.85%.
Hsu highlighted that the company’s products are primarily export-oriented, with exports accounting for 97.15% and domestic sales making up 2.85% of revenue in 2023. Key markets include the U.S., India, Japan, Germany, Italy, and Pakistan, among others, totaling over 53 countries.
Hsu also emphasized that, including Taiwan, governments worldwide are facing declining fertility rates, prompting national fertility assistance policies that expand the demand for assisted reproductive services. Since Taiwan's implementation of the "Expanded Infertility Treatment (IVF) Subsidy Program" in 2021, fertility centers have significantly increased their acquisition of equipment. Analysts predict that Taiwan's revenue in this segment could grow by nearly 50% this year compared to last year.
Industry experts also noted that a higher sperm DNA fragmentation rate can lead to poorer clinical pregnancy outcomes, prompting organizations like WHO and the EU to include sperm DNA fragmentation as a key testing parameter. The global sperm selection market is expected to reach USD 1.987 billion by 2031, with a compound annual growth rate (CAGR) of 16.3%, indicating significant growth potential for Bonraybio's three main product lines.
Resource (mandarin): 邦睿生技搶攻男性不孕症市場 上半年獲利賺贏去年全年
