MedFirst Healthcare Services returned to profitability in the second half of 2024, fully offsetting the losses incurred during the first half of the year and achieving an annual earnings per share (EPS) of NT$1.6. The management noted that the positive performance in the latter half of the year indicates that the company’s strategic adjustments are on the right track. In 2025, MedFirst will continue refining its operational strategies with a customer-centric focus, while maintaining its store expansion efforts, which have recently yielded solid results, particularly in new hospitals and hospital-based outlets.
In recent years, MedFirst has aligned with the growing trend of integrated commercial spaces and hospital developments. By managing retail spaces, the company has continued to gain advantages in expanding in-hospital locations, while also extending into external and community-based outlets. This strategic expansion connects acute care, chronic care, long-term home healthcare, and medical aid subsidies into a comprehensive, all-encompassing service model spanning from clinical to home-based care. As of the end of 2024, MedFirst operates 226 hospital-based outlets and 87 community stores across Taiwan, along with 27 shopping centers—23 in Taiwan and 4 in China. The company’s total membership reached a record high of 4.24 million. Store distribution is fairly balanced among in-hospital, adjacent hospital, and community locations.
In 2024, MedFirst reported consolidated revenue of NT$7.734 billion, marking a 3.87% year-on-year increase. In response to the challenges of declining birthrates and labor shortages, the company has actively invested in talent development, adjusted its product offerings, and refined marketing strategies. These efforts began to bear fruit in the second half of the year, helping the company regain momentum and fully recover from earlier losses. EPS reached NT$0.48 in Q3 and rose to NT$1.41 in Q4, effectively narrowing the gap caused by first-half losses and bringing the annual EPS to NT$1.6. Following adjustments to its product portfolio and marketing strategy, gross margin rebounded to 31.95% in Q3 and remained strong at 31.63% during the Q4 anniversary sales period, with the full-year average gross margin at 30.81%, signaling the company is moving in the right direction and will continue on this path.
In China, MedFirst generated NT$198.3 million in revenue in 2024. Although growth has resumed, it has yet to return to previous levels. With no clear signs of economic recovery and consumer spending remaining tight—further impacted by the ongoing U.S.-China trade tensions—the company has maintained a conservative approach in the region. However, it continues to monitor potential opportunities for new store openings and exhibition space development.
Looking ahead to 2025, MedFirst plans to strengthen the core competitiveness of its products by continuing to upgrade and optimize its offerings. The company aims to provide a comprehensive portfolio of advertised and proprietary products to meet diverse customer needs, while also upgrading retail channels and member services across the board. New digital features will be gradually introduced to enhance service convenience and deepen member engagement. Internal operational adjustments will also continue, but store expansion remains a key focus for the year. MedFirst has already achieved tangible results in opening outlets within new hospitals and hospital-based locations.
Regarding the industry trend of pharmacy consolidation, General Manager Te-Chung Tsai noted that the rising share of chain operations is accelerating this trend. However, as the market expands with new store openings, it also faces labor shortages. Should suitable opportunities arise, the company remains optimistic and will carefully evaluate potential acquisitions as a way to enhance industry competitiveness and improve service quality.
Resource: 杏一近期新醫院、院內型門市有斬獲，正向看2025年營運
