Medical device manufacturer BIOTEQUE continues to expand its domestic market presence in the Philippines. With increased orders from existing clients and the addition of new customers for its high-margin TPU in-body catheters, along with sustained demand outpacing supply for its soft bags, the company anticipates its three flagship product lines will continue to drive business growth this year. Despite facing foreign exchange challenges—particularly the sharp appreciation of the New Taiwan Dollar—BIOTEQUE plans to adjust its product portfolio configuration and is determined to achieve full-year revenue growth, aiming for a 10% increase.
As of the first four months of the year, BIOTEQUE reported cumulative revenue of NT$700 million, reflecting a year-on-year growth rate of approximately 5%. In terms of revenue contribution by product, TPU catheters led with 33%, followed by tubing circuits at 19.5%, soft bags at 17.6%, surgical tubing at 8%, other product categories at 8.9%, puncture needles at 5.5%, vascular catheters at 4.5%, and components at 3%.
From a growth perspective, TPU in-body catheters achieved the highest year-on-year growth at 27%, followed by components with a 76% increase, tubing circuits with 8%, and soft bags with 6.7%. In contrast, puncture needles declined by 16%, vascular catheters by 40%, surgical tubing by 6%, and other products by 9%.
By regional revenue distribution from January to April 2025, Asia accounted for the largest share at 30%, followed by the Americas at 22%, China at 20%, Taiwan at 19%, Europe at 14.5%, and Africa at approximately 6%. In terms of year-on-year growth, Europe showed the strongest increase at 21.78%, Taiwan grew by 12%, Asia by 3%, and the Americas by 2%. Conversely, revenue from China dropped by 9%, and Africa by 5.18%.
BIOTEQUE noted that its blood tubing circuits are facing intensified pricing pressure due to competition from Chinese manufacturers. In response, the company is implementing a three-pronged strategy: actively expanding its domestic sales in the Philippines to boost overall sales volume, reducing average manufacturing costs, and establishing domestic warehouses to increase supply flexibility. This year, BIOTEQUE aims to maintain a 10% growth rate in this segment.
The growth in TPU in-body catheters is mainly driven by increasing production volumes from existing clients and the gradual onboarding of new clients, although most new orders are still in small batches. Given the high customer loyalty and strong preference for this product, the company expects the growth momentum to continue into the second quarter, potentially maintaining an annual growth rate of 30%. Currently, production remains largely concentrated at the Longde facility, which accounts for 90% of total output.
As for soft bags, the product posted a 6.7% growth rate in the first four months. Despite strong market demand, production capacity limitations have prevented BIOTEQUE from fully meeting order volumes. The company has yet to officially commission new soft bag machinery. Once delivered, the equipment must undergo functional testing, biocompatibility evaluations, and all necessary medical device certifications. As such, the new equipment is unlikely to contribute significantly to revenue this year, with potential benefits expected to emerge in the first or second quarter of next year. Before the new machinery is fully operational, BIOTEQUE aims to maintain a 7–10% revenue growth range for this year.
With recent volatility in exchange rates, BIOTEQUE reported that according to its CPA-audited results, every 1% depreciation of the New Taiwan Dollar against foreign currencies would increase post-tax net profit by NT$4.169 million, while a 1% appreciation would reduce net profit by the same amount. In the first quarter of 2025 alone, foreign exchange gains amounted to NT$7.2 million.
Driven by its three main product lines and despite foreign exchange headwinds—especially the rapid appreciation of the NT dollar—BIOTEQUE remains focused on optimizing product line allocation and striving for 10% revenue growth for the full year. Regarding gross margin, although it has not yet returned to Q4 2024 levels in the first quarter, the company attributed this to low capacity utilization at the Yike facility and ongoing product validation processes, which have led to increased indirect costs. Nonetheless, BIOTEQUE aims to stabilize its gross margin at around 43%.
Resource: 邦特三主力產品成長帶勁，今年營收拚增一成，毛利率求穩
