BioGend Therapeutics (博晟生醫) [6733] 法說會簡報
Company Overview
Company Introduction (博晟簡介)
- Headquarters Address: 臺北市 (Taipei City)
- Company Establishment: 2016年 (2016)
- Company Listed on OTC: 2021年 (2021)
- Paid-in Capital: 1,230,760仟元 (NT$1,230,760 thousand)
- Number of Employees: 36人 (36 people)
- Subsidiaries/Joint Ventures:
- 中國大陸兩家合資公司 (Two joint ventures in mainland China)
- 日本一家子公司 (One subsidiary in Japan)
- Core Identity: 全球唯一專注于生物性再生骨材開發的生技公司 (The world's only biotech company focused on developing biological bone regeneration materials)
Mission (使命)
- 鑽研先進技術、開發高價值產品 (Research advanced technologies, develop high-value products)
- 結盟全球夥伴、提供高品質服務 (Partner with global allies, provide high-quality services)
Vision (願景)
- 成為全球前沿的骨科再生公司 (Become a leading global orthopedic regeneration company)
- 成為台灣重症感染症營收前五的本土廠商 (Become one of the top five local manufacturers in Taiwan for severe infection revenue)
Business Segments (事業部)
- Orthopedic Regeneration (骨科再生)
- Two core orthopedic regeneration platforms capable of developing products for multiple indications.
- RevoCart (愛膝康):
- The world's only clinically validated single-surgery autologous cartilage cell repair technology.
- Approved in Taiwan, Singapore, Malaysia, Thailand, Philippines, Cambodia, Macau, and Hong Kong.
- Bone Growth Factor OIF (骨生長因子 OIF):
- The bone growth factor with the highest cost-effectiveness globally.
- Completed three Phase II clinical trials (conducted in Taiwan, US, Japan).
- Severe Infection (感染重症)
- Taiwan's only or first "old drug, new use" products.
- Menocik antibiotic (Menocik抗生素): Launched in Taiwan and Macau.
- Fluzole (Fluzole): Launched in Taiwan, submitted in Hong Kong and Macau.
- Two other antibiotics under development.
Commercial Model (博晟長短兼顧的商業模式)
- Main Course (手工大菜) (To maximize company value)
- Licensing to Europe, US, Japan.
- Joint development or cross-border medical services in mainland China.
- Side Dishes (精緻小菜) (To support operations and international development of orthopedic regeneration products)
- Marketing and sales of orthopedic regeneration products in Taiwan and Asia-Pacific countries.
- Marketing and sales of severe infection products in Taiwan and the Guangdong-Hong Kong-Macau Greater Bay Area.
Investment Value and Unique Advantages of Orthopedic Regeneration Products (骨科再生產品的投資價值及獨特優勢)
- Large Market (大市場): Large volume and high price.
- High Barrier (高門檻): Class III medical device knowledge, Clinical, Capital.
- Predictable (可預測): No blind trials, Naturally achieved.
- Easy to Expand (易擴充): One platform, Multiple clinical applications.
Management Team
-
陳德禮醫師/博士 (Dr. Chen, De-Li): Chairman/General Manager
-
林榮錦博士 (Dr. Lin, Rong-Jin): Group President
-
林滄城博士 (Dr. Lin, Cang-Cheng): Former CEO/Advisor
-
李伯偉 (Li, Bo-Wei): Head of Orthopedic Business
-
張桂芬 (Zhang, Gui-Fen): Head of Severe Medicine Business/Head of Clinical Development
-
趙叔威 (Zhao, Shu-Wei): CFO
Lean Organization (精實的組織)
- Employees: 36 people.
- Organizational Structure:
- R&D Team (研發團隊): Second-generation product and 510K bone material development; Investment/M&A of new medical device startups.
- Manufacturing Plant (製造工廠): Manufactures RevoCart.
Financial Highlights and Key Metrics
Recent Annual Profitability (最近年度獲利能力) (NT$ Thousand)
| Item | 2021年 | 2022年 | 2023年 | 2024年 | 2025上半年 |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 9,269 (100%) | 31,446 (100%) | 109,908 (100%) | 167,648 (100%) | 100,189 (100%) |
| 營業成本 (Operating Cost) | (6,210) (67%) | (8,667) (28%) | (20,290) (19%) | (37,140) (22%) | (25,690) (26%) |
| 營業毛利 (Gross Profit) | 3,059 (33%) | 22,779 (72%) | 89,618 (81%) | 130,508 (78%) | 74,499 (74%) |
| 推銷費用 (Selling Expenses) | (12,129) (131%) | (34,091) (108%) | (52,339) (48%) | (80,385) (48%) | (46,107) (46%) |
| 管理費用 (Administrative Expenses) | (41,965) (453%) | (41,635) (132%) | (42,821) (39%) | (43,659) (26%) | (25,239) (25%) |
| 研究發展費用 (R&D Expenses) | (113,274) (1,222%) | (166,266) (529%) | (170,999) (155%) | (128,724) (77%) | (73,441) (73%) |
| 營業費用合計 (Total Operating Expenses) | (167,368) (1,806%) | (241,992) (769%) | (266,159) (242%) | (252,768) (151%) | (144,787) (144%) |
| 營業損失 (Operating Loss) | (164,309) (1,773%) | (219,213) (697%) | (176,541) (161%) | (122,260) (73%) | (70,288) (70%) |
| 營業外收入及支出 (Non-operating Income and Expenses) | 14,959 (161%) | 5,318 (17%) | 7,319 (7%) | 5,988 (4%) | 3,728 (4%) |
| 稅前淨損 (Loss Before Tax) | (138,485) (1,494%) | (213,895) (680%) | (169,222) (154%) | (128,248) (77%) | (66,560) (66%) |
| 每股虧損 (Loss Per Share) | (1.37) | (1.79) | (1.30) | (0.95) | (0.46) |
Recent Quarterly Financial Status (最近季度財務狀況) (NT$ Thousand)
| Item | 113年6月30日 (Jun 30, 2024) | 113年9月30日 (Sep 30, 2024) | 113年12月31日 (Dec 31, 2024) | 114年3月31日 (Mar 31, 2025) | 114年6月30日 (Jun 30, 2025) |
|---|---|---|---|---|---|
| 資產 (Assets) | |||||
| 現金及約當現金 (Cash and cash equivalents) | 155,676 (16%) | 133,872 (14%) | 219,023 (24%) | 135,356 (15%) | 225,557 (27%) |
| 按攤銷後成本衡量之 (Measured at amortized cost) | 500,000 (51%) | 500,000 (53%) | 400,000 (44%) | 450,000 (52%) | 350,000 (41%) |
| 無形資產 (Intangible assets) | 151,566 (16%) | 139,804 (15%) | 131,154 (14%) | 120,483 (14%) | 110,436 (13%) |
| 其他資產 (Other assets) | 165,039 (17%) | 167,670 (18%) | 162,525 (18%) | 164,198 (19%) | 159,317 (19%) |
| 總資產 (Total assets) | 1,013,035 (100%) | 941,346 (100%) | 912,702 (100%) | 870,037 (100%) | 845,310 (100%) |
| 負債 (Liabilities) | |||||
| 流動負債 (Current liabilities) | 24,572 (3%) | 28,616 (3%) | 33,232 (4%) | 27,347 (3%) | 31,380 (4%) |
| 非流動負債 (Non-current liabilities) | 38,903 (4%) | 35,879 (4%) | 32,961 (3%) | 30,039 (4%) | 27,114 (3%) |
| 負債總計 (Total liabilities) | 63,475 (7%) | 64,495 (7%) | 66,193 (7%) | 57,386 (7%) | 58,494 (7%) |
| 權益 (Equity) | |||||
| 普通股股本 (Common stock) | 1,242,560 (128%) | 1,242,560 (132%) | 1,242,560 (136%) | 1,242,560 (143%) | 1,242,560 (147%) |
| 資本公積 (Capital surplus) | 0 (0%) | (153) (0%) | (153) (0%) | (153) (0%) | (153) (0%) |
| 保留盈餘 (Retained earnings) | (336,718) (34%) | (365,399) (39%) | (424,741) (46%) | (431,603) (50%) | (454,795) (54%) |
| 非控制權益 (Non-controlling interests) | 2,964 (1%) | (157) (0%) | 28,843 (3%) | 1,847 (3%) | (796) (3%) |
| 權益總計 (Total equity) | 908,806 (93%) | 876,851 (93%) | 846,509 (93%) | 812,651 (93%) | 786,816 (93%) |
Recent Performance and Results
Continuous Double-Digit Revenue Growth in the Past Five Years (近五年營收持續雙位數成長)
- Revenue (Millions NTD):
- 2021: ~10-20
- 2022: ~40-50
- 2023: ~80-90
- 2024: ~120-130
- 2025: ~160-170 (projected)
Turnaround from Loss to Profit in July 2025 (2025年七月虧轉盈) (NT$ Million)
- Operating Revenue (114年7月): 24.492 (55.44% YoY Change)
- Profit Before Tax (114年7月): 0.656 (-104.90% YoY Change, indicating a shift from loss to profit)
Taiwan Business Rapid Growth (台灣業務快速成長)
- RevoCart Revenue Annual Growth: 120%
- Total US$2M in revenue.
Physicians Repairing Increasingly Larger Cartilage Defects (醫師修復越來越大範圍軟骨缺損)
- The bar chart shows an increasing trend in patient count and the number of carriers used (indicating larger defects) from 2021 to 2025.
Long-term Efficacy: 16 Years of Evidence (長期效果: 16年的見證)
- A patient received two RevoCart implants, with evidence showing healthy and intact repaired cartilage tissue from 16 years ago.
OIF Regeneration Capability: Non-union Fracture Trial Results (OIF 再生能力: 骨折不癒合試驗結果)
- 7 out of 8 cases showed healing by imaging (X-ray) within 6 or 9 months.
Patients Who Failed Surgery Twice Can Still Heal (手術失敗兩次的病人仍能癒合)
- Includes patients who failed autologous bone grafting.
Future Outlook and Guidance
2025 H2 and 2026 Key Focus (2025H2及2026 重點)
- Revenue: NT$168M --> NT$210-220M.
Strategic Initiatives and Plans
BioGend Organic Growth Strategy (博晟有機成長策略)
- Core Products: RevoCart & OIF.
Investment in Startups and M&A Growth Strategy (投資新創及併購成長策略)
- BioGend provides capital, equity, and management to startups.
2025 H2 and 2026 Key Focus (2025H2及2026 重點)
- RevoCart: Licensing in the US.
- OIF: Dental licensing in Japan.
Key Charts, Graphs, and Data Points
- Cumulative consolidated revenue trend and annual revenue trend showing continuous double-digit growth.
All the Important Product Names, Terms, and Concepts
- BioGend Therapeutics (博晟生醫): Company name.
- RevoCart (愛膝康): Core cartilage regeneration product/platform.
- OIF (骨生長因子 OIF): Bone Growth Factor, core bone regeneration product/platform.
- Menocik (Minocycline i.v.): Severe infection antibiotic.
- Fluzole (Fluconazole powder for oral suspension): Severe infection antifungal.
Products, Services & Technology
RevoCart (愛膝康) - Core Cartilage Regeneration Platform
- Technology: Single-surgery autologous cartilage cell repair technology.
Bone Growth Factor OIF (骨生長因子 OIF) - Core Bone Regeneration Platform
- Product Types:
- BiG-001: OIF/β-TCP (顆粒型 - granular type).
- BiG-006: OIF/β-TCP (塊狀型 - block type).
Severe Infection Products
- Menocik (Minocycline i.v.): Indications for severe "superbug" infections.
- Fluzole (Fluconazole powder for oral suspension): Indications for prevention and treatment of oral candidiasis.