Thu, Nov 07, 2013 - Page 14 News List

TaiDoc expects Q4 profit to double as bad debts fall

By Camaron Kao  /  Staff reporter

TaiDoc Technology Corp (泰博科技), which makes blood glucose and pressure monitoring systems, yesterday said it expects earnings to at least double this quarter as it books fewer bad debts.

The company has set a profit target of between NT$94.8 million and NT$126.4 million (US$3.22 million and US$4.29 million) this quarter, compared with NT$44.23 million last quarter, it said.

US SUBCONTRACTOR

TaiDoc will book bad debts of about NT$150 million this year, mostly from its subcontractor in the US, company general manager Mike Chen (陳朝旺) said on the sidelines of the Medical Electronics and Device in Taiwan Forum in Taipei.

Chen said the company had filed a lawsuit against the subcontractor, but is unlikely to recover the entire amount.

He said the company would write off about NT$30 million this quarter, down from the NT$60 million it booked last quarter.

The company’s US subsidiary, which sells blood glucose monitoring systems under its own brand Fora to the US and Europe, would swing to the black this year, Chen said.

The company is in talks with a family-owned US medical device company to form a joint venture, which should help TaiDoc gain access to retail routes around the world, Chen said.

From January through last month, the company reported revenues of NT$1.72 billion, down 2.86 percent from NT$1.77 billion a year ago, according to a company filing to the Taiwan Stock Exchange.

During the first three quarters of the year, the company posted a profit of NT$239.81 million, or NT$3.76 per share, up from NT$105.25 million, or NT$1.06 per share, a year ago, the company’s filing showed.

This year, the company aims to post a profit of NT$379.2 million, or NT$6 per share, and plans to raise its earnings per share to NT$9 within three years, Chen said.

TaiDoc shares rose 2.27 percent to NT$76.60 yesterday, outperforming the TAIEX, which was up 0.24 percent.

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