Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$1.12 (vs NT$1.14 in 1Q 2025) First quarter 2026 results: EPS: NT$1.12. Revenue: NT$2.34b (up 9.0% from 1Q 2025). Net income: NT$205.2m (up 5.1% from 1Q 2025). Profit margin: 8.8% (down from 9.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 16
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 21 May 2026. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (4.7%). New Risk • Mar 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Declared Dividend • Mar 18
Dividend of NT$4.30 announced Shareholders will receive a dividend of NT$4.30. Ex-date: 23rd April 2026 Payment date: 21st May 2026 Dividend yield will be 5.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$4.70 (vs NT$4.50 in FY 2024) Full year 2025 results: EPS: NT$4.70 (up from NT$4.50 in FY 2024). Revenue: NT$8.79b (up 2.9% from FY 2024). Net income: NT$805.9m (up 4.5% from FY 2024). Profit margin: 9.2% (up from 9.0% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 09
Excelsior Medical Co., Ltd., Annual General Meeting, Jun 25, 2026 Excelsior Medical Co., Ltd., Annual General Meeting, Jun 25, 2026. Location: no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Announcement • Dec 23
Excelsior Medical Co., Ltd. has filed a Follow-on Equity Offering. Excelsior Medical Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 15,120,000
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,680,000 New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 57% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (57% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.09 (vs NT$1.01 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.09 (up from NT$1.01 in 3Q 2024). Revenue: NT$2.19b (up 6.4% from 3Q 2024). Net income: NT$186.9m (up 7.7% from 3Q 2024). Profit margin: 8.5% (up from 8.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$1.41 (vs NT$1.35 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.41 (up from NT$1.35 in 2Q 2024). Revenue: NT$2.17b (flat on 2Q 2024). Net income: NT$229.8m (up 4.3% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 21
Excelsior Medical Co., Ltd. Announces Remuneration Committee Resignations Excelsior Medical Co., Ltd. reported the expiry of members of the 5th term Remuneration Committee on June 20, 2025. The previous position holders were Chang Wu-I, Kuo Yu-Chia, and Jhan Cian-Long, all serving as independent directors of the company. The term expired on June 20, 2025, with the original term running from July 14, 2022, to June 20, 2025. Further announcements will be made after the Board of Directors resolves to appoint new Remuneration Committee members. New Risk • May 15
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 362% Dividend yield: 4.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • May 01
Excelsior Medical Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Excelsior Medical Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Apr 17
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 22 May 2025. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.7%). Declared Dividend • Mar 19
Dividend of NT$3.80 announced Shareholders will receive a dividend of NT$3.80. Ex-date: 24th April 2025 Payment date: 22nd May 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$4.72 (vs NT$4.57 in FY 2023) Full year 2024 results: EPS: NT$4.72 (up from NT$4.57 in FY 2023). Revenue: NT$8.54b (up 3.7% from FY 2023). Net income: NT$771.3m (up 3.3% from FY 2023). Profit margin: 9.0% (down from 9.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
Excelsior Medical Co., Ltd., Annual General Meeting, Jun 26, 2025 Excelsior Medical Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Announcement • Feb 28
Excelsior Medical Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Excelsior Medical Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.06 (vs NT$1.12 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.06 (down from NT$1.12 in 3Q 2023). Revenue: NT$2.06b (up 1.9% from 3Q 2023). Net income: NT$173.6m (down 5.3% from 3Q 2023). Profit margin: 8.4% (down from 9.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.42 (vs NT$1.11 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.42 (up from NT$1.11 in 2Q 2023). Revenue: NT$2.16b (up 6.8% from 2Q 2023). Net income: NT$220.4m (up 27% from 2Q 2023). Profit margin: 10% (up from 8.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 02
Excelsior Medical Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Excelsior Medical Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$1.19 (vs NT$1.30 in 1Q 2023) First quarter 2024 results: EPS: NT$1.19 (down from NT$1.30 in 1Q 2023). Revenue: NT$2.04b (up 1.8% from 1Q 2023). Net income: NT$185.2m (down 8.2% from 1Q 2023). Profit margin: 9.1% (down from 10% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
Excelsior Medical Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Excelsior Medical Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Upcoming Dividend • Apr 12
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 23 May 2024. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$4.80 (vs NT$4.29 in FY 2022) Full year 2023 results: EPS: NT$4.80 (up from NT$4.29 in FY 2022). Revenue: NT$8.23b (up 15% from FY 2022). Net income: NT$746.6m (up 12% from FY 2022). Profit margin: 9.1% (down from 9.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$3.65 per share at 3.7% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 03 August 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.5%). Announcement • Jun 27
Excelsior Medical Co., Ltd. Approves the Cash Dividend, Payable on August 3, 2023 Excelsior Medical Co., Ltd. approved the cash dividend of TWD 540,953,430, per share distributed TWD 3.65, at the AGM held on June 26, 2023. Ex-rights (ex-dividend) trading date is July 11, 2023. Ex-rights (ex-dividend) record date is July 17, 2023. Payment date of cash dividend distribution is August 3, 2023. Buying Opportunity • May 11
Now 22% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be NT$116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.7%. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$4.50 (vs NT$4.10 in FY 2021) Full year 2022 results: EPS: NT$4.50 (up from NT$4.10 in FY 2021). Revenue: NT$7.19b (up 9.3% from FY 2021). Net income: NT$667.5m (up 9.9% from FY 2021). Profit margin: 9.3% (up from 9.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Cian Long Jhan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$1.36 (vs NT$1.13 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.36 (up from NT$1.13 in 3Q 2021). Revenue: NT$1.84b (up 17% from 3Q 2021). Net income: NT$201.6m (up 20% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Price Target Changed • Aug 30
Price target increased to NT$53.33 Up from NT$47.62, the current price target is provided by 1 analyst. New target price is 18% below last closing price of NT$65.24. Stock is up 23% over the past year. The company posted earnings per share of NT$4.10 last year. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$0.99 (vs NT$0.97 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.99 (up from NT$0.97 in 2Q 2021). Revenue: NT$1.67b (up 5.9% from 2Q 2021). Net income: NT$140.2m (up 2.8% from 2Q 2021). Profit margin: 8.4% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Announcement • Aug 06
Excelsior Medical Co., Ltd. Announces Appointment of Corporate Governance Officer Excelsior Medical Co., Ltd. announced appointment of corporate governance officer. Name, title, and resume of the new position holder: Chou Cheng-Hsiao¡Athe CFO of Excelsior Medical Co.,Ltd. Effective date of appointment is September 1, 2022. Upcoming Dividend • Jul 06
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 04 August 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (3.4%). Announcement • Jun 19
Excelsior Medical Co., Ltd. Announces Expiry of Members of the 4Th Term Remuneration Committee Excelsior Medical Co., Ltd. announced expiry of members of the 4th term Remuneration Committee. Name of the previous position holder: Chan Tzu-Sheng, Chang Wu-I, Shih Mei-Hui. Resume of the previous position holder: Chan Tzu-Sheng: Independent director of the Company. Chang Wu-I: Independent director of the Company. Shih Mei-Hui: Accountant in Yide United Certified Public Accountants. Reason for the change: Term expired. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.19 (vs NT$0.93 in 1Q 2021) First quarter 2022 results: EPS: NT$1.19 (up from NT$0.93 in 1Q 2021). Revenue: NT$1.71b (up 4.8% from 1Q 2021). Net income: NT$167.9m (up 28% from 1Q 2021). Profit margin: 9.8% (up from 8.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yu-Chia Kuo was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$1.19 (vs NT$1.04 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$1.58b (down 6.5% from 3Q 2020). Net income: NT$167.9m (up 15% from 3Q 2020). Profit margin: 11% (up from 8.6% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.97 (vs NT$1.04 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$1.58b (flat on 2Q 2020). Net income: NT$136.4m (down 6.5% from 2Q 2020). Profit margin: 8.6% (down from 9.2% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 27 August 2021. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.93 (vs NT$0.99 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$1.63b (down 6.0% from 1Q 2020). Net income: NT$130.7m (down 5.3% from 1Q 2020). Profit margin: 8.0% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$4.06 (vs NT$4.02 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$6.68b (up 3.4% from FY 2019). Net income: NT$571.7m (up 11% from FY 2019). Profit margin: 8.6% (up from 8.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Is New 90 Day High Low • Mar 15
New 90-day high: NT$57.80 The company is up 3.0% from a price of NT$56.10 on 15 December 2020. Underperformed the Taiwanese market, which is up 14% over the last 90 days. Exceeded the Healthcare industry, which is up 1.0% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: NT$54.30 The company is down 4.0% from its price of NT$56.60 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare industry, which is down 7.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: NT$55.80 The company is down 1.0% from its price of NT$56.20 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$57.40 The company is up 2.0% from its price of NT$56.20 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.04 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$1.69b (up 4.8% from 3Q 2019). Net income: NT$145.7m (up 1.1% from 3Q 2019). Profit margin: 8.6% (down from 9.0% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$55.20 The company is down 5.0% from its price of NT$58.30 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 12% over the same period. 
