Medeze Group Public Company Limited (SET: MEDEZE) released its financial report for the third quarter of 2026, detailing the impact of broader economic headwinds on top-line growth alongside a strategic pivot toward adult stem cell banking.
For 3Q26, MEDEZE posted total consolidated revenue of THB 165.17 million, representing an 8% YoY decline compared to THB 180.11 million recorded in 3Q25. Quarterly net profit contracted 11% YoY to THB 27.29 million, down from THB 30.54 million in the corresponding prior-year period. Net profit margin remained steady at 17%.
Management pointed to domestic and global economic slowdowns affecting consumer purchasing power as key factors weighing on traditional newborn cord blood and cord tissue banking services. Cord tissue revenue dropped from THB 77.07 million in 3Q25 to THB 67.46 million in 3Q26.
Conversely, autologous adipose-derived stem cell banking demonstrated strong momentum, surging 46% YoY to THB 40.02 million and contributing 24% of total quarterly revenue. Gross profit reached THB 115.44 million (-4% YoY), with a robust gross margin of 72%.
Total SG&A expenses narrowed by 2% YoY to THB 94.55 million. However, underlying expense categories diverged significantly: selling expenses fell 5% YoY to THB 36.66 million, whereas administrative expenses jumped 27% YoY to THB 53.20 million. Management cited increased staff headcount, annual salary adjustments, and higher depreciation from infrastructure investments as the main drivers behind administrative cost expansion. R&D spending also rose 8% YoY to THB 4.69 million.
Adjusted net profit (excluding extraordinary items) stood at THB 22.81 million. Despite short-term earnings pressure, MEDEZE is leveraging its GMDP PIC/S certification and strategic healthcare partnerships to expand its adult preventive health footprint and secure long-term market leadership.
Additionally, the Board of Directors has approved an interim dividend payment of THB 0.08 per share, with an ex-dividend (XD) date on November 24, 2026. The payment date is set for December 9, 2026.
