Onyx Healthcare is developing a third growth engine, according to General Manager Fu-Chun Chuang. The company’s two core businesses continue to advance steadily, while its new full-scale medical device contract manufacturing (CM) business is set to launch following GMP (now QMS) certification. This initiative focuses on mass production of existing, already-approved devices, aiming to begin contributing to revenue within four to six months. Although gross margin faced headwinds in the first quarter, high-margin project clients remain stable, with shipments expected in the second half of the year, supporting a cautiously optimistic full-year outlook.
Chuang noted that Onyx initially expanded in Europe through distributors. In recent years, the company shifted strategy to have its European subsidiary act as a “silent distributor,” directly supporting local agents and hospitals. This approach has deepened market penetration in Europe and is now being replicated in the Americas, with early results showing success through partnerships with GPOs (Group Purchasing Organizations), local distributors, and systems integrators.
On the product front, Onyx has consolidated a decade of European hospital client data to launch a flagship line of standardized medical IT products. These are designed for greater universality and scalability, significantly reducing lead times. Many current hospital tenders can now be fulfilled within one to two months, greatly enhancing Onyx’s responsiveness and service capabilities in the hospital channel.
In the OEM/ODM segment, Onyx continues to focus on highly customized medical controllers, displays, and front-access computers, working closely with technology partners like NVIDIA and Intel. These collaborations support advanced medical applications, from image processing to surgical environments, serving major global medical brands.
Chuang explained that the hospital channel typically has shorter sales cycles, allowing for faster customer decision-making and order pull-in. However, it is less stable overall. In contrast, OEM/ODM projects for medical instruments and computers are long-term, with development cycles averaging 18–24 months. Once in mass production, these projects usually provide stable orders for 6–7 years.
The new growth engine—complete medical device contract manufacturing—focuses on mass production of existing devices, with shorter sales cycles. Backed by a certified QMS and manufacturing quality system, Onyx can take on contract manufacturing of already-commercialized medical devices. The typical business development cycle lasts 4–6 months before small-batch production begins, followed by shipments spanning three to four years. Although technically demanding, CM services can be deployed quickly and are expected to become Onyx’s third key growth driver.
In the second half of the year, Onyx will participate in major industry exhibitions, including MD&M, HIMSS, and RSNA in the U.S., as well as collaborative events with major tech firms across the Asia-Pacific region. Notably, the HIMSS exhibition will allow Onyx to directly engage with large medical device manufacturers—something that was challenging in the past. With its new CM capabilities, Onyx can now differentiate itself from other PC ODMs and hold meaningful conversations with potential clients. The company is also promoting its flagship models in new smart healthcare markets such as New Zealand and Malaysia.
Looking ahead to 2025, Chuang acknowledged that the company cleared some inactive inventory accumulated during the pandemic in Q1, which temporarily impacted gross margins. However, this decline is considered short-term. In the medium to long term, the BB ratio (book-to-bill) continues to grow steadily, signaling strong order momentum and healthy operations. High-margin project clients from last year are still placing orders, though shipments follow seasonal patterns rather than occurring quarterly. With shipments set to resume in the second half, Onyx remains cautiously optimistic about full-year performance.
Resource: 醫揚打造第三成長引擎，高毛利專案H2持續出貨，今年展望正向
