Seegene reports first quarter 2022 financial results
- Q1 revenue up 10% QoQ to reach record quarterly high of KRW 451.5 billion
- Foundation for sales expansion strengthened through '3 Ct' technology commercialization, Allplex™ RV Master Assay approval, increased PCR instrument sales
- "Seegene to secure future growth by targeting syndromic testing market, expanding U.S. operations, M&A"
SEOUL, South Korea, May 13, 2022 /PRNewswire/ -- Seegene Inc. (KQ096530), South Korea's leading molecular diagnostics (MDx) company, today reported first quarter revenue of KRW 451.5 billion and operating profit of KRW 199.7 billion.
Total sales rose 10% quarter-over-quarter to reach a record quarterly high, driven by increased PCR demand due to a surge of the Omicron variant. Operating profit was comparable to the previous quarter's KRW 199.9 billion.
During the first quarter, Seegene developed 'Allplex™ HPV HR Detection,' the world's first commercialized assay applying '3 Ct' technology that enables reporting three Ct values in a single channel for quantitative analysis. Seegene also obtained approval from the European Union and Australia for 'Allplex™ RV Master Assay' that can simultaneously detect 19 different respiratory viruses, including COVID-19. The company also established a branch in South Africa.
As for PCR instruments, Seegene newly installed 360 real-time PCR detection systems and 261 workstations for extraction and PCR setup, for a combined 5,214 and 2,543 respectively worldwide, solidifying the foundation for expanded global sales.
The company has also created a team to ramp up ESG (Environmental, Social, Governance) management.
"As PCR demand is declining worldwide, it will likely impact our revenue," said Robert Lee, Senior Vice President of Seegene's IR and PR department, adding that "Seegene will secure future growth by targeting the syndromic testing market for respiratory viruses and other illnesses as well as expand the utilization of PCR testing with the company's fully automated MDx system, AIOS."
Going forward, Seegene plans to establish R&D and production facilities within the United States to bolster operations and pursue M&A to achieve mid-to-long term growth.