Seegene reports solid results in the first quarter of 2021 with KRW 351.8 billion

Seegene Inc., a molecular diagnostics company reported its financial results for the first quarter of 2021, with reports showing robust earnings. The biotechnology firm posted KRW 351.8 billion in consolidated revenue, a 330% increase compared to the same period last year and a record for the first quarter. Operating profit at KRW 193.9 billion, also up 388% on-year, reflecting steady growth in its sales of diagnostic tests.

Seegene's Senior Managing Director of IR and PR Department Myungkun Kim said "the company was able to manage 55% of annual operating profit ratio, a clear reflection of its ability to effectively manage the firm despite the constant investment in R&D and expansion of manpower." He added that "once investments come to fruition, the operating profit ratio will likely surge even further."

Kim added "Seegene's thriving performance had been backed with continuous surge in demand for variant diagnostic tests and as more governments around the world are reeling back to normalcy with mass examinations at schools and workplaces." He said the company is expected to see additional surge in sales through entering new markets as well as launching new products and technologies. Kim added that "although the second quarter is predicted to show comparable sales volume to that of the first quarter, due to a delay in supply deals being reflected onto actual sales figures, the latter half of the year however looks even more promising."

Seegene had previously secured public procurement for COVID-19 diagnostic tests in Italy worth over EUR 89.3 million, a separate public tender agreement in Scotland worth 16,209,150 GBP and a supply deal in Germany worth EUR 19.3 million.