Seegene Announces Fourth Quarter and Full Year 2021 Financial Results
Total 2021 sales amounted to KRW 1,370,000,000,000a 22% year-over-year increase
4th quarter revenue of 410 billion KRWup 34% QoQ
Operating income remained stable over one year at 666.7 billion KRW despite its tripled strategic investments in R&D
Seegene to Strategically Shift to a “Molecular Diagnostics (MDx) Platform Company” and Strengthen its Product Portfolio to Meet Market Demand
Seoul, South Korea, February 17, 2022 /PRNewswire/ — Seegene Inc. (KQ 096530), South Korea leader in molecular diagnostics, today announced financial results for the full year 2021 that marked an all-time high with total sales up 22% year-on-year (YoY) to reach KRW 1,370,000,000,000 (about. US$1.14 billion). Operating income remained stable over one year at 666.7 billion KRW (about. US$556 million).
Seegene’s record sales were supported by growth in sales of SARS-CoV-2 products and its broader molecular diagnostics portfolio. With a subsequent resurgence of COVID-19 cases following the emergence of the Omicron variant in the fourth quarter of 2021, influenza cases also began to increase during the winter season. This had led to an increase in sales of syndromic tests capable of simultaneously identifying COVID-19 and other respiratory viruses in a single test.
As a result, Seegene’s total fourth quarter sales reached 410 billion KRW (about. US$342 million), beating market estimates by 7%. Its operating profit exceeded expectations by 9%, ending the quarter at KRW 199.9 billion (about. US$166 million). Since last December, Seegene has exported 2.8 million tests to five European countries, 5.1 million tests to Israeland another four million tests for Brazil.
In addition, sales of Seegene’s non-COVID products further strengthened in the fourth quarter. Sales of non-COVID products, including other respiratory, HPV and STI tests, were up 33% year-on-year, showing robust growth.
The operating profit of the company 666.7 billion KRW (about. US$556 million) was unchanged year-on-year, while the company increased its strategic investments in R&D and human resources. Seegene performed a 75 billion KRW (about. $62.6 million) investment in R&D – tripled compared to 2020 – adding talented employees from various fields, including biology and information technology, doubling the number of employees in 2021 to approximately 1,100 members of the world team. Seegene also expanded the company’s instrument portfolio and began to internalize the production of core raw materials, including extraction reagent, oligonucleotide and enzymes.
As a result of these strategic investments, Seegene is poised to transform its assay development process from manual to digital, enabling biology experts around the world to develop their own diagnostic tests. In doing so, Seegene will expand its product portfolio from COVID-related tests to non-COVID tests, including plants, food and animals. Indeed, by 2021, Seegene had successfully developed indigenous technologies for assay ingredients and improved its PCR instruments which will form the basis of the company’s platform business. The company previously announced plans to provide a standardized development tool as it makes a strategic shift to a molecular diagnostics (MDx) platform company, which is part of the company’s platform strategy.
“Today, rapid, accurate and large-scale testing is becoming of unprecedented importance to combat the ever-changing pandemic landscape. Seegene will continue to introduce the best solution that meets market demand,” said Thomas Bum-Joon Kim, CEO of Seegene. Officer. “We will support mass testing in public use facilities such as airports, schools and stadiums by mobilizing our fully automated MDx system, AIOS and mobile laboratory MOBILE STATION as well as our new diagnostic tests. In addition, we will place greater emphasis on expanding our syndromic testing portfolio as well as non-COVID products such as HPV, STIs and other diseases to prepare for the endemic era. Our goal is to establish a sustainable growth by continuing to build a strong foundation for our future, while transforming the business into an MDx platform company.”
About Seegene, Inc.
Seegene, Inc. was founded in Seoul, South Korea in 2000 and has subsidiaries in the United States, Canada, Germany, Italy, Mexico, Brazil, Colombiaand the Middle East. Seegene, Inc. is an in vitro diagnostics (IVD) company that transforms innovative technologies into products through its pioneering R&D activities. Seegene owns its original patented technology, including DPO™ (Dual Priming Oligonucleotide) for multi-target amplification; TOCE™ for detecting multiple targets in a single channel; MuDT™, the world’s first real-time PCR technology that provides individual Ct values for multiple targets in a single channel for quantitative testing. ; and mTOCE™ multiplex mutation detection technology. With these state-of-the-art molecular diagnostic (MDx) technologies applied to diagnostic kits and other tools, Seegene has improved the sensitivity, specificity and disease coverage of a PCR (polymerase chain reaction) test. to unprecedented levels by providing precise multiplexing PCR products that simultaneously target and detect genes of multiple pathogens for each fluorescence channel. This feature significantly saves testing time and costs. Seegene continues to set new standards in MDx with cutting-edge innovations.
SOURCE Seegene Inc.