SEOUL, South Korea, Feb. 18, 2021 /PRNewswire/ — South Korea’s leading molecular diagnostics firm Seegene Inc. (KQ096530) reported preliminary financial results for the fourth quarter and the fiscal year of 2020, showing records never seen before. The company posted KRW 441.7 billion in consolidated revenue and KRW 257.5 billion in operating profit for the quarter that ended on December 31st, 2020.
For the entire year of 2020, Seegene reported KRW 1.125 trillion in sales, up by more than ninefold on-year and the operating profit of KRW 676.2 billion, also up by thirtyfold in the same period. The annual sales figures safely landed Korea’s leading biotechnology firm in the trillion-won club, an extraordinary feat in Korean biotech industry.
An official from Seegene said, “Its quarterly sales have wiped out previous records, logging KRW 81.8 billion in Q1, KRW 274.8 billion in Q2, KRW 326.9 billion in Q3 and KRW 441.7 billion in Q4.” The company added that Seegene was “able to maintain 60% of annual operating profit ratio, a clear indicator that reflects corporate value.”
Backed by strong sales in equipment needed for molecular diagnostics, the company said it sold around 1,600 units last year alone, signifying that the company has secured solid client base around the world, which will likely persist even after the COVID-19 pandemic. In the last three months of 2020, Seegene had installed some 700 equipment, despite a massive roll-out of vaccines for coronavirus in that quarter.
The official added that the surge in sales of equipment signals strong confidence over the company’s steady and robust growth in the years to come. Over the past decade, Seegene’s accumulated sales of equipment have pierced through 3,400 units.
Looking at the year of 2021, Seegene said it “anticipates the annual sales to outstrip that of last year, given the overwhelming demand of diagnostic tests.” Utilizing Seegene’s original patented technology, the company has recently developed the first COVID-19 variant test capable of screening and identifying multiple mutant variants in a single reaction, as the world grapples with a growing number of mutant variants. Seegene expects the company to solidly continue its robust growth as it continues its efforts in unloading the burden on medical professionals with its unparalleled technology in processing molecular diagnostics.