{"id":10977,"date":"2022-08-12T11:00:00","date_gmt":"2022-08-12T11:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3843462_AE43462_0"},"modified":"2022-08-12T11:00:00","modified_gmt":"2022-08-12T11:00:00","slug":"seegene-reports-h1-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=10977","title":{"rendered":"Seegene reports H1 2022 financial results"},"content":{"rendered":"
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  • H1 revenue fell 11% YoY to KRW 579.9 billion<\/span>, operating profit down 37% to KRW 212.7 billion<\/span><\/li>\n
  • Decline due to drop in Q2 sales amid reduced PCR testing volume<\/li>\n
  • Sales of non-COVID products and PCR instruments increased in H1; Company launches STARlet-AIOS to strengthen sales foundation<\/li>\n
  • Seegene to expand In-life PCR <\/i>campaign to help curb widespread COVID-19 transmissions and boost sales of non-COVID products to solidify revenue structure<\/li>\n<\/ul>\n

    SEOUL, South Korea<\/span>, Aug. 12, 2022<\/span> \/PRNewswire\/ — Seegene Inc.<\/b> (KQ096530), South Korea’s<\/span> leading molecular diagnostics company, today reported first-half (H1) revenue in 2022 of KRW 579.9 billion<\/span> (USD 445.8 million<\/span>), down 11 percent year-over-year. Operating profit fell 37 percent to KRW 212.7 billion<\/span>.<\/p>\n

    While Seegene posted record quarterly sales of KRW 451.5 billion<\/span> in the first quarter, second quarter revenue was at KRW 128.4 billion<\/span>. The decline can be attributed to a drop in PCR testing volume and inventory destocking at sales channels and customer accounts.<\/p>\n

    Sales of non-COVID products, however, rose 30 percent year-over-year to KRW 69.5 billion<\/span> in H1. The second quarter figure was up 21 percent from the previous quarter amid a transition to normalcy from the pandemic and increasing customer acceptance of molecular diagnostics.<\/p>\n

    As for PCR instruments, Seegene installed 850 new PCR detection systems and 491 new workstations for extraction and PCR set-up, for a combined 5,704 and 2,803 installs respectively worldwide, strengthening the foundation for global sales. Seegene also launched its fully automated PCR system, STARlet-AIOS, for syndromic testing in key European markets. The company also began its In-life PCR<\/i> campaign \u2013 a global initiative that emphasizes regular testing for respiratory viruses, including COVID-19, to help curb asymptomatic and widespread transmissions. It recently partnered with a testing center in Vietnam<\/span> to launch the campaign.<\/p>\n

    Seegene further strengthened the leadership team at its U.S. subsidiary, appointing a new CEO, head of scientific and medical affairs and head of research and development (R&D), this year. The company plans to establish capacity for local R&D and product manufacturing within the U.S., the world’s largest molecular diagnostics market, laying a foundation for mid-to-long term growth. Seegene also plans to seek U.S. Food and Drug Administration (FDA) clearance for key products starting next year.<\/p>\n

    “We expect to see ongoing demand for respiratory virus testing in fall and winter as the flu season starts in our key markets,” said Robert Lee<\/span>, Senior Vice President of Seegene’s Investor Relations (IR) department. “Seegene’s portfolio includes syndromic tests, including tests that can simultaneously detect COVID-19 and flu. We will use these multiplexed tests to expand our In-life PCR<\/i> campaign, as well as strengthen sales of non-COVID products and STARlet-AIOS to create new PCR demand and solidify our revenue structure.”<\/p>\n<\/p><\/div>\n

    Source: Seegene Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

    H1 revenue fell 11% YoY to KRW 579.9 billion, operating profit down 37% to KRW 212.7 billion Decline due to drop in Q2 sales amid reduced PCR testing volume Sales of non-COVID products and PCR instruments increased in H1; Company launches STARlet-AIOS to strengthen sales foundation Seegene to expand In-life PCR campaign to help curb […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-10977","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nSeegene reports H1 2022 financial results - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=10977\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seegene reports H1 2022 financial results - 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