Seegene's Q3 Sales also Grows for 13th Quarter in a row due to record-breaking COVID-19 sales of KRW 100 Billion
Nov 10, 2024
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According to the preliminary results for the third quarter of 2024 disclosed by the Seegene on the basis of consolidated Korean International Financial Reporting Standards (K-IFRS), sales amounted to 108.8 billion won, operating profit of 5.3 billion won and net profit of 1.7 billion won. Compared to the same period last year, sales increased 18.4%, and operating profit and net profit succeeded in turning into a surplus. Compared to the previous quarter, sales increased 8.6 percent, operating profit turned into a surplus, and net profit continued to remain in the black.
The company explained that the improvement in performance was attributed to a 33% year-on-year increase in non-COVID product sales, which recorded 13 consecutive quarters of growth.
Total reagent sales combined with diagnostic reagents and extraction reagents amounted to 90.4 billion won, accounting for 83% of total sales. Among diagnostic reagents, sales of non-COVID products reached 76.9 billion won, 85% of total reagent sales, while sales of extraction reagents reached 9.6 billion won, and sales of COVID products, which continue to decline, recorded 3.9 billion won. Sales of products such as diagnostic equipment other than reagent sales reached 18.4 billion won.
Among non-COVID diagnostic reagent products, sales of respiratory bacterial (PB) products and respiratory viral (RV) products rose 217% and 52% year-on-year, respectively, as pneumonia and whooping cough spread worldwide and demand in the southern hemisphere increased. Sales of GI comprehensive inspection products and STI products also increased by 29% and 14%, respectively, due to the increase in new customers.
Looking at the proportion of sales by region, Europe was the highest at 59%, followed by Asia at 18%, the Americas at 13%, and Korea at 10%.
Kwon Young-jae, head of IR at Seegene, said, `The improvement in performance centered on non-COVID products means that Seegene's syndromic test products are spreading in the global diagnostic market. We will strengthen our sales growth activities based on our excellent product power and accelerate our technology sharing business.'
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