[Public Notice+] Seegene Q2 Operating Profit 169 Billion KRW... "All-Time High"

[Asia Economy Reporter Jang Hyowon] Seegene, a molecular diagnostics specialist company (CEO Chun Jong-yoon), announced on the 13th that it posted record-breaking results for Q2 this year with consolidated sales of 274.8 billion KRW, operating profit of 169 billion KRW, and net profit of 131.6 billion KRW.

A Seegene official explained, “Demand for COVID-19 related products surged explosively, significantly increasing sales, and as sales increase, the operating leverage effect continues, resulting in higher operating profit margins. We broke the record for maximum performance set in Q1 once again, and sales, operating profit, and net profit for Q2 all increased 2 to 3 times compared to the previous quarter.”

With these quarterly results, Seegene achieved sales of 356.6 billion KRW, operating profit of 208.7 billion KRW, and net profit of 165.3 billion KRW in the first half of the year, already recording about three times the management performance compared to the entire previous year.

Regarding the outlook for the second half, a Seegene official said, “Typically, Q3 is an off-season, but this year’s trend is different, and especially Q4 is a period when respiratory diseases such as influenza increase. Even with the most conservative estimates, annual sales this year are expected to be more than twice the sales of the first half.”

Seegene attracted market attention by developing the diagnostic reagent ‘AllplexTM 2019-nCoV Assay’ early in the COVID-19 outbreak as a preemptive response. Subsequently, global demand for Seegene’s diagnostic reagents continued, driving the company’s performance growth. Currently, Seegene exports COVID-19 related products to about 70 countries, including South Korea.

In addition, more than 300 diagnostic devices were sold in Q2 alone, with over 500 devices sold in the first half of this year, showing about double the growth compared to the previous year’s annual performance. Diagnostic devices can be applied not only to COVID-19 products but also to diagnostic reagents for other diseases, providing a foundation to support the company’s sales growth even after the COVID-19 crisis.

A company official stated that differentiated products with enhanced technology will be launched starting in the second half. Since its founding, Seegene has accumulated a significant level of strategic IP assets, including patented technologies and exclusive know-how, to secure highly competitive Real-Time PCR products for molecular diagnostics over the past 20 years. The company is confident that future new products will maximize the use of these assets and further widen the gap with competitors.

Meanwhile, regarding the recently disclosed building purchase, the company explained that it was a decision to solve space shortages and improve work efficiency amid ongoing hiring due to the significant increase in business performance.