[Public Notice+] Access Bio Reports Operating Profit of 1.3 Billion KRW in Q2... Returns to Profitability

[Asia Economy Reporter Minji Lee] Access Bio succeeded in turning a profit in the second quarter through sales of its COVID-19 diagnostic kit products.

According to the Financial Supervisory Service's electronic disclosure on the 14th, Access Bio recorded an operating profit of 1.3 billion KRW on a consolidated basis in the second quarter, turning profitable. Net profit also turned positive at 400 million KRW, while sales decreased by 3% to 10.1 billion KRW.

On a separate basis, operating profit reached 1.7 billion KRW, a 471% increase compared to the same period last year. Sales amounted to 7.6 billion KRW, and net profit was 1 billion KRW.

An Access Bio official explained, “The COVID-19 diagnostic kits have a higher selling price compared to malaria diagnostic kits, which positively impacted profits. However, due to the impact of COVID-19, orders for malaria diagnostic kits decreased, causing a slight decline in sales.”

Access Bio expects sales related to COVID-19 diagnostic kits to begin in earnest from the second half of the year. Last month, Access Bio obtained Emergency Use Authorization from the U.S. Food and Drug Administration (FDA) for both its COVID-19 molecular diagnostic kit and rapid antibody diagnostic kit, and also received emergency use approval in Brazil.

The company stated, “We plan to accelerate product sales through the overseas distribution channels we have built up so far and the sales capabilities of our largest shareholder, Wooridle Pharmaceutical.”