Somagen Q1 Sales Up 39.4% YoY... "Increased Demand for Precision Medicine and Healthcare"

[Asia Economy Reporter Jang Hyowon] Somagen, a U.S. bio company and the first foreign company to be listed through a technology special listing, announced on the 16th that it recorded sales of $7.35 million (KRW 8.9 billion) in the first quarter of this year, continuing its high growth. This represents a 39.4% increase compared to the first quarter of the previous year in U.S. dollar terms.

A company official explained the continuous sales growth factor, stating, “In the U.S. market, demand for precision medicine and healthcare has been steadily increasing recently, and Somagen’s new clients are continuously growing. In particular, sales to our four major clients?Variantyx, Admera Health, Moderna TX, and Johns Hopkins School of Medicine?in the first quarter of this year more than doubled compared to the same period last year.”

Meanwhile, according to the disclosure submitted by the company on the same day, operating loss in the first quarter of this year was $1.77 million, about 19% less than $2.19 million in the same period last year.

Somagen CEO Ryan Kim said, “Despite the global spread of COVID-19 and the global economic crisis, Somagen continues to achieve high growth through its core business of genome analysis (sequencing). We expect proteomics analysis service sales to become visible soon, and through the launch of a microbiome analysis service for female sexually transmitted diseases and human papillomavirus (HPV) diagnosis this year, we aim to achieve sales approximately twice the amount of our first year’s sales in 2020, two years after listing.”