Humasis Q1 Operating Profit 203.1 Billion KRW... 1600% Increase YoY

Surge in Demand for Diagnostic Kits Amid Omicron Variant Spread Leads to Record-Breaking Performance

[Asia Economy Reporter Lee Gwan-joo] Humasis announced on the 17th that its consolidated operating profit for the first quarter of this year reached 203.1 billion KRW, marking a 1605% increase compared to the previous year. Sales amounted to 326.3 billion KRW, and net profit was 159.8 billion KRW, representing increases of 1510% and 1488%, respectively, compared to the previous year.

The company explained that the first quarter results alone surpassed the previous year's annual performance, achieving record-high results. The rapid spread of the Omicron variant at the beginning of this year led to a sharp increase in demand for COVID-19 diagnostic kits both domestically and internationally, resulting in significant growth in performance.

In the domestic market, alongside supply contracts with the Public Procurement Service, the supply of COVID-19 diagnostic kits to hospitals and clinics nationwide increased. In overseas markets, despite export restrictions, pre-contracted volumes of self-test kits were delivered to the United States, Brazil, Taiwan, and other countries, driving sales growth.

Humasis recently signed a supply contract worth 19.1 billion KRW with GS Global for COVID-19 self-test kits. Under this contract, Humasis's ‘Humasis COVID-19 Ag Home Test’ product will be used by health centers in Taiwan.

A company representative stated, “In Taiwan, due to the spread of the Omicron variant virus, the number of daily new infections is approaching 40,000, and positive results from self-test kits have been decided to be confirmed cases. We expect this supply to enhance Humasis's brand awareness in Taiwan and anticipate increased sales not only of COVID-19 products but also of subsequent products.”

Humasis plans to maintain production capacity in line with domestic and international demand for COVID-19 diagnostic kits, as the spread of COVID-19 variants continues, with Omicron subvariants recently detected in 14 U.S. states. Additionally, the company intends to invest in and build infrastructure to diversify its diagnostic fields, including molecular diagnostics, biochemical diagnostics, and remote diagnostics.