Somagen Reports $15.53 Million in H1 Sales This Year, Up 31.9% YoY

[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 its highest sales since its establishment last year and continued high growth with sales of $15.53 million in the first half of this year. This represents a 31.9% increase compared to the same period last year.

A company official explained the continuous sales growth by 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 major clients such as Variantyx, Admera Health, Moderna TX, and Johns Hopkins School of Medicine in the first half of this year more than doubled compared to the same period last year."

According to the disclosure submitted by the company on the same day, the operating loss for the first half of this year was $1.77 million, a decrease of about 35% compared to the same period last year. In the second quarter, the operating loss was only $1,780 (approximately 2.19 million KRW).

A company representative said, "To improve the profit structure, SomaGen carried out internal restructuring in the first half of this year, and the results will begin to be reflected from the second half. If the sales growth trend continues in the second half as it did in the first half, we cautiously expect that achieving operating profit in the second half alone might be possible."

SomaGen CEO Hong Soo stated, "SomaGen continues to achieve high growth through its core business of genome analysis (sequencing), and from the second half of the year, sales from proteomics analysis services will become visible. Additionally, with the launch of analysis services for female sexually transmitted diseases and human papillomavirus (HPV) using microbiome technology, we aim to achieve sales approximately twice the amount of our first year of listing in 2020 within two years of going public."