[Asia Economy Reporter Lee Chun-hee] The third-quarter performance of Seegene, a molecular diagnostics specialist company, significantly deteriorated amid the transition from the COVID-19 pandemic to an endemic phase. Sales dropped to about half, and operating profit turned into a loss.
Seegene announced on the 11th that its third-quarter sales this year were 150.844 billion KRW, a 50.6% decrease compared to the same period last year. Operating loss was 32.2 billion KRW, and net loss was 11.265 billion KRW, both turning into losses compared to the previous year.
On a cumulative basis for this year, sales amounted to 730.7 billion KRW, operating profit was 180.433 billion KRW, and net profit was 179.524 billion KRW. These figures represent decreases of 23.9%, 61.3%, and 52.0%, respectively, compared to the previous year.
The company explained, "Due to the relaxation of COVID-19 prevention policies in countries worldwide, testing has decreased, leading to reduced demand for diagnostic reagents." However, "it is positive that sales of non-COVID-19 products are steadily increasing." Sales of non-COVID diagnostic reagents such as gastrointestinal infections (GI), human papillomavirus (HPV), and sexually transmitted infections (STI) recorded 112 billion KRW, a 27% increase compared to the same period last year.
Kim Sung-yeol, Executive Director of Seegene Global Marketing Center, said, "This winter, there is a high possibility of simultaneous outbreaks of COVID-19 and influenza, so demand for respiratory syndromic products is expected to increase." He added, "We plan to focus the company's capabilities on products and marketing to maintain a favorable sales trend."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
