Somagen's cumulative sales in Q3 reach $25.31 million, up 43.4% 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 14th that it recorded cumulative sales of $25.31 million (KRW 32.1 billion) in the third quarter of this year, continuing its high growth. This figure represents a 43.4% increase compared to $17.65 million in sales during the same period last year in U.S. dollars and has already surpassed last year's annual sales of $24.98 million.

A company official explained the continuous sales growth by stating, "As demand for precision medicine and healthcare continues to rise in the U.S., Somagen's new clients are steadily increasing. In particular, the volume of orders from our major clients such as VarianTx, Edmera Health, Moderna, and the U.S. National Institutes of Health (NIH) has surged significantly compared to last year."

Meanwhile, according to the disclosure submitted by the company on the same day, the cumulative operating loss for the third quarter this year was $1.36 million (KRW 1.73 billion), a decrease of about 66.9% compared to the same period last year. Notably, when looking only at the three months of the third quarter, the company achieved an operating profit of $410,000 (KRW 550 million) and a net profit of $810,000 (KRW 1.08 billion), marking its first profitable quarter since its listing in 2020.

A company representative emphasized, "To achieve profitability from the second half of this year, we conducted internal restructuring and improved management and revenue structures during the first half of the year. Steady sales growth continued in the second half, enabling us to achieve profitability in the third quarter."

Somagen CEO Hong Soo stated, "Somagen is continuously expanding new clients in its core business of genome analysis (sequencing) and maintaining high growth. In the second year since our KOSDAQ listing, we aim to achieve sales approximately twice that of our first year in 2020. Additionally, by quickly achieving results in new business areas such as proteomics analysis services and microbiome-based analysis services for female sexually transmitted diseases and human papillomavirus (HPV), we will become the only multi-omics total solution foundry company in the U.S. that provides NGS, CES, single-cell sequencing, proteomics, direct-to-consumer genetic testing (DTCGT), and microbiome analysis."