Sujentec Reports 6.6 Billion KRW Operating Loss in 1Q... Sales Down 98% YoY

Sugentech announced on the 15th that its consolidated operating loss for the first quarter of this year amounted to 6.6 billion KRW, marking a return to a deficit compared to the same period last year.

During the same period, sales were 1.5 billion KRW, and net loss was 4.7 billion KRW. Compared to the same period last year, sales decreased by 97.7%, and net loss turned to a deficit.

SugenTech CI. [Image provided by SugenTech]

The company explained that the main reason for the decline in performance was the reduced demand for COVID-19 related products. However, it added that both operating loss and net loss decreased in magnitude compared to the previous quarter.

Last year, Sugentech accumulated resources for growth, surpassing 100 billion KRW in sales for the first time in its history. The company stated that it is utilizing these resources to strengthen existing businesses and accelerate new ventures by expanding research facilities, increasing workforce, and constructing a new headquarters building.

In particular, Sugentech launched various products such as the S-Blot series, which can simultaneously diagnose over 120 types of allergies, and Surely Smart, a female hormone product linked with a mobile app. The Surely Smart product line targets the femtech market, which has been rapidly growing mainly in developed countries, and the company is exploring various forms of market entry.

A Sugentech representative said, "We plan to continue shareholder-friendly policies in various ways for the shareholders who have trusted and supported the company for a long time," adding, "We will operate the company with a balanced approach to growth and distribution."

CEO Son Mijin stated, "The global femtech market is forming a large market mainly in developed countries, and the domestic market is also expected to grow rapidly," and added, "Sugentech will leverage its already secured core technologies, data, and infrastructure to prioritize market dominance and sustain growth."