LabGenomics "The Only Domestic Company with a Large US CliaLab"... Announces Global Market Entry Strategy with QDx

LabGenomics announced its global market entry strategy with the US CLIA Lab QDx through an online IR on the 26th. The presentation was led by Sejin Oh, Chief Financial Officer (CFO, Executive Director) of LabGenomics, Jeonghee Jo, CEO of LabGenomics USA, and Tim Rich, CEO of QDx.

Executive Director Oh stated, “Last year, we acquired a CLIA Lab ranked within the top 100 in the US, laying the groundwork for our US market entry. There is no domestic company that owns a CLIA Lab of this scale.” He added, “We are the only domestic company operating a large-scale CLIA Lab and are building various strategic partnerships to enter the US market.”

LabGenomics continuously launches new products to lead markets such as molecular diagnostics, next-generation sequencing (NGS), and personal genome analysis services (PGS). It commercialized the first NGS-based prenatal chromosomal abnormality test in Korea, securing the number one market share. The company aims to create a digital healthcare ecosystem through various disease diagnosis, prevention, and monitoring services.

Executive Director Oh said, “By building a diverse portfolio, we aim to become a company that sells and services domestic products in the US market and open a pathway to the US.” He added, “Together with CLIA Lab, we expect to achieve external growth surpassing the highest sales recorded during the COVID-19 pandemic.”

He also explained the expansion of artificial intelligence (AI) diagnostic services and new businesses. LabGenomics is collaborating with QDx to utilize AI diagnostics and is preparing utilization plans with LabGenomics’ testing centers. Additionally, the company plans to launch new diagnostic services for elderly-related diseases and female diseases due to the increasing elderly population and is considering mergers and acquisitions or partnerships with companies possessing technological competitiveness.

CEO Jo explained, “Following the successful acquisition of QDx, we are pursuing the acquisition of a second CLIA Lab in the western region.” He added, “Through the acquisition of CLIA Labs, we will enter various diagnostic fields such as cancer diagnosis, enabling external growth and economies of scale.”

CEO Rich said, “QDx has the competitiveness to provide diagnostic results within 24 to 48 hours and will offer more precise and faster test results by introducing digital pathology and AI.” He added, “Based on sales and marketing capabilities in the US Northeast region, we will create new and diverse opportunities with LabGenomics.”