{"id":66440,"date":"2022-05-13T11:07:23","date_gmt":"2022-05-13T11:07:23","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=91722"},"modified":"2022-05-13T11:07:23","modified_gmt":"2022-05-13T11:07:23","slug":"seegene-reports-first-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/kuwaitnewsgazette.com\/seegene-reports-first-quarter-2022-financial-results\/","title":{"rendered":"Seegene reports first quarter 2022 financial results"},"content":{"rendered":"<div>\n<div id=\"m_divBody\">\n<div id=\"m_divWide\">\n<ul type=\"disc\">\n<li>Q1 revenue up 10% QoQ to reach record quarterly high of KRW 451.5 billion<\/li>\n<li>Foundation for sales expansion strengthened through &#8216;3 Ct&#8217; technology commercialization, Allplex&#x2122; RV Master Assay approval, increased PCR instrument sales<\/li>\n<li>&#8220;Seegene to secure future growth by targeting syndromic testing market, expanding U.S. operations, M&amp;A&#8221;<\/li>\n<\/ul>\n<p>SEOUL, South Korea, May 13, 2022 \/PRNewswire\/ &#8212; <b>Seegene Inc<\/b>. (KQ096530), South Korea&#8217;s leading molecular diagnostics (MDx) company, today reported first quarter revenue of KRW 451.5 billion and operating profit of KRW 199.7 billion.<\/p>\n<div id=\"m_dvprnejpgb73cleft\" dir=\"ltr\"><img fetchpriority=\"high\" decoding=\"async\" id=\"m_prnejpgb73cleft\" class=\"alignright\" title=\"Logo\" src=\"https:\/\/ci4.googleusercontent.com\/proxy\/R1-XLvESAh-xqnhNyM0fROgAq0dUhqw2ylkH9wcWhVzgJkq-bSxaW0qMt12yJYW0tomyqhzc6Dabl0Rrr2yzprT6spX0O-BbV5zkx-nRjMoD=s0-d-e1-ft#https:\/\/mma.prnewswire.com\/media\/1357790\/Seegene_logo_Logo.jpg\" alt=\"Logo\" width=\"277\" height=\"196\" align=\"middle\" \/><\/div>\n<p>Total sales rose 10% quarter-over-quarter to reach a record quarterly high, driven by increased PCR demand due to a surge of the Omicron variant. Operating profit was comparable to the previous quarter&#8217;s KRW 199.9 billion.<\/p>\n<p>During the first quarter, Seegene developed &#8216;Allplex&#x2122; HPV HR Detection,&#8217; the world&#8217;s first commercialized assay applying &#8216;3 Ct&#8217; technology that enables reporting three Ct values in a single channel for quantitative analysis. Seegene also obtained approval from the European Union and Australia for &#8216;Allplex&#x2122; RV Master Assay&#8217; that can simultaneously detect 19 different respiratory viruses, including COVID-19. The company also established a branch in South Africa.<\/p>\n<p>As for PCR instruments, Seegene newly installed 360 real-time PCR detection systems and 261 workstations for extraction and PCR setup, for a combined 5,214 and 2,543 respectively worldwide, solidifying the foundation for expanded global sales.<\/p>\n<p>The company has also created a team to ramp up ESG (Environmental, Social, Governance) management.<\/p>\n<p>&#8220;As PCR demand is declining worldwide, it will likely impact our revenue,&#8221; said Robert Lee, Senior Vice President of Seegene&#8217;s IR and PR department, adding that &#8220;Seegene will secure future growth by targeting the syndromic testing market for respiratory viruses and other illnesses as well as expand the utilization of PCR testing with the company&#8217;s fully automated MDx system, AIOS.&#8221;<\/p>\n<p>Going forward, Seegene plans to establish R&amp;D and production facilities within the United States to bolster operations and pursue M&amp;A to achieve mid-to-long term growth.<\/p>\n<p>Logo &#8211; <a href=\"https:\/\/www.google.com\/url?q=https:\/\/mma.prnewswire.com\/media\/1357790\/Seegene_logo_Logo.jpg&amp;source=gmail-html&amp;ust=1652527169700000&amp;usg=AOvVaw0ZvyoTtIl-kx4c4SDcMCUX\"  rel=\"noreferrer\">https:\/\/mma.prnewswire.com\/<wbr \/>media\/1357790\/Seegene_logo_<wbr \/>Logo.jpg<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Q1 revenue up 10% QoQ to reach record quarterly high of KRW 451.5 billion Foundation for sales expansion strengthened through \u20183 Ct\u2019 technology commercialization, Allplex&#x2122; RV Master Assay approval, increased PCR instrument sales \u201cSeegene to secure future growth by targeting syndromic testing market, expanding U.S. operations, M&amp;A\u201d SEOUL, South Korea, May 13, 2022 \/PRNewswire\/ \u2014 [\u2026]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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