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Kindstar Globalgene Technology 2021 Revenues Rise 4 Percent on Non-COVID Testing

NEW YORK ─ Kindstar Globalgene Technology reported on Friday that its full-year 2021 revenues rose 4 percent year over year, driven by growth in non-COVID-19 testing.

For the year ended Dec. 31, 2021, the Wuhan, China-based firm reported RMB 930.7 million ($146.2 million) in revenues compared to RMB 891.4 million in 2020.

Kindstar posted COVID-19-related resting revenues of RMB 62.1 million, down 47 percent year over year from RMB 117.9 million, and 2021 testing revenues unrelated to COVID-19 of RMB 868.6 million, up 12 percent year over year from RMB 773.5 million.

Within its non-COVID related testing segments, the firm's 2021 hematology testing revenues were RMB 535.3 million, up 14 percent year-over-year from RMB 469.3 million; neurology testing revenues were RMB 89.8 million, up 18 percent year-over-year from RMB 76.0 million; maternity-related testing revenues were RMB 52.2 million, up less than 1 percent from RMB 52.1 million; genetic and rare disease testing revenues were RMB 43.5 million, up 20 percent from RMB 36.2 million; infectious disease testing revenues were RMB 52 million, up 3 percent from RMB 50.4 million; oncology testing revenues were RMB 8.6 million, up 13 percent from RMB 7.6 million; routine testing revenues were RMB 67.7 million, up less than 1 percent from RMB 67.5 million; and its other testing revenues were RMB 19.5 million, up 36 percent from RMB 14.3 million.

Among the highlights of 2021, Kindstar introduced 50 new hematology test products; launched six new neurology testing projects covering diseases such as Alzheimer's and myasthenia gravis; and added the diagnosis of gestational syndromes within its maternity-related testing segment.

Kindstar reported a net loss of RMB 1.45 billion in 2021 compared to a net loss of RMB 970.1 million in 2020.

The firm said its 2021 R&D expenses rose 20 percent year over year to RMB 90.3 million from RMB 75.3 million, while its SG&A expenses rose 17 percent year over year to RMB 351.7 million compared to RMB 300.8 million.

The company said it had 112 new R&D projects during the year, and it expanded the development of specialty esoteric testing services in China, increasing the scope of such services to cover cardiovascular diseases, ophthalmology, rheumatology, and immunology.

As of Dec. 31, Kindstar had cash and cash equivalents of RMB 1.80 billion.