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Seegene Q2 Revenues up 11 Percent

NEW YORK — South Korean diagnostics company Seegene on Wednesday reported a nearly 11 percent year-over-year increase in its second quarter revenues amid higher sales of its infectious disease testing reagents and PCR equipment in Europe and North America.

For the three-month period ended June 30, Seegene's revenues climbed to ₩303.7 billion ($259.6 million) from ₩274.8 billion a year earlier. European sales in Q2 grew 36 percent to ₩148.1 billion from ₩109.2 billion, while sales in North America were up 68 percent in the second quarter to ₩42.6 billion from ₩25.3 billion.

Total reagents sales in Q2 2021 were ₩246.6 billion, up from ₩232.1 billion a year ago, while equipment sales grew to ₩57.1 billion in the recently completed quarter compared to ₩42.7 billion a year ago.

Seegene's net income for the quarter was ₩116.7 billion versus ₩165.3 billion in the year-ago quarter.

Second quarter R&D spending surged 230 percent to ₩18.5 billion from ₩5.6 billion, while SG&A costs more than doubled to ₩78.0 billion from ₩32.0 billion a year earlier.

At the end of June, Seegene had cash and cash equivalents totaling ₩264.0 billion.

"Although the pandemic is still somewhat unpredictable, it is extremely crucial to conduct surveillance screenings as the virus continues to mutate," Myungkun Kim, Seegene's managing director of investor relations, said in a statement. "Our multiplex reagents are capable of detecting major COVID-19 variants in a single test while they are price competitive, as well."

"Also, as we are expanding our market in unexplored regions such as Asian and Latin American countries, we will be able to generate more valuable results in the global arena," he added.