Seegene Inc., the global molecular diagnostics solutions provider, reported fourth-quarter revenue of 115.3 billion won ($84.9 million), marking a 14.8% increase year-over-year and 6% growth from the previous quarter. This represents the third consecutive quarter the company has surpassed the 100 billion won threshold.
According to financial results released Monday, Seegene recorded an operating loss of 6.2 billion won ($4.6 million) for the quarter, though the company noted this was impacted by one-time costs related to COVID-19. Excluding these expenses, Seegene would have posted an operating profit of 5.5 billion won ($4.1 million).
For the full year 2024, Seegene reported revenue of 414.3 billion won ($305.2 million), up 12.8% from 367.4 billion won in 2023. The company narrowed its operating loss to 16.5 billion won ($12.2 million), an improvement from the previous year’s 30.1 billion won loss.
Diagnostic reagent sales showed particularly strong growth, with respiratory bacterial product sales jumping 200% year-over-year, while respiratory virus and gastrointestinal test products each grew by 20%. The company attributed this growth to simultaneous global outbreaks of influenza, pneumonia, COVID-19, RSV, and norovirus.
Europe accounted for 63% of Seegene’s sales, followed by Asia (13%), South Korea (10%), Latin America (8%), and North America (6%).
Kim Jung-yong, Seegene’s finance director, stated the company is maintaining stable quarterly revenue growth in the post-pandemic era, with non-COVID products driving performance. He noted that COVID-19 inventory-related costs would not recur in future quarters.
