Seegene Inc. (KQ096530), a biotechnology company specializing in molecular diagnostics, headquartered in South Korea, reported a record high in sales revenue of KRW 326.9 billion and an operating profit of KRW 209.9 billion for the third quarter in 2020. According to the company, the net profit came in at KRW 152.5 billion, nearly 1000 percent rise from the same period last year.

Seegene said the ‘company’s operating profit has increased some 20% on-quarter, on the back of the exponential sales increase in COVID -19-related products in Europe.’ It added that ‘despite large-scale recruitment and investment in production and research in Q3, Seegene reached operating profit to sale ratio of 64% for the quarter and accumulated ratio of 61.2% up to Q3 this year.’

With the record setting quarterly report card, Seegene posted KRW 683.5 billion in consolidated sales, KRW 418.6 billion in operating profit and KRW 317.8 billion in net profit, staying on course to surpass KRW 1 trillion in annual sales.

Seegene anticipates that increasing installment of its diagnostics instruments and solutions around the world would further allow the sales growth of COVID-19-related products as well as its other molecular diagnostics products in the post COVID-19 era.

The company said it has ‘introduced another diagnostic kit in Europe that can detect multiple respiratory diseases with a single tube,’ and forecasts the business profit rate to surpass 60% and annual sales revenue to reach KRW 1 trillion for the year.

Through addition of production and research facilities and pursuance of large-scale recruitment, Seegene aims to continue its steady growth in 2021.