Zenolution Q1 Operating Profit 15.3 Billion KRW... Up 15.7% Year-on-Year

[Asia Economy Reporter Lee Gwan-joo] In vitro diagnostic device company Genolution announced on the 11th that its operating profit for the first quarter of this year reached 15.3 billion KRW, a 15.7% increase compared to the same period last year. Sales amounted to 24.6 billion KRW, and net profit was 12.3 billion KRW, increasing by 18.2% and 6.8% respectively compared to the same period last year.

The company explained that sales and operating profit increased due to the rise in demand for PCR tests caused by the spread of the Omicron variant. A company official stated, “As the number of confirmed Omicron cases surged, orders increased, resulting in a 40% increase in sales in the first quarter of this year compared to the fourth quarter of last year. In particular, reagent sales increased by 25% compared to the same period last year and by 38% compared to the fourth quarter of last year, serving as a stable cash cow.”

Genolution's RNA business division sales also rose by 28% compared to the same period last year, with increased domestic and international sales. The company plans to continue the sales growth trend by expanding production facilities at its Magok headquarters this year.

A Genolution official said, “We plan to sustain solid growth through the launch of NX-DUO, NGS-based test kits, NGS Library Prep automation equipment, and large-scale fully automated molecular diagnostic devices scheduled for release this year.”

Meanwhile, Genolution completed the acquisition of tangible assets for its Incheon Songdo 2nd building on the 2nd of this month and plans to reduce costs through full-scale automation facility processes.

This content was produced with the assistance of AI translation services.