Gencurix Expected to See Strong Growth in Blood-Based Multi-Cancer Early Detection Testing

Hanyang Securities stated on March 24 that Gencurix is significantly undervalued compared to its growth potential.

Byungyong Oh, a researcher at Hanyang Securities, said, "Gencurix's blood-based multi-cancer early detection (MCED) service 'iCanSearch' is expected to show rapid growth," adding, "The number of tests exceeded 900 in 2024 and surpassed 5,000 in 2025. Currently, the service has been launched at 100% of tertiary hospitals and 40% of general hospitals in Korea."

Gencurix signed a supply contract for employee health checkup programs with Samsung Group last year. Early this year, it also completed contracts with LG Group, Korea Hydro & Nuclear Power (KHNP), Kia, and Korean Air. Additional contracts with several other companies are expected within the first half of the year.

The company is also beginning its entry into the U.S. market with its early detection test for pancreatic cancer. Gencurix plans to commercialize a single blood-based screening test for pancreatic cancer in the U.S.; clinical trials are currently underway and are scheduled to conclude in the third quarter. The company is targeting approval from the U.S. Food and Drug Administration (FDA) in 2027. Notably, Gencurix has already signed a distribution agreement with Guardant Health, known for its single screening test for colorectal cancer called 'Shield,' and is expected to begin distribution in the U.S. immediately upon approval.

The non-invasive prenatal test 'G-NIPT' is also continuing its strong growth. This test determines the presence of fetal disorders such as Down syndrome using the mother's blood. The number of tests increased from 18,000 in 2024 to approximately 25,000 in 2025, and Gencurix currently holds the number one market share in Korea.

Researcher Oh said, "This year's expected sales are 3.9 billion won, with operating profit projected to exceed 300 million won," adding, "Considering the structural growth potential of the business and the valuations of competitors, the company's relative valuation is currently at a significantly undervalued level."

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