[Company analysis] Seegene (씨젠)

「Seegene (씨젠)」 mainly develops and supplies molecular diagnostic reagents that  determine the cause of disease by extracting body fluids such as human blood, analyze genes (DNA and RNA). Now they handle more than one kind of diagnostic reagent. In 2020, it was also known as the company who developed the coronavirus diagnostic kit. The number of consolidated employees is approximately 321.

 

1. Company Profile

2. Summary and Features

3. Major Business

4. Financial Information

 

 

1. Company Profile

 

※Unit is KRW million, as of 2019

Company name	Seegene
Company name (Korean)	씨젠
Date of establishment	September 16th, 2000
Headquarters location	Taewon Building, 65-5, Bangi-dong, Songpa-gu, Seoul
Capital	13,100
Consolidated sales	102,264
Consolidated operating profit	10,624
Consolidated total assets	163,806
Consolidated capital	128,356
Capital adequacy ratio	78.4%
Consolidated number of employees	321

 

 

2. Summary and Features

 
In 2000, 「Seegene」 had started as an in-house venture business of 「Ewha Womans University (이화 여자 대학교)」, and has developed core technology of molecular diagnostics by their own. They handle over 160 types of diagnostic reagents and products of them can simultaneously diagnose new influenza and avian influenza viruses that has panicked the whole world in early 2000s.  And「Seegene」have provided their detection kits not only to Korea but also to Canada, Mexico and Europe. 

 

The share price of「Seegene」 has risen sharply, recently, surpassing the trillion won market capitalization standard. The most common reason is that they have developed a coronavirus diagnostic kit. Currently, coronavirus diagnosis requires the transfer of specimens from health centers to other facilities, and tests are being conducted in two stages. However, this Seegene's test kit uses a "gene amplification test" to diagnose the virus, so the results can be confirmed within 6 hours after the test.

It took two weeks to develop this kit and another one week to get emergency approval in korea domestic. Actually, there were no infected people in Korea until 「Seegene」started development of this kit. However, at that time, the number of coronavirus-infected persons was rapidly increasing, especially in Wuhan, China. So they decided to take preparation[and concentrated all their management resources on developping coronavirus diagnostic kits even though it might lead a fiscal deficit. As a result, on February 7, 2020, 「Seegene」 received approval for emergency use in Europe (CE-IVD) and on February 12, 2004, from the Korea Pollution Control Center.

Nowadays, they have been receiving requests for diagnostic kits from over than 30 countries, such as Israel, Saudi Arabia, UAE, Thailand, and Brazil, as well as European countries such as Italy, Germany, Spain, France, the United Kingdom, and Switzerland. Even some countries made direct contact about this. To respond to this, factory of 「Seegene」 is now fully operational 24 hours a day.

 

 

3. Major Business

 

■ Molecular diagnostic products
Test products for respiratory diseases (26 tests including new influenza, seasonal influenza, coronavirus, pneumonia, etc.) and test products for sexually transmitted diseases (28 tests for gonorrhea, syphilis, large Lamydia, herpes, fungi, etc.) Test), human papilloma virus scan products (test for 28 viruses that cause cervical cancer), etc.

 

 

4. Financial information

 

※Unit is KRW million

			2016	2017	2018
Consolidated sales			73,846	88,919	102,264
Consolidated operating profit			10,396	7,556	10,624
Consolidated total assets			185,388	156,753	163,806
Consolidated net assets			120,000	117,260	128,356
Breakdown of sales	Molecular diagnostic reagent	Overseas	40,438	48,402	52,642
		Domestic	13,060	13,674	16,346
	Molecular diagnostic equipment	Overseas	19,201	24,833	28,996
		Domestic	-69	1,845	2,844
	Others	Overseas	1,862	1,480	1,761
		Domestic	61	142	198
	Adjustments		-708	-1,458	-525