GC Labcell said that it recorded sales of 20 billion won ($16.7 million) in the second quarter of this year, a 33.3 percent increase from the same period in 2019.
|GC’s earnings report turned for the better in the second quarter. (GC)|
The company also registered 2.5 billion won in operating profit, turning to a surplus from a deficit a year ago, and posted a net profit of 2.4 billion won, a drastic 1,520.4 percent increase compared to the previous year. The company explained that even growth in all areas of business led to expanded sales and improved profitability.
Its diagnostic business' growth rate reached 27.4 percent riding on the continued increase in the number of Covid-19 diagnostic screenings.
The bio-logistics business division also grew 21.1 percent thanks to the integration of affiliates' logistics. GCCL, its consolidated subsidiary responsible for clinical trial sample analysis, also expanded its business, marking a 22.9 percent growth in sales compared to the same period last year.
In addition to improving costs, the company stressed that the profitability improved considerably, with some of the technology transfer fees being recognized by Artiva Biotherapeutics, which is responsible for local development of its natural killer (NK) cell therapy products in the U.S.
"We expect earnings will continue to grow during the second half of this year because of management efficiency and the impact of Covid-19," a company official said. "Research and development investment for the development of the next-generation NK cell therapy product will also continue."