Psomagen, Inc. Achieves Turnaround in the First Half of 2026... Financial Structure Significantly Improved
First-Half Operating Profit of $93,000, Net Profit of $1.41 Million... Return to Profitability Compared to the Same Period Last Year
Net Income Maximized as Operating Profit from Discontinued Operations Is Recognized Following the Partial Sale of a Stake in Subsidiary 'Kin Health'
Excess Proceeds from Stock Issuance Fully Offset Cumulative Deficit... Successful Conversion to Retained Earnings
[Edaily Reporter KIM JI-WAN ] Psomagen, Inc.(950200)announced on the 14th, through its 2026 interim financial statements, that it recorded an operating profit of $93,000 (140 million won) in the first half of the year, successfully turning a profit compared to the same period last year (an operating loss of $530,000). Cumulative revenue stood at $16.2 million (24 billion won), a slight decrease compared to the same period last year; however, aggressive cost-cutting and structural improvement measures played a key role in achieving the operating profit.
In particular, net income for the half-year reached $1.41 million (approximately 2.1 billion won), marking a return to a substantial profit. The partial sale of shares in the subsidiary KEAN Health Corp., which took place during the first half of this year, played a decisive role in this outcome. As a result of this sale, KEAN Health was excluded from the scope of consolidated subsidiaries, and the related earnings were reflected as profit from discontinued operations ($1.47 million), driving the growth in Psomagen, Inc.’s overall net income.
Along with the improved financial performance, the most notable achievement is the dramatic improvement in financial soundness.
During this half-year period, Psomagen, Inc. made a strategic financial decision to offset its accumulated losses against its share premium. Through this move, the company successfully eliminated all accumulated losses—which stood at $62.24 million as of the end of last year—and converted them into retained earnings of $14.5 million (22.4 billion won), thereby establishing an even more solid financial foundation.
Psomagen, Inc. official emphasized, “The partial sale of our stake in KEAN Health Corp. and the offset of accumulated losses were strategic decisions aimed at maximizing the company’s profitability and strengthening its financial structure.” The official added, “Now that we have shed all past financial burdens and successfully returned to profitability in the first half of the year, we will continue to focus on strengthening our core competitiveness in genomic analysis in the U.S. to maintain a stable trend of profitability.”
“Incredible.”
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