[Edaily NA EUN-KYUNG Reporter] Seegene ( Seegene Inc.(096530)), whose revenue was heavily concentrated in respiratory diagnostics during the COVID-19 pandemic, is now cultivating non-respiratory products—such as gastrointestinal (GI) infections, human papillomavirus (HPV), and sexually transmitted infections (STIs)—as new growth engines. This is interpreted as a strategy to move away from a business model where performance fluctuates depending on the prevalence of respiratory diseases by expanding its portfolio of tests that generate demand year-round.

Non-respiratory

sales totaled 128

.

6 billion won

in the first half

…

2.5 times that of respiratory sales

An analysis of Seegene Inc.’s Q2 2026 investor relations materials released on the 24th revealed that the company’s sales of

non-respiratory

diagnostic reagents—including GI, HPV, and STI tests—totaled 128.6 billion won

in the first half of

this year. This is approximately 2.5 times the total respiratory sales of 50.7 billion won, which includes respiratory viruses (RV), respiratory bacteria (PB), and COVID-19 products. Of the total diagnostic reagent sales of 179.4 billion won, non-respiratory products accounted for 71.7%, while respiratory products accounted for 28.3%.

Looking at the second quarter alone, non-respiratory sales reached 66.3 billion won, a 22.9% increase year-over-year. HPV led the growth with a 40.3% increase, while STI and GI also grew by 20.7% and 13.9%, respectively. In contrast, respiratory sales—comprising RV, PB, and COVID-19—totaled only 24.7 billion won. Although demand for respiratory products declined due to the seasonal off-peak period, non-respiratory sales offset this decline, resulting in a 19.2% increase in total revenue to 136 billion won. Operating profit rose 586.4% to 21.6 billion won.

In the first quarter, non-respiratory sales reached 62.3 billion won, a 32.6% increase compared to the same period last year. This is approximately 2.4 times the first-quarter respiratory sales of 26 billion won. Consequently, Seegene Inc.’s first-half sales totaled 265.1 billion won, up 15.2% year-over-year, while operating profit rose 150.9% to 45.1 billion won.

The shift in the revenue structure is even more pronounced when compared to the pandemic period. Of Seegene Inc.’s 2021 revenue of 1.3708 trillion won, sales of COVID-19 and RV products totaled 937.8 billion won, accounting for 68.4%. In contrast, combined sales of GI, HPV, and STI products amounted to 77.3 billion won, representing only 5.6% of the total. If private-label (PB) products—which were not disclosed separately at the time—are included, the actual share of respiratory revenue is likely to have been higher.

Seegene Inc. officials stated, “While demand for respiratory products is influenced by the timing and severity of infectious disease outbreaks, GI, HPV, and STI products are relatively less affected by seasonal factors,” adding, “Expanding sales of non-respiratory products is helping to mitigate earnings volatility caused by respiratory disease outbreaks and contribute to building a stable revenue base.”

While the volume of respiratory infection tests surges rapidly during an outbreak, it is difficult to predict the intensity of winter outbreaks or the emergence of new infectious diseases. Sales can plummet once a large-scale outbreak ends. In contrast, HPV screening—which targets a relatively consistent population and occurs at fixed times—and GI and STI tests, which exhibit low seasonality, can help reduce this volatility.

Seegene Inc. is expanding its non-respiratory business by introducing new test menus to existing customers. Its GI products simultaneously test for multiple causes of gastrointestinal infections—including viruses, bacteria, and parasites—using a single specimen. Its HPV products distinguish between multiple genotypes to target the screening market and large testing facilities, while its STI offerings feature syndromic PCR products that detect multiple sexually transmitted pathogens at once. PCR (polymerase chain reaction) is a molecular diagnostic technology that amplifies the genetic material of a specific pathogen in a specimen to a detectable level to confirm the presence of an infection.

Seegene Inc. representative explained, “We are expanding our testing portfolio to enable customers to use not only respiratory products but also GI, HPV, and STI products by leveraging our existing global sales network and equipment infrastructure,” adding, “We plan to continue expanding regulatory approvals by country, securing new customers, and expanding the range of tests offered to existing customers.”

The

Diagnostic

Industry Expands Amid COVID-19… Diversification Is a Key Challenge

In vitro diagnostic technologies are broadly categorized into molecular diagnostics, immunoassays, and clinical chemistry diagnostics based on their testing principles. Molecular diagnostics identify pathogens or genetic mutations by analyzing nucleic acids, such as DNA and RNA, contained in a specimen. Immunoassays utilize antigen-antibody reactions to measure indicators such as hormones, cardiovascular markers, cancer markers, inflammation markers, and infection markers. Clinical chemistry tests analyze glucose, lipids, enzymes, and electrolytes in blood or urine to evaluate conditions such as diabetes, liver and kidney function, and metabolic status.

Seegene Inc. is a company that operates its business based on molecular diagnostic technology. In particular, Seegene Inc. has grown primarily through PCR testing for infectious diseases, and as demand for respiratory infection tests skyrocketed during the COVID-19 pandemic, its revenue became heavily concentrated in respiratory products. This is why Seegene Inc. and other small and medium-sized diagnostic companies, whose reliance on respiratory product revenue has increased due to COVID-19, have made business diversification a key priority in recent years. Sugentech, Inc.(253840)has experienced rapid revenue growth thanks to its COVID-19 rapid diagnostic kits and is now fostering the development of allergy diagnostic equipment and reagents, as well as female hormone diagnostics; OSANG HEALTHCARE CO.,LTD(036220)has also strengthened its existing blood glucose monitoring business following the sale of COVID-19 rapid diagnostic kits and is currently developing continuous glucose monitors (CGMs) and point-of-care molecular diagnostic devices.

In contrast, major domestic diagnostic companies that possessed a diverse range of testing technologies and product lines even before the COVID-19 pandemic are relatively less dependent on respiratory diseases. SD Biosensor(137310)(SD Biosensor), which grew based on rapid immunodiagnostics and self-monitoring of blood glucose, subsequently acquired Meridian Bioscience to expand its business scope to include molecular diagnostics and life science raw materials.

Boditech Med Inc.(206640)[Company Name] grew in China based on C-reactive protein (CRP) test kits—which indirectly detect infection and inflammation—and subsequently broadened its business scope to include cardiovascular, diabetes, hormone, and cancer tests. Since 2023, it has been expanding its business scope to include new diagnostic technologies, such as clinical chemistry. While both companies sold COVID-19 diagnostic products, they differ from Seegene Inc. in that they had businesses related to non-respiratory testing and chronic diseases even before the pandemic.

Global diagnostics companies are more diversified not only in terms of diseases but also in diagnostic technologies themselves. Roche Diagnostics operates its pathology diagnostics, blood screening, molecular diagnostics, and diabetes management businesses alongside its core lab, which focuses on immunology and clinical chemistry. While its diagnostics revenue is projected to reach 13.8 billion Swiss francs (approximately 23.8 trillion won) in 2025, respiratory molecular diagnostics account for only a fraction of its overall business.

Abbott also has a core lab focused on immunology and clinical chemistry, along with point-of-care testing, rapid diagnostics, and molecular diagnostics. Recently, it acquired Exject Sciences, a company specializing in early cancer diagnosis, expanding its scope to include the diagnosis of cancers such as colorectal cancer. Danaher also owns Beckman Coulter’s immunology and clinical chemistry, Cepheid’s molecular diagnostics, Leica Biosystems’ pathology diagnostics, and Radiometer’s emergency and critical care testing, among others. This structure ensures that even if demand for a specific disease declines, other testing technologies and customer segments can compensate for it.

As such, diagnostic companies that have grown beyond a certain size have not merely added new target diseases but have expanded their underlying technological bases—including molecular diagnostics, immunoassays, clinical chemistry, and pathology—through mergers and acquisitions as well as in-house development. However, it appears that Seegene Inc. has opted for a strategy of first expanding its GI, HPV, and STI offerings—which leverage its existing PCR technology, installed equipment, and global sales network—rather than immediately venturing into new diagnostic principles.

A diagnostic industry official stated, “Since Seegene Inc.’s business is concentrated on PCR testing for infectious diseases, its scope of operations was inevitably more limited than that of comprehensive diagnostic companies possessing a variety of testing technologies,” adding “As the company has grown—with annual revenue expanding approximately fourfold from 122 billion won in 2019 (before the COVID-19 pandemic) to 474.2 billion won last year—it needs a foundation to sustain its business stably without relying on temporary infectious disease outbreaks.”

He assessed, “Rather than venturing into new testing principles such as immunodiagnostics or clinical chemistry, expanding the GI, HPV, and STI test menus by leveraging existing PCR technology and installed equipment appears to be a conservative diversification strategy aimed at minimizing the risks associated with business transition while reducing the seasonality and volatility of revenue.”