[Edaily Reporter NA EUN-KYUNG ] “We have completed the delivery of 60 diagnostic devices—part of the initial shipment—to North America and plan to deliver a cumulative total of 130 units by the end of the year.”

Kim Han-shin, CEO of Precision Biosensor Inc.(335810), made this statement during a recent meeting with E-Daily at the Precision Biosensor Inc. Seoul office in Seocho-gu, Seoul, regarding the progress of the North American business venture being pursued with U.S. animal diagnostics company Zomedica. The company has begun supplying equipment ahead of its official launch early next year. The core of the business strategy is to increase sales of cartridges—used for each test—after the analyzers are deployed.

CEO Kim said, “Zomedica is pursuing a strategy to expand its installed base of analyzers across North America,” adding, “As the number of installed analyzers increases, our cartridge sales will grow accordingly.”

Reopening Blocked North American Sales Channels Through Zomedica

Earlier this year, Precision Biosensor Inc. signed a contract with Zomedica to supply veterinary clinical chemistry analyzers and cartridges to the U.S. and Canada. The contract spans 10 years, from 2026 to 2035. The products are being supplied under Zomedica’s own brand, and 60 units have been shipped as of August this year. The company plans to supply an additional 70 units in the fourth quarter. Zomedica, an animal healthcare company that owns its own diagnostic platform “Trueforma,” recorded sales of $32.03 million (approximately 42.9 billion won) last year alone.

Precision Biosensor Inc.’s entry into the North American market was not without its challenges. In 2022, the company signed a 15-year supply contract with Antec worth approximately 118.2 billion won, but the following year, Antec’s parent company, MasPetCare, acquired the animal diagnostics firm Heska. Heska was already being supplied with diagnostic equipment by a competitor of Precision Biosensor Inc. under an exclusive North American contract, and when Antec also decided to sell that competitor’s products in North America, Precision Biosensor Inc.’s North American contract was put at risk. This collaboration with Zomedica represents Precision Biosensor Inc.’s renewed attempt to enter the North American market through a new sales channel.

This time, the company is targeting local independent veterinary clinics as its primary customers. CEO Kim explained, “We are precisely targeting the point-of-care testing needs of local independent veterinary clinics in the U.S. that aim to reduce outsourcing costs and increase patient turnover and profitability.”

The product uses dry cartridges in a compact testing device the size of an A4 sheet of paper. CEO Kim stated, “Using a minuscule blood sample of 70 microliters (μL), a single cartridge provides diagnostic results for 17 parameters simultaneously within 10 minutes,” adding, “This reduces the burden on small companion animals—for whom blood collection itself is quite stressful—while also alleviating the workload on veterinarians.”

Preparations to adapt the product to local conditions are also underway. The company is integrating test results with veterinary practice information management systems (PIMS) and developing diagnostic products tailored to the U.S. market for large animals. CEO Kim expressed confidence, stating, “We are preparing for a pre-launch at a U.S. equine veterinary conference in the second half of this year,” and added, “We plan to work closely with our partners to push for an official launch early next year.”
i-SENS, Inc.(099190)

Annual Revenue Around 20 Billion Won… Will North America Be the Key to Growth?

Precision Biosensor Inc. became a subsidiary of KwangdongPharmaceutical in 2024 when KwangdongPharmaceutical(009290)’s stake was acquired by . Since then, the company has been seeking to revitalize its stagnant revenue growth through expansion into the North American market. Consolidated revenue hovered around 20 billion won—approximately 20.4 billion won in 2023, 19.1 billion won in 2024, and 19.9 billion won last year—but is showing signs of a rebound this year, having recorded 13.2 billion won in the first half alone, which is about 66% of last year’s annual revenue.

Among its overseas operations, sales of human respiratory infection diagnostic products are leading the growth in North America. Revenue from this business increased from 608 million won in 2024 to 2.487 billion won last year. This year’s forecast stands at 7 billion won, approximately 2.8 times last year’s figure. The company also expects 1.4 billion won in revenue this year from its North American veterinary clinical chemistry business, which had no revenue last year. Combined, the projected North American revenue for these two businesses this year totals 8.4 billion won.

Human diagnostic products are developed and manufactured locally by NanoDetec, Precision Biosensor Inc.’s U.S. subsidiary. The company supplies products for the detection of respiratory syncytial virus (RSV), COVID-19, and simultaneous COVID-19 and influenza testing to companies such as Sekisui Diagnostics.

CEO Kim stated, “NanoDetec’s sales in the North American market for the first half of the year were approximately $1.4 million (about 1.9 billion won),” adding, “As orders from clients are increasing in preparation for the respiratory disease season starting in July, we expect second-half sales to exceed $4 million (about 5.4 billion won).”

The company plans to expand sales this year through human diagnostic products while simultaneously building a mid- to long-term revenue base for consumables by supplying veterinary equipment. CEO Kim pointed out, “Given that our business structure is consumables-centric—with cartridges accounting for over 70% of sales—this holds strategic significance in generating stable recurring revenue.” Since cartridges are only reordered once the equipment is installed in hospitals and used for actual testing, expanding adoption among local hospitals is key.

Regarding the demand for point-of-care testing in North America, he said, “In addition to a chronic shortage of veterinary staff, outsourcing tests to external laboratories takes several days to receive results, leading to a clinical bottleneck that makes same-day prescriptions difficult.” He added, “Point-of-care testing is now established as a necessity rather than an option.”