NEW YORK – BGI Genomics reported last week that its H1 2024 revenues declined 10 percent year over year, mainly due to a decrease in COVID-related revenue.
For the six months ended June 30, the Chinese omics service provider booked RMB 1.87 billion ($262.5 million) in revenues, compared to RMB 2.07 billion in H1 2023, according to the firm's half-year report, filed with the Shenzhen Stock Exchange on Saturday.
The firm's net profit attributable to shareholders was RMB 18.2 million, dropping 63 percent from RMB 49.8 million in the year-ago period. Earnings per share for the reporting period were RMB .04, a decrease from RMB .12 in 2023.
By business segments, revenues from precision medicine testing, which accounted for more than 35 percent of the company's total revenues, were RMB 664.2 million, down 17 percent from RMB 800.3 million in H1 2023. BGI Genomics attributed the decline to a "significant drop" in COVID-related revenues in this segment.
Reproductive research and clinical services revenues, which accounted for 32 percent of the total, were RMB 607.0 million, up 7 percent year over year from RMB 566.2 million.
Multiomics and synthetic biology services revenues, making up 17 percent of total revenues, were RMB 303.8 million, down 7 percent compared to RMB 328.4 million in H1 2023. BGI Genomics said the decline in this segment was mainly due to a drop in service revenues, especially in Europe and North America for "geopolitical reasons."
Oncology testing and chronic disease management revenues, which make up 13 percent of total revenues, were RMB 247.7 million, up 13 percent from RMB 217.8 million in the year-ago period.
Lastly, infectious disease research and clinical services revenues plummeted 73 percent from RMB 142.3 million in H1 2023 to RMB 38.0 million. The decline in this segment was mainly due to dwindling COVID-related revenues, according to the company.
Other unspecified revenues were RMB 10.8 million, down 36 percent from RMB 16.9 million in the same period a year ago.
BGI's SG&A costs in H1 2024 were RMB 568.2 million, an 11 percent decline from RMB 635.4 million in H1 2023. The firm's R&D expenses were RMB 277.4 million, down 2 percent year over year from RMB 283.0 million.
By geographic region, BGI's revenue from mainland China was RMB 1.60 billion, a 7 percent year-over-year increase compared to RMB 1.49 billion a year ago. Asia-Pacific revenue outside of mainland China, including in Hong Kong, Macao, and Taiwan, dropped 68 percent to RMB 126.8 million from RMB 395.8 million in the prior-year period. Revenues from Europe and Africa were RMB 104.3 million, down 14 percent from RMB 121.6 million in H1 2023. Revenues from the Americas declined 42 percent year over year to RMB 36.3 million from RMB 62.3 million in 2023.
During the first half of this year, BGI Genomics established a new clinical testing company in China while terminating several subsidiaries, including BGI Bioscience Hong Kong.
At market close on Monday on the Shenzhen Stock Exchange, BGI Genomics’ shares were up less than 1 percent at RMB 34.83.