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BGI Genomics H1 Revenues Fall 11 Percent on COVID-19 Testing Decline

NEW YORK – Chinese diagnostics firm BGI Genomics reported last week that its H1 2021 revenues declined 11 percent due to decreasing demand for COVID-19 testing.

Total revenues were RMB 3.6 billion ($560 million), down from RMB 4.1 billion in the same period last year.

The firm's reproductive health business, which includes its NIFTY noninvasive prenatal test, grew 10 percent to RMB 624 million from RMB 568 million, and its cancer prevention and control business increased 94 percent to RMB 157 million from RMB 81 million. Reproductive health comprises 17 percent of the company's total revenues, while cancer prevention makes up 4 percent.

During the six-month period, BGI Genomics provided 100,000 intestinal cancer screenings, 5.9 million HPV screenings, and 130,000 cancer-related genetic screenings. Its colorectal cancer screening test received CE marking in May.

It also launched the BGI/Natera Signatera assay in China under the brand name Hua Jian Wei.

Infection prevention and control revenues were RMB 661 million, up more than threefold from RMB 184 million year over year and comprising 18 percent of the firm's total revenues. The multiomics and synthesis business increased 7 percent and brought in RMB 300 million compared to RMB 281 million last year and made up 8 percent of total revenues.

The company provided nearly 170,000 PMseq tests, high-throughput sequencing assays for pathogenic microorganisms, during the period. It also launched the PMseq Datician pathogen analysis system.

Comprehensive solutions for precision medical testing, including COVID-19 testing, dropped 37 percent to RMB 1.9 billion from RMB 3.0 billion. The firm's other business totaled RMB 7.3 million, tripling from last year's RMB 2.1 million.

Demand for the company's mobile Huo Yan laboratories also declined, although there are currently over 90 such labs across more than 30 countries offering COVID-19 testing. BGI Genomics also distributes COVID-19 PCR kits to more than 180 countries, the firm said in a statement.

R&D spending rose 30 percent to RMB 221 million. BGI Genomics did not provide SG&A costs, net income, or cash on hand for H1.

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