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MGI Tech Reports Preliminary 2022 Results

NEW YORK – Chinese next-generation sequencing instrumentation firm MGI Tech last month reported its preliminary, audited financial results for 2022 in a filing with the Shanghai Stock Exchange.

For full-year 2022, the company said it expects net profit attributable to shareholders to be between RMB 1.94 billion and RMB 2.02 billion ($284.2 million to $295.8 million as of Feb. 14), representing a more than 300 percent increase from that of 2021, which was RMB 483.6 million. The company did not report full-year revenues, but attributed the profit surge to a $325 million settlement payment received from Illumina, which ended the yearslong legal battle between the companies.

MGI Tech’s 2022 net profit excluding extraordinary profit and loss is expected to be between RMB 199.0 million and RMB 269.0 million, decreasing at least 45 percent from RMB 493.0 million in 2021.

MGI said the company invested about RMB 200 million more in R&D in 2022 than in 2021, continuing to enhance its product portfolio including sequencing instruments and lab automation equipment.

The company also said that its product sales structure has experienced a shift in 2022, due to waning demand for COVID-19 testing instruments and reagents.

MGI went public in September last year on the Shanghai Stock Exchange after receiving approval from the China Securities Regulatory Commission in July.