Seegene씨젠

Seegene has returned to profit on a trailing basis after losses in 2023 and 2024, but revenue is still well below its 2021 peak.

Seegene, a Korean molecular diagnostics company, reported trailing twelve-month revenue of ₩509B and net income of ₩80B through H1 2026, compared with a net loss of ₩20B in 2024. The share price is ₩32,800, below its 52-week high of ₩40,450 and above its low of ₩21,700, and the company's base-case DCF value in the data is ₩19,992, below the current price.

What stands out

• Trailing operating margin is 12.1% and net margin is 15.7%, up from a 2024 operating margin of -4% and a 2025 operating margin of 7.3%.
• Revenue has recovered from ₩367B in 2023 to ₩474B in 2025, but is far below the ₩1.37T reported in 2021 during the COVID-19 testing boom.
• Trailing net income is higher than operating income, which the data does not explain; the cause is not stated in the pack.
• Cash of ₩267B exceeds borrowings of ₩76B, and trailing free cash flow is ₩100B.
• Foreign ownership rose from 18.3% to 24.4% over about 60 days, while retail investors were net sellers of about ₩36B over the last 20 trading days.

What to watch

• Full-year 2026 results, since the current figures are trailing and based on H1 2026.
• Executive and major shareholder trading plan reports, which have been filed in October 2026, and the interim dividend of 3% yield noted in the data.
• Demand for COVID-19 and other respiratory testing, given the sharp drop in revenue from the 2021 peak; the pack does not include news explaining recent sales trends.