With the absence of pandemic testing dividends, GeneReach Biotechnology's consolidated revenue in April was 14.59 million yuan, a year-on-year decrease of 14.87%. The cumulative revenue for January to April was 60.50 million yuan, a year-on-year decrease of 29.10%. The company stated that due to the successful promotion of new applications for its products, it has entered new markets in aquaculture, poultry, and companion animals, and its operations are gradually improving.
GeneReach stated that the PCR testing market continues to expand into new markets through new business models. In the poultry market, it has launched solutions for major disease testing, vaccine monitoring, and environmental testing, which have been well received by clients in Southeast Asia, leading to stable growth in orders. In May, it entered new markets in Chile and Egypt for poultry, with active development in New Zealand and Africa.
In the aquaculture sector, shipments of detection reagents for emerging diseases in shrimp, such as glass shrimp, began in April, drawing attention from shrimp farming countries like China, Vietnam, Indonesia, and the Philippines. These will be combined with routine testing items for shrimp seedlings to provide solutions for shrimp seedling management. In April, it also entered the new market of Peru in aquaculture.
Regarding companion animals, the trend of PCR testing for clinic companion animals is gradually taking shape, combining PCR with blood tests to provide precise medical strategies for veterinarians. Market share in Taiwan, Mexico, Saudi Arabia, the United Arab Emirates, Brazil, and other places is gradually increasing, with significant growth in companion animal reagent sales. This month also saw the addition of a distributor in Chile.
In the forensic science market, the cooperation project with Sam Houston State University in the United States has entered the contract review stage. After confirming the verification content, product verification and document preparation will be carried out in the United States.
Looking ahead to 2024, GeneReach will focus on the PCR market and the NGS market as its two main development axes. It will expand its PCR product portfolio, actively develop new application markets, and simultaneously develop new platforms for NGS, expecting to bring positive benefits to this year's revenue.
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