Access Bio posts record revenue on its own testing kits New Jersey-based firm records $378 million in revenue

Translated by Kim So-in 공개 2022-05-24 08:05:16

이 기사는 2022년 05월 24일 08:02 더벨 유료페이지에 표출된 기사입니다.

Access Bio, a New Jersey-based leader in the development and manufacturing of diagnostic tests for infectious diseases, posted record revenue in the January-March quarter thanks to its own Covid-19 Antigen testing kits.

Headquartered in Somerset, New Jersey, Access Bio is a manufacturer of in vitro diagnostic tests with the manufacturing facilities in the U.S., Ethiopia, and South Korea. The Kosdaq-listed company is dedicated to the prevention and early diagnosis of infectious diseases.

When the Covid-19 pandemic began, Access Bio partnered with U.S.-based health-tech company Intrivo Diagnostics to distribute its Covid-19 Antigen rapid tests.

Thanks to the pandemic, Access Bio recorded 477.6 billion won ($378 million) in revenue in 2021, up from 30 billion won before the pandemic. It generated about 300 billion won, or 70% of the total revenue, from testing products distributed through Intrivo.

Last year, Intrivo filed a lawsuit against Access Bio for an alleged breach of multiple contracts it held with the company regarding the production and distribution of Covid-19 testing kits.

Intrivo stopped paying Access Bio entirely and Access Bio applied for an arbitration claim to the court to order Intrivo to pay about $80 million to Access Bio.

With the dispute with Intrivo ongoing, Access Bio started to distribute its Covid-19 testing products through its own brand to public institutions, hospitals and research centers. Access Bio reported $646 million in revenue in the first quarter, of which sales through Intrivo accounted for only 20%.

Access Bio aims to increase revenue to 1 trillion won ($790.8 million) this year. It is highly likely to achieve the goal as the company already generated more than half its target during the first three months.

Access Bio is the only Korean company that owns Covid-19 Antigen tests manufacturing facility in the U.S., with its third largest manufacturing capacity following Abbott and Quidel. The company plans to actively distribute its testing products using its own brand. (Reporting by Eun-jin Choi)
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