SOFIVA Genomics, a leading brand in genetic testing, held an institutional investor conference on April 21. With improvements in the global fight against COVID-19 and excellent sales in NIPS products, SOFIVA has reported an accumulated Q1 revenue of NTD $124 million, which is equivalent to an annual growth rate of 4.61%. Chia-Cheng Hong, General Manager of SOFIVA, stated, “Our goal this year is to launch four new products or product upgrades. Also, we’re optimistic about the development potential of cancer genetic testing services. We anticipate that the sales of cancer genetic testing products will at least double the growth this year.”
Non-Invasive Prenatal Testing Products Exhibit a Growth of 60% and More in Monthly Sales
Demand for Maternal–Fetal Medicine is Projected to Thrive
Although the genetic testing market remains affected by the global pandemic, SOFIVA has seen a rebound in its operational performance this year, with an outstanding revenue in Q1 and record-breaking revenue in March. Chia-Cheng Hung explains that “We’ve found that modern parents attach greater value to prenatal genetic testing. The market penetration of SOFIVA’s high-end genetic testing products continues to rise. For instance, our baby scan product that was launched last March has now been used thousands of times.
In addition, the sales of SOFIVA’s unique NIPS v3.0 in March 2021 alone exhibited more than 60% growth compared to the average monthly sales of 2020. Also, the sales of NIPS v3.0 in Q1 has exhibited over a 30% growth compared to last year.”
Seizing the Trend for Precision Medicine
SOFIVA Anticipates Doubling the Growth in Cancer Genetic Testing Products
Seeing that the government has included precision medicine in the amendments to the Act For The Development Of Biotech And New Pharmaceuticals Industry, and considering policy pushes for cancer genetic testing to be included in National Health Insurance, Dr. Yi-Ning Su, Chairman of SOFIVA, affirms that “From when we first started deploying cancer and precision medicine testing in 2018 to now, the market acceptance for these services has shown a gradual increase. In the future, we will continue to invest in R&D, and we expect to at least double the turnover for cancer testing services this year.”
R&D for New Products is Underway While Overseas Markets Show Stable Growth
SOFIVA has already launched two new products during the first half of this year. As for the second half of 2021, Dr. Yi-Ning Su emphasizes that “We will at least launch four new products or product upgrades this year, and we will continue to work with international testing companies and pharmaceutical companies to enhance our R&D capacity and promote our products and services.”
When discussing the overseas market, Chia-Cheng Hung states that “Currently, SOFIVA has experienced relatively stable business development in Japan and Thailand. Our overseas performance is promising this year and is expected to boost our revenue. However, whether we have a chance to accelerate our expansion overseas depends on how countries handle the pandemic.”