Genomics research and diagnostics company MedGenome has continued to remain profitable with 347 per cent hike in the profit during the financial year 2016-17 as compared to previous fiscal, reveals an RoC filing.
The Sequoia-backed company has increased its revenue by 63 per cent, and reached to Rs 96.94 crore in revenue from Rs 59.50 crore in FY 2015-16. It has posted a profit of Rs 1.54 crore in last financial year.
Focused on genomics technologies, MedGenome has over 100 genetic tests for ailments like cancer, metabolic diseases, neurological disorders, prenatal disorders, and eye diseases.
Meanwhile, the company’s expenses also increased by 62 per cent along with its revenue share during FY 2016-17. Its expenses stood at Rs 95.60 crore in aforementioned fiscal while it posted an expense of Rs 58.95 in the previous fiscal.
The company had raised $30 million Series C financing led by Sequoia India and Brussels-based Sofina SA in August, this year.
Currently, about 70 per cent of the company’s revenue is earned from project-based research primarily for US-based pharmaceutical clients. Remaining revenue comes from consumer diagnostic tests in Asia.
Besides project-based clients, the company is creating its own IP (intellectual property) as it plans to monetize it in two-three years time via knowledge licensing.
Launched in 2013, San Francisco and the Bengaluru-based company has a network of Next Generation Sequencing (NGS) laboratories in India, Singapore, and the US. NGS enables drug makers to derive medicines that work on a select group of individuals based on similar genetic makeup, as against generic drugs.
MedGenome recently got accreditation from the College of American Pathologists (CAP) based on the results of an on-site inspection.