genXone has recorded a net profit of over PLN 8.7 million in 2021. This is over PLN 1.6 million more than in 2020 thnaks to the focus on operating activities and consistent implementation of projects included in the development strategy. genXone had been developing sales of its own products and services based on nanopore sequencing, as well as conducting SARS-CoV-2 coronavirus identification tests.

The constantly refined management processes ensured effectiveness in the implementation of projects included in the strategy, but also flexible response to the changing market needs throughout the year, especially in the performance of tests and studies identifying the coronavirus. The company increased its revenues from PLN 20.47 million in 2020 to PLN 23.37 million in 2021, i.e. by almost PLN 2.9 million. In the fourth quarter of 2021 revenues amounted to nearly PLN 9 million. In 2021, the company obtained over PLN 10.65 million from operating activities, which is over PLN 1.8 million more than in 2020, when it was about PLN 8.83 million. In the whole of 2021, the net profit amounted to over PLN 8.77 million and was over PLN 1.6 million higher than in 2020, when it amounted to approximately PLN 7.16 million. It is worth noting that the increase in profits is proportionally higher than the increase in revenues, therefore the company improved its profitability in 2021.

Our management model proved to be measurable in the ongoing and long-term management of the company. In the reality of a dynamically mutating coronavirus, we have separated in our structure an important area related to testing, for which we have special competences, with the area of ​​scientific and laboratory activities. This resulted in the diversification of revenue streams and thus secured us financially in relation to the changing course of the pandemic and the differentiated demand for related services. We consider the year 2021 to be very successful, because it proves the consistent and measurable building of the company’s value. Today, we achieve constant income from various areas and we can implement projects with secured financing or adequate funds for joint ventures with external partners – emphasizes Dr.Michał Kaszuba, President of the Management Board genXone.

Cooperation with sanitary and epidemiological stations has been developing intensively. In 2021, our specialists launched the unique nanopore technology to these institutions under agreements with ‘Sanepid’ stations in Olsztyn, Rzeszów and Łódź. The value of the contracts exceeded two million zlotys. In December last year, we implemented the Salmonella nanopore sequencing protocol for Sanepid in Olsztyn. The agreement covers, inter alia, development and delivery of a protocol, training for laboratory employees and delivery of prepared reagents and software. The technological base owned by the sanitary and epidemiological stations cooperating with genXone currently opens the path to modernize epidemiological research in Poland. genXone is considering a project to develop – with state health care institutions – a modern infection monitoring program relevant to obtaining information for a dedicated database. In 2021, as the only private entity, the company participated in the sequencing of the SARS-CoV-2 genomes as part of the nationwide pandemic monitoring program piloted by the Małopolska Center of Biotechnology of the Jagiellonian University in Kraków.

We have the justified satisfaction that, starting from the position of a young company debuting on the stock exchange in the summer of 2020, today we are an appreciated partner in the area of ​​unique and future-oriented research conducted using the nanopore sequencing. For us, the possibility of offering our know-how to state-owned research units is not only one of the sources of income, but also sharing one of the most effective research methods in the world. Thanks to such cooperation, we are expanding the number of domestic entities capable of conducting advanced research on bacteria and viruses. – says Dr. Michał Kaszuba, president of genXone.

The company doesn’t depart from testing for COVID-19. These activities gave us an important stream of revenues both in 2020 and in 2021. However, the proper diversification of activities in the company’s structure translated into a significant increase in sales of own, highly specialized nanopore sequencing services as well as sales of products and licenses. In 2021, net revenues from the sale of goods and materials amounted to over PLN 7.2 million, while in 2020 there were almost no funds obtained on this account.
In the entire 2021, the share of diagnostic tests in total revenues was less than 55%, sequencing services – around 13%, and sales from cooperation based on products developed by genXone – approximately 32% of the company’s total revenues. The company uses its specialist laboratory base and technologies more and more effectively.

The SARS-CoV-2 coronavirus base developed by both genXone laboratories – the Molecular Diagnostics Laboratory and the Research and Development Laboratory has ensured the company the status of a reliable and reputable partner in the COVID-19 test evaluation processes. The first contract was signed at the beginning of December 2021 with Pure Clinical sp.z o.o .. The company’s business advantage in this area is the possession of a database of sequenced coronavirus samples, which enables the tests to be assessed in the validation process.
However, already in January this year. the company signed a letter of intent with the Danish company gMendel ApS, in which both partners declared their willingness to cooperate in the future in the diagnosis of genetic disorders. The cooperation is to modernize the research process and increase its availability.

The company’s flagship project Nanobiome has been launched to the market. A separate website was launched (www.nanobiome.pl) enabling the purchase of the research and viewing the result report. Promotional activities are being taken to increase brand awareness and attract B2B partners. The company maintains contacts with entities, including from the pharmaceutical sector that may be interested in using Nanobiome as a research and a tool that can verify the effects of various agents, drugs and prebiotics on the composition of the gut microbiome. The website zdrowegeny.pl is the first entity that has already introduced the Nanobiome microbiome research into its offer. The study is also available in the Diagnostyka S.A. offer.

Thanks to the effective model of acquiring and allocating funds, built in previous years, the company has the possibility of financing both the development of the research segment and looking for new investment opportunities, especially in areas that give greater opportunities to genXone’s offer. Such area of ​​potential investments is the IT segment, which could generate new solutions in the field of mobile applications that can be used both in the Nanobiome research project and in other projects.