BGI Annual Reports
BGIs revenues dropped significantly last year. The annual reports are naturally Chinese, but AI translated the relevant table for me, and I converted the amounts into dollars. They show an 11.1% drop in revenue down to $541M:
This prompted to me to look at income over the past view years… it seems to have been jumping all over the place!
The obvious interpretation would be that they had a boost during the pandemic and we’ve been seeing a return to pre-pandemic levels. We’ve really seen a similar dynamic at play with Illumina, where revenue just kind of flattened off…
In fact, the BGI numbers appear to be so bad that by my reading the company, like it’s sibling MGI, is making a loss:
This possibly reflects BGIs greater focus on diagnostics/infectious disease testing. And maybe that’s why they’ve now started making DNA sequencers again?
Looking to the product breakdown, it seems that infectious disease testing is indeed where they are taking the biggest hit, but many areas have been declining:
Oncology and “Multi-omics” seem to be where they are strongest. Oncology seems reasonable… but I’m not sure what’s going on with multi-omits here. I also couldn’t see anything significant on their nanopore sequencer. Either in turns of funds spent on this in R&D or placements/sales… As discussed yesterday, MGI talked about the CycloneSeq in far more explicit terms… all very odd.
If you figure anything else out, let me know! Reports for the last few years are linked below: