MGI Tech Reports 8 Percent Revenue Decline in H1 2025

Original from: genome web

MGI Tech has reported that its revenues for the first half of 2025 dropped 8 percent year over year, mainly due to declining instrument sales.

According to a filing with the Shanghai Stock Exchange on Saturday, MGI booked RMB 1.11 billion ($155.2 million) in revenues for the six months ended June 30 compared to RMB 1.21 billion in H1 2024.

Sequencing revenues were RMB 894.2 million, down 13 percent year over year. Of these, instrument revenues were RMB 297.7 million, a 23 percent decrease from the year-ago period, while reagent revenues were RMB 554.6 million, a 6 percent drop from H1 2024. Lab automation revenues were RMB 111.7 million, almost flat from the year-ago period. Multiomics revenues were RMB 85.4 million, up 40 percent from the same period last year. 

By geography, MGI's sequencing revenues in mainland China were RMB 593.5 million, down 14 percent from H1 2024. During the period, the company sold 600 new sequencers in the country, including about 50 CycloneSeq nanopore sequencing platforms. 

Outside of China, MGI's sequencing revenues were RMB 300.8 million, down 9 percent year over year.

More specifically, the company's sequencing revenues in Asia-Pacific outside of mainland China were RMB 78.7 million, down 29 percent year over year. MGI said the decline in the region was caused by a myriad of factors, including ongoing geopolitical conflict in the Middle East, as well as the temporary suspension of several large-scale projects by customers in South Korea, Australia, and certain countries in Southeast Asia. 

MGI's sequencing revenues in Europe and Africa were RMB 140.6 million, up 3 percent year over year. The company booked RMB 81.4 million in sequencing revenues in the Americas, down 3 percent year over year. For North America, the company booked RMB 66.5 million, up 15 percent compared to the prior-year period. 

MGI's R&D spending in H1 was RMB 271.6 million, down 27 percent from 371.9 million in the year-ago period. Meanwhile, its SG&A spending in H1 was RMB 555.9 million, an 11 percent decrease from RMB 625.6 million last year.

The company's H1 net loss attributable to shareholders was RMB 103.5 million compared to a net loss of RMB 298.2 million in H1 2024. Its loss per share was RMB .25 compared to a loss per share of RMB .72 during the same period last year.

Source: MGI Tech Reports 8 Percent Revenue Decline in H1 2025