Psomagen and Kean Health on Accelerated Growth Trajectory with Record 55% Year-Over-Year Sales Increase

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Mar 09, 2022, 08:00 ET

ROCKVILLE, Md., March 8, 2022 /PRNewswire/ -- Psomagen Inc., a CLIA-certified laboratory and a provider of at-home testing through the Kean Health brand, reports its highest sales performance since the company's establishment, bringing in $25 million in annual revenue in 2021.

This 55% increase is a direct result of the company's commitment to leveraging its 17 years of genomics expertise to address ever-changing needs across the health sciences spectrum.

Last year, the company:

Expanded its contract research portfolio to include single-cell sequencing, SARS-CoV-2 variant determination, and protein analysis services
Launched its direct-to-consumer brand, Kean Health, which provides at-home lab testing solutions including gut microbiome and genetic traits
Added COVID-19 diagnostic testing solutions for practitioners, organizations, and individuals

"The rise of precision medicine and virtual healthcare is changing how the world looks at disease and everyday wellness," said Take Ogawa, chief commercial officer at Psomagen. "We are ever mindful of this shift and adapting our business accordingly — empowering our clients and customers with access to state-of-the-art technologies and real-world, decision-making information."

Historically, Psomagen has provided the research market with next-generation sequencing and Sanger sequencing services. That business is growing steadily, but many new initiatives have been introduced that offer solutions specifically to drug developers and healthcare providers such as single-cell analysis and proteomics.

The company is also dedicated to making healthcare more accessible to the general public. Kean Health was built to deliver innovative and personalized wellness solutions that will claim a piece of the rapidly growing at-home lab testing market — valued at over $2.4 billion in 2020 with an expected CAGR of approximately 26% through 2031.

"The performance so far is only the beginning," said Ryan Kim, chief executive officer at Psomagen. "In 2022, our integrated multiomics approach and new microbiome products will not only help us become profitable within a few years but also turn us into one of the top 10 companies in the laboratory testing market in the future."

Psomagen's operating loss in 2021 was approximately $6.5 million dollars, a $2 million improvement from the prior year.

About Psomagen, Inc.
Psomagen, Inc., formerly Macrogen USA, is a North American integrative omics solutions and contract laboratory services provider. The company makes cutting-edge technology and data analysis accessible to the clinical and academic markets. With both CLIA-certified and CAP-accredited facilities, their team delivers only the highest-quality integrative multi-omics data using best-in-class DNA, RNA, and protein analysis systems. In conjunction with its bioinformatics capabilities, Psomagen offers a path to insights that is both simple and affordable.

About Kean Health
Kean Health is a digital care provider of at-home health testing services, with a focus on genetics and microbiome profiling. Applications of the offered self-collected tests include diagnosis of infections, gut health assessments, and genetic risk of chronic diseases. Extended product offerings may include nutritional supplements, probiotics, diet plans, and health/wellness consultations.

Contact:
Ashlee Swanson
301-251-1007
[email protected]

SOURCE Psomagen Inc