Genomcore Finalizes its Entry into the United Kingdom after Increasing its Turnover by 73% in 2021

Genomcore, a company dedicated to providing bioinformatics solutions through genomic medicine, wants to expand its market after recording a 73% increase in turnover in 2020.

The group has made its way thanks to its prices, which range from $73 (€60) to $359 (€295), making it possible to consolidate its position in the Iberian market. In the meantime, it has already set targets for expansion abroad, with the United Kingdom in its sights, according to Oscar Flores, CEO of Genomcore.

In 2020, the company had a turnover of $912,000 (€750,000), of which $244,000 (€200,000) came from research and development (R&D) projects. Looking ahead to 2021, the company aims to close the year with $1.34 million (€1.1 million) in turnover, which is equivalent to a forecast increase of 53 points. Of this figure, it is estimated that only $182,000 (€150,000) will come from R&D projects. In the last year, Genomcore has grown from 20 to 30 employees, which translates into a 50% increase in staff.

Born2Invest mobile application is bringing the latest biotech breakthroughs and the most important business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources. 

Genomcore brings extra genetic information to recurrent analytical tests in hospitals, clinics, and primary care centers

The company has a range of genetic counseling through bioinformatics support. In this area, Genomcore provides extra genetic information to recurrent analytical tests in hospitals, clinics, and primary care centers. This process aims to facilitate “the diagnosis and treatment of different diseases,” according to Flores.

The company, founded in 2016, had an initial investment of $304,000 (€250,000). Since then, the company has doubled its sales annually. A fact that repeated in 2020, dodging the impact of the Covid-19 crisis. The coming year looks set to be a vital one for Genomcore. The company plans to expand its presence in other countries. In this particular case, the main target is the United Kingdom and the choice of this country is not random.

The expansion into the United Kingdom is seen as a preliminary step towards market expansion in the United States

In this process, the company has received investment from the innovation hub Wayra and also from the investment vehicle for start-ups CG Health Ventures. This expansion into the United Kingdom is seen as a preliminary step for market expansion in the United States. According to Flores, the U.S. market “is the one with the greatest economic potential for a company like Genomcore, which is oriented towards the healthcare sector.”

__

(Featured image by liyuanalison via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.