LabGenomics: Q1 2026 Consolidated Operating Loss of 4.2B KRW, Loss Narrows; US Market Entry Accelerates

Consolidated Q1 2026 revenue 17.9B KRW (vs 21.9B in Q1 2025, -18%), operating loss 4.2B (vs 5.7B, narrowed), net loss 4.7B (vs 5.4B)
US subsidiary LabGenomics USA: acquired and integrated CLIA labs (QDx, IMD); developed proprietary respiratory LDT kits; commercial sales underway
Total assets 235B, liabilities 85.8B, equity 149.2B; cash & equivalents 3.9B (down from 6.8B at year-end 2025)
40B won convertible bond: 20B early redemption expected in May 2026; new borrowing and 5th CB approved, increasing financial burden
R&D expense 0.11B (0.62% of revenue), down from 0.56B in prior quarter
Trade receivables allowance 42.5B (55.6% coverage) - high credit risk
Operating cash flow -8.0B; cash decreased due to investing and financing activities
Largest shareholder: Ruhagalacticos LLC (16.16%, would increase to 29.99% upon CB conversion)
Lawsuit: claiming 2.69B from former CEO Jin Seung-hyun (ongoing)

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