MGI Tech (SHA:688114) expects to extend its losses in 2024 amid increased market expansion difficulties, higher sales expenses and foreign exchange losses.
The genome sequencing machine manufacturer expects net loss of between 554 million yuan and 670 million yuan in 2024, according to a Friday filing with the Shanghai bourse. In 2023, the company posted an attributable net loss of 590.6 million yuan.
MGI Tech also flagged impairment and credit losses of 97.8 million yuan in 2024.
Shares of the company fell 8% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.