KUALA LUMPUR (Dec 10): Malaysian Genomics Resource Centre Bhd (MGRC), which posted an 82.3% increase in its first-quarter net profit, said it is banking on healthcare services to drive its growth.

In a statement today, the provider of genome sequencing and analysis, and genetic screening services sees the healthcare sector contributing more to its growth in the near to medium term, as Malaysian doctors come to rely more on its screening and pathology services to diagnose and treat patients.

"In developed countries, doctors rely on the results of pathology tests for 70% of their clinical decisions. We believe the market in Malaysia has yet to reach this 70% mark," said its chief operating officer Sasha Nordin.

"There is a great deal of room for growth in the use of various pathology tests, which give doctors additional information to make clinical decisions," he added.

The ACE Market-listed company ventured into the healthcare sector in 2012 after acquiring a 50% stake in pathology laboratory group Clinipath.

"Successful development and commercialisation of this new division was a key driver in our transformation plan. The move is now paying off, with an impressive increase in healthcare-related sales," said Sasha.

He said the group will focus on broadening and deepening its presence in the healthcare industry next year.

Nevertheless, Sasha said the analytical services for human health and plant sciences will still remain MGRC's core business for now.

As at 2.30pm today, MGRC shares traded down 1.27% at 78 sen, with 10,000 shares done. Its market capitalisation stood at RM74.34 million.

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