GENE Delivers Material 12-Fold Increase in Revenue in the Quarter Ended September 2021
Commercialisation plans gather momentum
MELBOURNE, Australia, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based tests in health, wellness and serious disease, announces a 12-fold increase in revenue generated during the September 2021 quarter to A$850k1.
Highlights:
Delivering a material 12-fold increase in customer receipts to A$850k, versus June 2021 quarter
Revenue primarily derived from license and resale channels with further growth forecast from B2B channel
Earlier this year, Genetic Technologies outlined to the market a strategy to significantly drive revenue growth and a focus on commercialisation. Having delivered on key strategic objectives over the past six months the Company is pleased to report its first quarter of material revenue generation.
Preliminary cash receipt revenue of A$850k demonstrates a significant increase on the June 2021 quarter of A$68k. This baseline result follows the sales of the Covid-19 Risk test with IBX and incorporates the first weeks of revenue following the completion of the acquisition of EasyDNA on August 13, 2021.
We expect revenue growth in the December 2021 quarter will continue to show a material uplift with the Company scheduled to release its Multi-Test product at the end of the calendar year. The Company also plans to continue to invest in its EasyDNA platform to drive further revenue growth from the sale of the Multi-Test and existing direct-to-consumer products.
Simon Morriss, CEO stated: “Over the past six months we have built on GENE’s R&D roots to commence the establishment of a strong foundation for growth and future revenue generation. We are only at the beginning of this journey and we have further work to do to ensure we realise the value of the EasyDNA platform and leverage the network we have established and the relationship with IBX. The months ahead are exciting as we finalise our first stage release of our Multi-Test a pipeline of risk assessment tests covering over 70% of the most prevalent mortalities and morbidities product, the launch of our new brand and look and feel, further integrate our products into the EasyDNA platform and consider further commercialisation opportunities for our products both new and existing.”
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About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”) is a diversified molecular diagnostics company. GENE offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products including its multi test covering over 70% of the most prevalent mortalities and morbidities.
For more information, please visit www.gtglabs.com
Forward-Looking Statements
This press release may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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1 All figures quoted are on an unaudited cash receipts basis
