GENE generates a significant increase in its revenues by 12 in the
MELBOURNE, Australia, October 04, 2021 (GLOBE NEWSWIRE) – Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based testing for healthcare, health and wellness, announces 12-fold increase in revenue generated in the September 2021 quarter to A $ 850,0001.
- Provides 12-fold increase in customer revenue to A $ 850,000, compared to June 2021 quarter
- Revenue primarily from license and resale channels with new B2B channel growth forecast
Earlier this year, Genetic Technologies presented to the market a strategy to significantly drive revenue growth and focus on commercialization. After achieving its key strategic objectives over the past six months, the Company is pleased to announce its first quarter of significant revenue generation.
Preliminary collection revenue of A $ 850,000 demonstrates a significant increase over the June 2021 quarter of A $ 68,000. This benchmark result follows the sales of the Covid-19 risk test with IBX and includes the first weeks of sales following the completion of the acquisition of EasyDNA on August 13, 2021.
We expect revenue growth in the December 2021 quarter to continue to show a significant increase, with the company expected to launch its Multi-Test product at the end of the calendar year. The Company also plans to continue investing in its EasyDNA platform to generate further revenue growth from the sale of the Multi-Test and existing products directly to consumers.
Simon Morriss, CEO, said: “Over the past six months, we have built on GENE’s R&D roots to begin to lay a solid foundation for future growth and revenue generation. We are only at the beginning of this journey and we still have work to do to ensure we realize the value of the EasyDNA platform and leverage the network we have established and the relationship with IBX. The coming months are exciting as we finalize the first phase of our version of our Multi-Test, a pipeline of risk assessment tests covering more than 70% of the most prevalent mortality and morbidity products, the launch of our new brand and new look, further integrate our products into the EasyDNA platform and consider further marketing opportunities for our products, whether new or existing.
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 flagship products, GeneType for breast cancer for non-inherited breast cancer and GeneType for colorectal cancer, are clinically validated risk assessment tests and are first in their class. Genetic Technologies is developing a pipeline of risk assessment products, including its multiple test covering over 70% of the most common mortality and morbidities.
For more information, please visit www.gtglabs.com
This press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the intended use of the products. 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 may 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 or other comparable words or in that such statements do not relate strictly to historical or current matters. These forward-looking statements may be included, without limitation, in various documents filed by the Company with the United States Securities and Exchange Commission, press releases or oral statements made by or with the approval of the one of the authorized officers of the Company. Forward-looking statements relate to events, activities, trends or results anticipated or expected on the date they are made. Since forward-looking statements relate to events which have not yet occurred, such statements are inherently subject to risks and uncertainties which could cause the actual results of the Company to differ materially from future results expressed or implied by forward-looking statements. Many factors could cause the actual activities or results of the Company to differ materially from the activities and results anticipated in these forward-looking statements, as detailed in the documents filed by the Company with the Securities and Exchange Commission and in its filings. periodicals in Australia and the risks and risk factors including. In addition, the Company operates in an industrial sector where the values of securities are highly volatile and may be influenced by economic and other factors beyond its control. The Company assumes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
1 All figures quoted are based on unaudited collections