GeneType Clinicians’ Adoption Growing - Sales up 5-Fold Year on Year

Rhea-AI Summary

Genetic Technologies reports a significant increase in sales for geneType Risk Assessment Tests, with a 543% growth in commercial tests for the 6 months ending March 31, 2024. The company's clinical adoption of geneType is expanding across 12 US States, Canada, and Australia, demonstrating a growing commitment from clinicians to offer personalized care and early disease detection.

Positive

• Sales of geneType Risk Assessment Tests increased by 543% for the 6 months ending March 31, 2024.
• Clinical adoption of geneType is expanding across 12 US States, Canada, and Australia.
• Clinicians are embracing genetic screening for disease, leading to improved patient outcomes and potentially reducing healthcare costs.
• The geneType test combines genetic analysis, clinical factors, AI, and machine learning to provide insights into patients' disease risk.

Negative

• None.

Insights

Medical Research Analyst

The reported fivefold increase in sales for Genetic Technologies Limited's geneType Risk Assessment Tests signifies a substantial rise in clinician adoption. Such a surge is indicative of a growing recognition within the medical community of the utility of genetic screening in preventative care. As genetic testing becomes more integrated into standard patient protocols, particularly for identifying risks of serious conditions like cancer, the potential for market expansion is significant. The use of AI and machine learning in refining these tests enhances their reliability and could be a game-changer in personalized healthcare, tailoring patient surveillance and potentially reducing long-term healthcare costs through early detection.

Healthcare Market Analyst

This impressive uptick in clinical adoption illustrates the market's acknowledgment of genetic screening's importance in modern healthcare. With the expansion into multiple U.S. states and national coverage in Australia, Genetic Technologies is carving out a significant niche. The scalability of their business model lies in the repeatability of sales, a strong indicator of sustainable growth. Investors should be mindful of the fact that the company's path to profitability will hinge on continuing to increase market penetration while managing the costs associated with the implementation and support of such advanced technologies.

Financial Analyst

From a financial standpoint, the 543% increase in commercial tests received over a six-month period is an impressive achievement for Genetic Technologies. It reflects not only the company's operational success but also its growth trajectory. As the company approaches profitability, stakeholders will be interested in understanding the cost structure of bringing geneType tests to market and the company's pricing strategy to ascertain the potential for profit margins. Furthermore, as the tests gain further traction, it is important to consider the company's capacity to scale operations to meet increased demand without incurring prohibitive costs that could undermine profitability.

MELBOURNE, Australia, April 16, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based tests in health, wellness and serious disease, is pleased to share the company’s latest milestones along with our clinical adoption of the Company’s groundbreaking geneType Risk Assessment Tests routinely across 12 states in the United States and nationally in Australia.

The geneType team has achieved clinical proof of concept in key markets including general practice, oncology, and gynecology with repeat sales in each of these markets.

Increasingly clinicians are realising the importance of genetic screening for disease, particularly in at risk patients. The ability to “know” a patient’s risk provides clinicians with an opportunity to offer a greater standard of care and more closely monitor those at risk. Clinicians embracing and offering geneType to patients have tended to be:

• Early adopters
• Comfortable with new technology
• Focussed on offering patients the best available care; and
• Comfortable with explaining results to patients.

Clinical adoption of geneType is now in more than 12 US States, Canada and nationally in Australia. Commercial tests received for the 6 months ending March 31, 2024 increased 543%, when compared with the same period last year, demonstrating the company is well on a pathway to profitability. This adoption and clinical utility demonstrate clinicians’ commitment to offering an improved standard of care to patients and willingness to adopt new technology into clinical practice. The ability to identify and predict a patient’s risk of cancer empowers clinicians and patients, providing actionable insights into individuals' threat of developing disease, enabling personalized surveillance resulting in early detection, improved patient outcomes and a potential reduction in healthcare costs.

The geneType test is powered by combining cutting-edge genetic analysis and clinical factors with state-of-the-art AI and machine learning techniques to offer clinicians unparalleled insights into patients' risk of disease.

Rockville Maryland based Dr Carolyn Young, a board-certified Obstetrician and Gynecologist, commented: “There are two common misconceptions in breast cancer risk. Firstly, women think they are at low risk because they have no family history and secondly if they find out they are at high-risk there is nothing they can do about it. In both cases this is incorrect; family history accounts for only about 10-15% of breast cancer risk, the balance, 85-90% is sporadic and non-hereditary. By knowing your risk there are number of things a patient can do to decrease that risk, including changes to lifestyle, increased screening such as breast MRI in conjunction with mammography and finally, risk reducing medications. Using the geneType breast cancer risk assessment test I can help my patients understand these risks and deploy a range of actions to improve outcomes for them.”

The growing rate of patient and clinical adoption and increasing sales can be attributed to several key factors:

• Patients are increasingly understanding the benefits of genetic screening, its ability to predict certain cancers before symptoms arise, allowing for earlier interventions, personalised medicine, introduction of preventative measures, family planning and potentially better outcomes. Overall genetic testing offers patients peace of mind and empowers them to take better control of their health.

• Doctors are becoming increasingly aware of clinically backed genetic screening technologies that provide detailed information on patients’ risk of developing cancer and other conditions. Even more importantly, clinicians are becoming increasingly confident with using these technologies and offering them to patients - providing early disease detection, actionable results, and the ability to offer patients personalised and superior care.
  

GENE is positioning as a leader in the field, through:

• Comprehensive Support: GENE's dedicated team of experts provides comprehensive support to clinicians, offering training, education, and ongoing assistance to ensure seamless integration of the geneType test into their practice.
  
• Evidence-Based Solutions: GENE is committed to delivering evidence-based solutions that have been rigorously validated through extensive research and clinical studies, instilling confidence in clinicians and patients alike.
  
• Global Reach: GENE's widespread presence across the USA and Australia ensures that clinicians from diverse geographic regions have access to the geneType test, democratizing personalized healthcare and improving patient outcomes on a global scale. Importantly GENE is well advanced in launching geneType in several other important geographical markets.
  

“Our success in expanding clinician adoption and growth in sales reflects the growing recognition of the transformative potential of personalized medicine,” remarked Simon Morriss, CEO of GENE. “By harnessing the power of geneType, we are empowering clinicians to deliver targeted interventions that improve patient outcomes and drive the future of healthcare forward.”

With the geneType test gaining momentum among across the USA and Australia, GENE remains steadfast in its mission to revolutionize healthcare through its constant pursuit in excellence in innovation.

For more information about GENE and the GeneType test, visit http://www.genetype.com

Authorised for release by the Board of Directors.

Enquiries

Simon Morriss
Chief Executive Officer
E: investors@genetype.com

About Genetic Technologies Limited

Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness, and serious disease through its geneType and EasyDNA brands. GENE offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.genetype.com.

Forward Looking Statements

This announcement 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. As 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 with the ASX 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.

FAQ

What was the percentage increase in commercial tests for Genetic Technologies for the 6 months ending March 31, 2024?

Sales of geneType Risk Assessment Tests increased by 543% for the 6 months ending March 31, 2024.

In how many US States is geneType currently being adopted clinically?

Clinical adoption of geneType is expanding across 12 US States, Canada, and Australia.

What technology is used in the geneType test to provide insights into patients' disease risk?

The geneType test combines genetic analysis, clinical factors, AI, and machine learning to provide insights into patients' disease risk.