GeneType to Enter Canadian and New Zealand Markets
Genetic Technologies (NASDAQ: GENE) announced the expansion of its genomic testing brand, geneType, into Canada and New Zealand. This follows a successful U.S. launch in partnership with Stayhealthy, Inc. The company reported a 500% increase in week-over-week sales due to a pilot influencer campaign with CEGtalent.com. CEO Simon Morriss anticipates further accelerated growth with this international expansion. GeneType offers a comprehensive suite of genetic risk assessment tests for various diseases including cancer, cardiovascular conditions, and Type 2 diabetes, providing actionable health recommendations. The tests are non-invasive, saliva-based, and clinically validated.
- Expanding into Canada and New Zealand, increasing international market presence.
- 500% increase in week-over-week sales from a successful pilot influencer campaign.
- Anticipated accelerated growth in new territories.
- Comprehensive suite of genetic risk assessment tests covering major diseases.
- Non-invasive, clinically validated, and regulatory approved tests.
- None.
Insights
The expansion of geneType's genetic risk assessment tests into Canada and New Zealand is a significant development for Genetic Technologies Limited (GTG). This move is aligned with the company’s strategic growth initiatives and is expected to have a positive impact on revenue and market reach. Entering these new markets could substantially increase the company's customer base, leveraging the recent success observed in the U.S. market.
Sales increase of 500% week-over-week due to the influencer campaign is noteworthy. This spike suggests effective marketing and a strong consumer interest in GTG's offerings. However, sustaining such rapid growth may be challenging and will require continuous strategic marketing and partnerships.
Long-term, successful penetration into these international markets can bolster investor confidence and position GTG as a leader in the genomics testing industry. However, potential investors should monitor the company’s ability to maintain sales momentum and manage operational challenges that come with international expansion.
One point of caution is that while short-term sales figures are promising, replicating these results consistently across different markets remains to be seen.
From a medical research perspective, geneType's comprehensive suite of genetic risk assessment tests offers substantial value. By targeting diseases that account for 70% of annual mortality and morbidities, the company addresses a significant portion of public health concerns. The tests cover a range of conditions including several cancers, coronary artery disease and Type 2 diabetes, making them highly relevant for preventive healthcare.
The non-invasive, saliva-based testing method is another strong point. It enhances patient compliance and ease of use, which is important for widespread adoption. The fact that these tests are clinically validated and regulatory approved further supports their reliability and efficacy.
Future developments in clinical-grade assessments for new cancers and chronic conditions could expand the utility of geneType's offerings. This proactive approach in risk mitigation, with actionable recommendations for users, adds a valuable layer to traditional healthcare methods.
In summary, geneType’s product line appears well-positioned to make meaningful contributions to personal health management, potentially reducing healthcare costs and improving patient outcomes in the long run.
Genomics-based testing brand expands international presence as pilot influencer campaign fuels sales
CHARLOTTE, N.C., July 09, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a global leader in genomics-based tests in health, wellness and serious disease and the parent company of geneType™, today announced the introduction of geneType’s suite of genetic risk assessment tests to Canada and New Zealand. Dovetailing geneType’s recent expansion to the US market under its partnership with health and wellness technology leader Stayhealthy, Inc (“Stayhealthy”), the company is expanding its international presence four-fold in the second quarter of 2024. The geneType risk assessment test distribution in the new territories will be directed by Stayhealthy Canada and Stayhealthy New Zealand, respectively.
The introduction of products to new markets coincides with the company’s recent success in the digital transformation strategy and pilot influencer campaign with Creators Entertainment Group (CEGtalent.com), which has generated a
“We are anticipating accelerated growth as we enter Canada and New Zealand,” said geneType CEO Simon Morriss. “Coupled with our expansion into new territories, our full-scale marketing efforts have successfully increased consumer awareness and trust that is translating into unprecedented growth.”
The first geneType assessment for breast cancer was developed in 2022 after 20 years of research stemming from GTG’s significant contributions to the Human Genome Project. The company has since developed a comprehensive suite of innovative tests evaluating genetic and traditional risk for nine specific metabolic, cardiovascular, and oncological diseases covering 70 percent of annual mortality and morbidities: melanoma, breast, ovarian, colorectal, pancreatic and prostate cancer, coronary artery disease, atrial fibrillation (AFib), and Type 2 diabetes. Uniquely, the geneType assessment goes a step further to help mitigate risk by delivering actionable recommendations that allow the individual to proactively take control of their health. Clinical-grade assessments for new cancers and chronic conditions are in development. GeneType’s non-invasive, easy-to-use, saliva-based tests are clinically validated and regulatory approved.
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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. GTG 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
About Stayhealthy
Founded in 1995, Stayhealthy Inc. is a healthcare technology company that has brought together the most advanced tools to measure, track and change millions of users' health and wellness status. With its diverse team of experts and creative minds from medicine, science, technology, media, advertising, and design, Stayhealthy has launched mobile platforms with a robust suite of personalized healthcare apps. These offerings are differentiated not only through their highly accurate, clinically valid screening tools but with their dynamic use of augmented reality images created using patented technology, as a way to add further emotional impact. www.stayhealthy.com
Forward Looking Statements
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FAQ
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