Genetic Technologies Announces Global Launch of geneType™ on Wholly Owned EasyDNA platform
Genetic Technologies (NASDAQ: GENE) has announced the global launch of its geneType™ Risk Assessment portfolio on the wholly owned EasyDNA platform, operating in 42 countries. This expansion is expected to significantly boost the company's annual revenues of A$7.5m, with a potential gross margin exceeding 70%. The move, combined with structural changes, aims to reduce monthly cash burn from A$800k to under A$200k, driving GENE towards profitability.
The company has developed a streamlined online process for clinicians and consumers, partnering with Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene, and Fabric Genomics. This telehealth-enabled access to clinical testing aligns with GENE's mission to transform personalized healthcare. The geneType™ consumer-initiated pipeline on EasyDNA is expected to increase product visibility while maintaining clinical oversight.
Genetic Technologies (NASDAQ: GENE) ha annunciato il lancio globale del suo portafoglio di valutazione del rischio geneType™ sulla piattaforma EasyDNA, di sua proprietà, che opera in 42 paesi. Si prevede che questa espansione aumenti significativamente i ricavi annui dell'azienda di 7,5 milioni di dollari australiani, con un margine lordo potenziale superiore al 70%. Questa mossa, combinata con cambiamenti strutturali, ha l'obiettivo di ridurre il consumo mensile di liquidità da 800.000 a meno di 200.000 dollari australiani, portando GENE verso la redditività.
L'azienda ha sviluppato un processo online semplificato per i clinici e i consumatori, collaborando con Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene e Fabric Genomics. Questo accesso abilitato alla telemedicina per i test clinici è in linea con la missione di GENE di trasformare la salute personalizzata. Si prevede che la pipeline consumer-initiated geneType™ su EasyDNA aumenti la visibilità dei prodotti mantenendo al contempo una supervisione clinica.
Genetic Technologies (NASDAQ: GENE) ha anunciado el lanzamiento global de su portafolio de evaluación de riesgos geneType™ en la plataforma EasyDNA, de propiedad total, que opera en 42 países. Se espera que esta expansión aumente significativamente los ingresos anuales de la compañía a 7,5 millones de dólares australianos, con un margen bruto potencial que supera el 70%. Este movimiento, combinado con cambios estructurales, tiene como objetivo reducir el consumo mensual de efectivo de 800,000 a menos de 200,000 dólares australianos, llevando a GENE hacia la rentabilidad.
La empresa ha desarrollado un proceso en línea simplificado para clínicos y consumidores, asociándose con Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene y Fabric Genomics. Este acceso habilitado para la telemedicina a las pruebas clínicas está alineado con la misión de GENE de transformar la atención médica personalizada. Se espera que la pipeline geneType™ iniciada por el consumidor en EasyDNA aumente la visibilidad del producto mientras mantiene la supervisión clínica.
유전자 기술(소NASDAQ: GENE)이 42개국에서 운영되는 자사 소유의 EasyDNA 플랫폼에서 geneType™ 위험 평가 포트폴리오의 글로벌 출시를 발표했습니다. 이번 확장은 회사의 연간 수익을 크게 증가시킬 것으로 예상됩니다 (750만 호주 달러)로, 잠재적인 총 마진은 70%를 초과할 것으로 보입니다. 이 조치는 구조적 변화와 결합되어 월간 현금 소모를 80만 호주 달러에서 20만 호주 달러 이하로 줄이는 것을 목표로 하여 GENE을 수익성으로 이끌 것 입니다.
회사는 Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene 및 Fabric Genomics와 협력하여 임상의 및 소비자를 위한 간소화된 온라인 프로세스를 개발했습니다. 임상 테스트에 대한 이 원격의료 활성화 접근법은 GENE의 개인 맞춤 의료 변혁 사명과 일치합니다. EasyDNA에서 소비자 주도형 geneType™ 파이프라인은 임상 감독을 유지하면서 제품 가시성을 높일 것으로 예상됩니다.
Genetic Technologies (NASDAQ: GENE) a annoncé le lancement mondial de son portefeuille d'évaluation des risques geneType™ sur la plateforme EasyDNA, entièrement détenue, qui opère dans 42 pays. Cette expansion devrait augmenter considérablement les revenus annuels de l'entreprise à 7,5 millions de dollars australiens, avec une marge brute potentielle dépassant les 70 %. Cette initiative, combinée à des changements structurels, vise à réduire la consommation mensuelle de liquidités de 800 000 à moins de 200 000 dollars australiens, conduisant GENE vers la rentabilité.
L'entreprise a développé un processus en ligne simplifié pour les cliniciens et les consommateurs, en s'associant à Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene et Fabric Genomics. Cet accès à des tests cliniques activé par la télémédecine est en adéquation avec la mission de GENE de transformer les soins de santé personnalisés. La pipeline initiée par le consommateur geneType™ sur EasyDNA devrait augmenter la visibilité des produits tout en maintenant une supervision clinique.
Genetic Technologies (NASDAQ: GENE) hat den weltweiten Start seines geneType™ Risikobewertungsportfolios auf der vollständig im Besitz befindlichen EasyDNA-Plattform bekannt gegeben, die in 42 Ländern tätig ist. Diese Erweiterung wird voraussichtlich die jährlichen Einnahmen des Unternehmens erheblich steigern auf 7,5 Millionen AUD, mit einer potenziellen Bruttomarge von über 70%. Diese Maßnahme, kombiniert mit strukturellen Veränderungen, zielt darauf ab, den monatlichen Cashburn von 800.000 AUD auf unter 200.000 AUD zu senken, um GENE in Richtung Rentabilität zu führen.
Das Unternehmen hat einen vereinfachten Online-Prozess für Kliniker und Verbraucher entwickelt und arbeitet mit Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene und Fabric Genomics zusammen. Dieser telemedizinisch aktivierte Zugang zu klinischen Tests entspricht der Mission von GENE, das personalisierte Gesundheitswesen zu transformieren. Die consumer-initiated geneType™-Pipeline auf EasyDNA wird voraussichtlich die Produktvisibilität erhöhen und gleichzeitig die klinische Aufsicht aufrechterhalten.
- Potential significant expansion of annual revenues beyond current A$7.5m
- Expected gross margin of over 70% on EasyDNA platform sales
- Reduction in monthly cash burn from A$800k to under A$200k
- Global expansion to 42 countries through EasyDNA platform
- Streamlined online process for clinicians and consumers
- Partnerships with key genomics companies for telehealth-enabled access
- Current annual revenues of only A$7.5m indicate a small market presence
- Previous high monthly cash burn of A$800k suggests financial challenges
Insights
The global launch of geneType™ on EasyDNA's platform marks a significant strategic move for Genetic Technologies. This expansion has the potential to substantially increase the company's annual revenue beyond its current
The gross margin of over
Genetic Technologies' geneType™ Risk Assessment portfolio represents a significant advancement in personalized healthcare. By combining genetic and clinical risk factors, it offers a comprehensive view of an individual's disease risk. The integration with telehealth services and partnerships with companies like Nest Genomics for user-friendly interfaces demonstrate a focus on accessibility and patient engagement.
The company's patent portfolio, backed by a
The global launch of geneType™ on the EasyDNA platform, which operates in 42 countries, presents a significant market expansion opportunity for Genetic Technologies. The company's focus on English-language markets initially is a prudent approach, allowing for targeted marketing and easier adaptation of their user interface.
The UK market, in particular, shows promise due to the alignment with the UK Biobank data used in developing geneType™. The company's multi-channel strategy, including influencer campaigns and partnerships with healthcare providers, demonstrates a comprehensive approach to market penetration. However, the success of this launch will depend on consumer acceptance of genetic testing and the company's ability to differentiate itself in an increasingly competitive market for personalized health products.
CHARLOTTE, N.C., Aug. 15, 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 and the parent company of geneType™, is pleased to announce the global launch of the geneType™ Risk Assessment portfolio on our wholly owned EasyDNA platform currently selling in 42 countries, setting the stage for the potential significant expansion of the Company’s current A
This expansion allows the Company to promote and sell its most powerful geneType™ innovation on its most profitable channel to realise more than
The availability of geneType™ on EasyDNA’s consumer platform will accelerate global access. In the US, building on the successful influencer campaigns and Stayhealthy® initiatives, the Company believes this is the right time to add geneType™ to the EasyDNA marketplace. The Company has built a streamlined online process for both clinicians and consumers with its partners, Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene and Fabric Genomics.
Aligned in GENE’s mission to transform the approach to population healthcare on a personalised basis, these partnerships support a telehealth-enabled access to clinical testing. The placement of the geneType™ consumer-initiated pipeline on the EasyDNA platform will increase the visibility and reach of the product line, while maintaining the required clinical oversight.
This pipeline enables a uniform operational workflow regardless of specimen origin. All laboratory processing of samples will be carried out through GENE’s laboratory partner Gene By Gene. Data analysis, a critical element of GENE’s intellectual property and accreditation status, will remain in our Australian-based laboratory utilizing the Company’s cloud-based algorithms allowing GENE to process data in local environments according to local data regulations by country.
The new initiative, launched in July, is designed to streamline completion of the clinical questionnaire and the communication of results. GENE has implemented a “user-friendly” consumer interface with Nest Genomics. Nest Genomics are experts in the field of genetic-based, patient-facing communication enabling GENE to harness their ability to support the post-test continuum of care. GENE has not only built a test that empowers consumers to understand their risk of serious disease but has built a pipeline that enables consumers to act on that disease risk by facilitating communication with their healthcare providers. This pipeline will now be made available on the EasyDNA platform for increased consumer and practitioner access.
The UK market has demonstrated a proven appetite and strong interest in genetic testing. GENE believes this initiative will resonate well in this market given much of the data that drove the initial development of geneType™ is based on the unique UK biobank. In Australia, as in the US, tests will be available via the EasyDNA platform and local medical providers using telehealth appointments and in-person engagement with consumers.
The combination of genetics and clinical risk covers both nature and nurture and provides a truly comprehensive view of an individual’s personal risk of serious disease. The Company’s geneType patent portfolio, with over
The EasyDNA business, founded some 17 years ago, is a leading name in the consumer health and wellness markets. Its product range includes paternity testing, animal health, general consumer health and wellness across over 42 countries with the initial focus on English language markets.
Authorised for release by the Board of Directors.
For inquiries, contact:
Peter Rubinstein
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. 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 EasyDNA
EasyDNA is an online provider of genetic testing services established in 2007 and developed into an online network of over 70 websites in over 42 countries. EasyDNA’s network of online retail sales platforms offers fast and affordable home DNA testing that is reliable and confidential. They also offer a number of lifestyle and health and wellbeing tests, and animal testing relating to allergies and tolerances. EasyDNA is a pioneering provider of genetic testing services, dedicated to delivering accurate and confidential results to individuals and organizations worldwide.
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 is the expected impact of launching geneType™ on EasyDNA for Genetic Technologies (NASDAQ: GENE)?
How many countries will geneType™ be available in through the EasyDNA platform?
What partnerships has Genetic Technologies (NASDAQ: GENE) formed for the geneType™ launch?
How will the geneType™ test processing be handled for Genetic Technologies (NASDAQ: GENE)?
