Welcome to our dedicated page for Genetic Technologies Ltd. news (Ticker: GENE), a resource for investors and traders seeking the latest updates and insights on Genetic Technologies Ltd. stock.
Genetic Technologies Ltd. (ASX: GTG, NASDAQ: GENE) is a pioneering molecular diagnostics company based in Australia, specializing in genetic testing and reproductive services. The company leverages an extensive array of international patents and allied research activities to explore the profound impact of DNA on health. Its operations span across the Asia Pacific region, offering specialized genetic tests that convert advanced health knowledge into practical applications for humans, animals, and plants.
One of the company's flagship products is BREVAGenplus, a clinically validated risk assessment test that helps in predicting the likelihood of non-hereditary breast cancer. This test has been a game changer in women's health, providing crucial insights that aid physicians in proactive health management. BREVAGenplus is primarily marketed to healthcare professionals, including breast healthcare and imaging centers, obstetricians/gynecologists (OBGYNs), and breast cancer risk assessment specialists.
Genetic Technologies Ltd. offers a broad spectrum of genetic testing services, encompassing medical, animal, forensic, and plant testing. The company's revenue is chiefly derived from markets in Australia and the United States. The organization operates through two primary segments: EasyDNA and GeneType/Corporate.
Recent developments underline the company’s ongoing commitment to innovation and expansion. For example, the company has recently reported the clinical adoption of its groundbreaking geneType Risk Assessment Tests across 12 states in the United States and at a national level in Australia. These tests are designed to provide a comprehensive risk assessment for various diseases, thereby enabling personalized healthcare.
Dr. Carolyn Young, a board-certified Obstetrician and Gynecologist based in Rockville, Maryland, has emphasized the significance of such tests. According to her, misconceptions about breast cancer risks—such as the belief that absence of family history equates to low risk—can be clarified through the use of geneType tests, which identify both hereditary and non-hereditary risks.
The company continues to make strides, as highlighted in their recent announcements. Genetic Technologies Ltd. aims to expand its market reach by launching new comprehensive tests and entering new global markets. These initiatives are part of the company’s strategic efforts to cement its position as a global leader in genomics-based tests in health, wellness, and serious disease.
For further information or inquiries, you can reach out to Simon Morriss, Chief Executive Officer, at investors@genetype.com.
Genetic Technologies Limited (NASDAQ: GENE) announced the acceptance of its US patent application for the geneType COVID-19 Risk Test. This test is designed to predict COVID-19 severity based on genetic and clinical data. In addition, GENE has partnered with IBX and 1health to expand access to this test in the US. Cross-validation of the test has been confirmed using an independent cohort. The emergence of new variants like Omicron highlights the necessity for such tests. Currently, over 900,000 PCR tests are being conducted daily in the US.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) has made significant strides in its commercialization efforts for its geneType MultiTest, which aims to assess risks for six common cancers. The company reported cash receipts of A$850k for Q1 FY2022, bolstered by the acquisition of EasyDNA for US$4 million. With a cash balance of A$15.7 million, Genetic Technologies is well-positioned for growth. The Multi-Test has been submitted for regulatory approval, and the company plans to expand its market reach into Europe and Asia.
Genetic Technologies Limited (NASDAQ: GENE) reported a remarkable 12-fold increase in revenue for the September 2021 quarter, totaling A$850k, compared to A$68k in the previous quarter. The revenue surge primarily stems from license and resale channels, with anticipations of further growth via B2B sales. This substantial growth follows the successful launch of the Covid-19 Risk test and the acquisition of EasyDNA. The company projects continued upward revenue trends in the upcoming December quarter, driven by the upcoming release of a Multi-Test product.
Genetic Technologies Limited (NASDAQ: GENE) announced that CEO Simon Morriss will discuss the company's recent acquisition of EasyDNA and its commercialization plans in an interview on The RedChip Money Report® airing on October 2, 2021. This acquisition is expected to boost revenues significantly with an established sales infrastructure in 40 countries. The interview will also cover the anticipated launch of the Company’s Multi-Test by the end of 2021. The segment will be broadcasted on Bloomberg TV, which reaches approximately 73 million homes in the U.S.
BelHealth Investment Partners has finalized the sale of its international division of General Genetics Corporation (GGC) to Genetic Technologies Limited (GTG) for a mix of cash and GTG stock. GGC specializes in relationship and clinical genetic testing services, mainly through its EasyDNA brand, supported by two offices in Malta and Australia. This acquisition is anticipated to enhance GTG's "health and wellness" testing platform, facilitating future growth opportunities. BelHealth is a private equity firm focused on U.S. lower middle market healthcare companies, managing a $350 million fund.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) reported annual results for the year ending June 30, 2021, with A$120k in revenue, marking a significant increase from FY20. The company launched its COVID-19 Risk Test and acquired EasyDNA for US$4 million, expanding its global reach. Operating expenses rose to A$5.3 million due to increased R&D and marketing investments, leading to a net loss of A$7.1 million. The firm maintains a strong cash balance of A$17.6 million post-acquisition, reinforcing its growth strategy in the billion-dollar consumer genetics market.
Genetic Technologies Limited (NASDAQ: GENE) has completed its acquisition of EasyDNA for US$4 million, enhancing its global presence in genomics-based health and wellness. The deal, finalized on August 13, 2021, positions GENE to leverage EasyDNA's established sales networks in 40 countries, with projected revenues of US$4.63 million for CY20. Following the acquisition, BelHealth now holds a 2.3% stake in GENE, illustrating a commitment to shared growth. This strategic move targets a consumer genomics market expected to reach USD$8.1 billion by 2028, indicating strong future revenue potential.
Genetic Technologies Limited (NASDAQ: GENE) reported a quarterly revenue of A$99k, significantly up from A$6k in the previous quarter, driven by the launch of its COVID-19 Risk Test. The company also acquired EasyDNA for US$4 million, aiming to enhance its direct-to-consumer offerings across 40 countries. As of June 30, 2021, GTG had a strong cash balance of A$20.8 million. However, net cash used for operations increased to A$2.12 million due to rising R&D and operating expenses.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announced the acquisition of the eCommerce business EasyDNA for US$4 million. This acquisition aims to expand GTG's direct-to-consumer portfolio across 40 countries, leveraging EasyDNA's established revenue stream of US$4.63 million in CY20. The deal includes websites, brand identities, and distribution agreements related to EasyDNA. The transaction involves US$2 million in cash, US$1.5 million in GTG ADRs, and a US$500k hold in escrow. CEO Simon Morriss highlighted growth opportunities in wellness testing and a robust distribution platform.
Genetic Technologies Limited (NASDAQ: GENE) announced progress on its Predictive Panel Risk Test, designed to assess risks for six common cancers, accounting for approximately 70% of annual morbidity. Patent-backed innovations enhance predictive capabilities, particularly in prostate and melanoma testing. The test aims for flexibility in risk assessment, combining hereditary cancer genes and polygenic risks. Future iterations will expand to include cardiovascular disease and Type 2 diabetes. The rollout strategy targets reimbursable cancers in Australia and the U.S., potentially affecting 30% of annual mortality rates.
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