Genetic Technologies(GENE) - 2023 Q4 - Annual Report

Annual Results for the year ended June 30, 2023 This report details Genetic Technologies' financial performance, strategic advancements, leadership updates, and future outlook for the fiscal year ended June 30, 2023 Financial and Commercial Overview Genetic Technologies reported a 28% revenue increase to A$8.686 million for FY2023, driven by its successful transition to a commercial entity with three core brands Revenue Performance | Metric | Value | Change vs. 2022 | | :--- | :--- | :--- | | Revenue | A$8.686 million | +A$1.891 million (+28%) | - The company has transformed from an R&D organization to one with significant revenues anchored in three brands: geneType, EasyDNA, and AffinityDNA[4] - Commercial growth is being driven by both the Business to Business (B2B) channel (geneType) and the Direct to Consumer (DTC) channel (EasyDNA and Affinity DNA brands)[3] Strategic Growth and Innovation The company is expanding its network, forming a strategic alliance with QIAGEN, and advancing its product pipeline, including a comprehensive breast and ovarian cancer risk test and an expanded Multi-Test Panel - Twenty medical practices in the US and Australia are now routinely referring patients for geneType testing, with the network expanding weekly[5] - A strategic alliance with QIAGEN is being formed to establish a "Centre of Excellence" in Australasia, aimed at enhancing automation, increasing capacity, and driving commercial opportunities for geneType[11] - Developed the world's first Comprehensive Breast & Ovarian Cancer Risk Test, which uses a simple saliva sample[7] - The geneType Multi-Test Panel was expanded to include melanoma, pancreatic cancer, and atrial fibrillation, now offering risk assessments for nine diseases covering up to 70% of annual mortalities[9] - The science team has successfully published seven peer-reviewed manuscripts, providing evidence for the efficacy of the geneType test[8] Leadership and Future Outlook GTG has strengthened its U.S. medical leadership by appointing Dr. Joel Evans and continues to gain endorsements from Key Opinion Leaders, aiming for profitability within the next 18 months - Appointed Dr. Joel Evans in the U.S., a leader in clinical and functional medicine, to reinforce the company's commitment to advancing healthcare[12] - The company is collaborating with and receiving endorsements from Key Opinion Leaders (KOLs) such as Dr. Carolyn Young, Dr. William Stanford, and Dr. Lisa Larkin, which is helping to expand its reach into new medical practices[13] - After transitioning to a revenue-earning organization over the last 18 months, the company is now on a determined journey towards attaining profitability in the next 18 months[15] About Genetic Technologies & Forward-Looking Statements This section provides a corporate overview of Genetic Technologies as a global leader in genomics-based testing and includes a standard legal disclaimer regarding forward-looking statements and associated risks - Genetic Technologies is a global leader in genomics-based tests for health, wellness, and serious diseases, offering a comprehensive portfolio including Carrier screening, NIPT, and advanced predictive testing with its proprietary Polygenic Risk Scores (PRS) platform[18] - The announcement contains forward-looking statements that are subject to risks and uncertainties, and the company does not undertake any obligation to publicly update them except as required by law[19]