Genetic Technologies reports Q2 receipts A$2.4M, up 32% from 2Q22

Qtr 2 Receipts from customers were A$2.4 million, up 15% compared to prior quarter and up 32% compared to prior year; YTD Receipts from customers total A$4.45 million up 67% on prior year Revenue of A$2.2 million for the quarter, underpinned by the introduction of new distribution channels in the U.S.; 6 consecutive quarters of revenue growth on the prior year for EasyDNA & AffinityDNA R&D Tax Incentive of A$1.96 million expected Q3 2023; Ten active engagements with U.S. payer groups, with a combined coverage of 42 million lives, including insurers, payers, and Key Opinion Leaders; Invited to India as guests of MedAchievers to explore GeneType MultiTest launch strategy; Advancing Innovation; Epigenetics and precision oncology collaboration with the University of Melbourne on track. Commenting on the Company’s quarterly cash performance, Chief Executive Officer Simon Morriss said: "The continued momentum in our business is exciting with 6 consecutive quarters of growth where today we have presence in more than 40 countries with more than 50 tests on offer via our global network of partner laboratories. Looking ahead we remain focussed on securing further growth and revenue uplift for our core brands, GeneType, EasyDNA and AffinityDNA. We see the combination of KOL support, the progress with commercialization plans in Australia and success with our engagement with the key payer groups in the U.S. as important underpinning revenue drivers. We are building a strong presence and support with KOL’s as we push to develop our new channels to market. Further, we continue to meet important milestones both from a scientific point of view, but importantly from a commercial perspective. Importantly, we are continuing to challenge our go to market strategies for all our brands, to continue our revenue growth and improve profitability."