In its annual report released today, Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) details how it increased annual revenues by more than 28%, having transformed from an R&D organisation with one polygenic risk test to an organisation with revenues anchored in multiple brands.
The company announced revenues for the 12 months to June 30, 2023, of A$8.686 million, a A$1.891 million increase from the prior year.
That revenue growth came from Genetic Technologies’ business-to-business (B2B) channel led by geneType and from its direct-to-consumer (DTC) channel led by the company’s EasyDNA and Affinity DNA brands.
In the past 12 months, the company launched the geneType test in clinical practices covering nine serious diseases and had seven peer-reviewed supportive study data published in peer-reviewed medical journals.
The company also developed the world’s first comprehensive risk test for breast and ovarian cancers, combining familial, non-familial and clinical risk in a single saliva test.
This test not only provides risk assessment of the rare BRCA genetic mutation that only affects 1 in 20 women who develop breast cancer but addresses the other 17 out of the 20 women who develop breast cancer with no family history.
Having now transitioned to an organisation earning significant revenues, the company says it is looking ahead to the next 18 months, “embarking on a determined journey towards attaining profitability”.