Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) has launched its geneType™ Risk Assessment portfolio on its wholly-owned EasyDNA platform, accelerating global access by extending reach to 42 countries.
This also provides the potential to significantly expand on the company's current A$7.5 million annual revenues.
A pioneering provider of genetic testing services, EasyDNA provides genetic testing services via an online network of more than 70 websites in over 42 countries.
Its network of online retail sales platforms offers fast and affordable home DNA testing that is reliable and confidential. It also offers a number of lifestyle and health and wellbeing tests, and animal testing relating to allergies and tolerances.
This expansion allows GTG to promote and sell its most powerful geneType™ innovation on its most profitable channel to realise more than 70% gross margin. It aims to capitalise on EasyDNA's extensive market presence and robust consumer base, positioning geneType™ as a pivotal innovation in personalised risk assessment.
This is a key step change, in conjunction with the company’s structural reset, that will reduce cash burn to under $200,000 per month from the previous A$800,000, driving the company towards its profitability target.
The integration of geneType™ personalised risk tests into EasyDNA's platform marks a critical milestone in GTG's expansion strategy, leveraging partnerships with leading genomic entities like Nest Genomics and Gene By Gene.
This collaboration ensures streamlined access to clinical testing through telehealth-enabled processes, facilitating seamless communication between consumers and healthcare providers.