Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) CEO Simon Morriss sat down with Proactive’s Andrew Scott today to discuss the company's strategic focus on profitability by mid-FY25 and the recent Australian approval for three new disease tests.
Genetic Technologies is positioning itself as a world leader in personalised genetics.
Morriss says the company is empowering individuals to take control of their health through a non-invasive saliva-based risk assessment. This includes tests in cancer, cardiovascular disease and metabolic disease.
“We also have a direct-to-consumer business as well, which is our EasyDNA platform," Morris told Proactive.
GTG acquired the direct-to-consumer EasyDNA eCommerce business and distribution rights from BelHealth Investment Fund LP, as majority owner for US$4 million in cash and GTG ADRs in 2021.
Outlining the strategy
GTG has kickstarted the new financial year with a focus on strategy and profitability.
“Leading into the start of this financial year, with the board and with the executive and the team, we are heavily focused on developing really strong pathways to profitability,” Morriss told Proactive.
“We will keenly watch the key drivers of that over the course of the next 18 months. We expect that we can be on a net pathway to profitability by mid-FY25, which is really exciting.
“So, coming from an R&D organisation of 20 years ago, spending the last two years on commercialisation and now focusing the next 18 months on that pathway to profitability is critical for us, our shareholders and our investors.”
New milestone
In a recent milestone, Genetic Technologies received Australian approval for new tests covering melanoma, pancreatic cancer and atrial fibrillation.
Morriss said these additions would allow individuals to calculate their "individualised absolute risk" of contracting these diseases, thereby saving health systems money and lives.
“We now have six tests that are based in oncology and cancers such as breast and ovarian cancer, prostate, colorectal cancer, pancreatic cancer and melanoma. We have coronary artery disease and atrial fibrillation as well as metabolic which is type two diabetes.
"So, individuals can talk to their doctor, get a simple saliva-based test questionnaire, and they can get their individualised absolute risk of that serious disease over the next five years, or their lifetime, versus the population.
"Those at elevated risk can really create that pure preventative pathway to early detection, which we know saves the health system money and saves lives,” Morriss said.
ESG is also a priority
Regarding Environmental, Social and Governance (ESG) measures, Morriss stated that the first quarter was spent establishing new policies around maternity leave and cybersecurity. The upcoming quarter will focus on board composition and ethical behaviour.
“It's a journey that we've only just commenced and it's a really important one for the board and the executive team to embrace.
“In the first quarter, we introduced some new policies around maternity leave. We've also conducted some really significant cybersecurity measures and improvements across our business worldwide, and that are really, really important.
“In the next quarter, we're looking at focusing on board composition, ethical behaviour and policy review, such as things like code of conduct and whistle-blower, and bribery issues. We’ll launch a culture and engagement survey company-wide. And one of the things that we're really excited about is the innovation pipeline.
"Just recently, we were shortlisted with the AFR’s Boss magazine most innovative company awards. Sadly, we didn't win. But it really sets a great foundation for our team and is recognition of the amazing work they are doing to really help and improve population health worldwide.”
What sets GTG apart?
In closing, Morriss highlighted what sets Genetic Technologies apart.
He says the breadth of the diseases GTG cover is incredible, all with actionable outcomes and notes that the company is eyeing both domestic and international markets, including a prospective expansion into Indonesia.
“The opportunity for us in Australia is enormous. The opportunity for us in the United States is also enormous. And we're already started looking at international markets beyond those two countries.
“I've been to countries in Southeast Asia, such as Indonesia, with a recent meeting with the Minister of Health in Indonesia, and listened to his vision for health care with a population of nearly 300 million people.
That is just an exciting country to really start to explore into, so there's no distinctly definitive plans at the moment. It's really exploratory, but it's super, super exciting.”