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Genetic Technologies' FY 2014 Revenues Drop 35 Percent

NEW YORK (GenomeWeb) – Genetic Technologies today reported a 35 percent decrease in gross revenues year over year in its fiscal 2014 revenues.

For the 12 months ended June 30, the Australian molecular diagnostics firm said that gross revenues from continuing operations and other revenues fell to A$5.5 million (US$4.8 million) from A$8.4 million in fiscal 2013. The drop was primarily due to a A$3.9 million decrease in licensing fees and royalties and annuities, which was partially offset by a A$1.4 million increase in the US from its lead product, the BrevaGen breast cancer molecular diagnostic test.

GTG said that it received 3,935 BrevaGen samples in fiscal 2014, a 150 percent increase from the year-ago period.

Total comprehensive loss for FY 2014 increased to A$10.3 million from A$9.3 million a year ago. On a per-share basis attributable to owners of GTG and from continuing operations, the company's loss for the year was A$1.76, compared to a loss of A$1.97 in FY 2013.

GTG's laboratory and R&D costs decreased 6 percent year over year to A$3.3 million from A$3.5 million. Its SG&A costs were down 3 percent to A$9.4 million from A$9.7 million.

The firm finished the year with A$2.8 million in cash and cash equivalents.

Earlier this month GTG said that it was restructuring its operations to focus on the US molecular diagnostics business. Today, it launched BrevaGenplus in the US. The test is an enhanced version of BrevaGen and has use for Caucasian, African-American, and Hispanic women. BrevaGen is for use only with Caucasian patients.

In connection to its restructuring, GTG has reached a deal to sell its Australian Genetics business to Specialist Diagnostic Services for A$2 million.

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