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Genetic Technologies' FY 2014 Q1 Revenues Drop 17 Percent

NEW YORK (GenomeWeb News) – Genetic Technologies said on Thursday that receipts from customers for its first quarter of Fiscal Year 2014 dropped 17 percent.

For the three months ended Sept. 30, receipts totaled A$1.0 million (US$945,000) down from $A1.2 million, a year ago. The downtick occurred despite a record number of test samples for its flagship non-familial breast cancer risk assessment test called BrevaGen.

During the quarter, GTG received 914 samples for testing, a 52 percent increase sequentially, the company said. In August, New York issued a Clinical Laboratory Permit to the Melbourne, Australia-based firm, allowing it to offer the test in all 50 states in the US.

On the patent litigation front, the US Patent and Trademark Office upheld patent claims by GTG related to the company's non-coding DNA patent during the quarter. The firm also settled IP disputes with Genesis Genetics Institute and Reproductive Genetics Institute.

Its net loss for the quarter increased to A$2.5 million from a loss of A$2.2 million a year ago.

Staff costs were flat at A$1.9 million, while advertising and marketing costs narrowed to A$194,762 from A$202,780. GTG recorded no R&D costs for the recently completed quarter, compared to A$19,797 a year ago.

The company finished the quarter with A$1.8 million in cash. In August GTG raised A$3 million in a private placement.

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