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Genetic Technologies Fiscal Year 2021 Revenues Soar on COVID-19 Test Alliance

NEW YORK — Australian diagnostics firm Genetic Technologies on Tuesday reported a surge in revenues for its fiscal year 2021 as it benefited from a recent commercialization deal for its COVID-19 risk test in the US.

For the 12-month period ended June 30, the firm's revenues jumped to A$120,554 ($88,250) from A$9,864 in the previous fiscal year. The company attributed the revenue increase to a three-year deal, signed in March, to commercialize its test for assessing a COVID-19 patient's risk of severe disease in the US with Infinity Biologix.

Genetic Technologies noted that Infinity Biologix last month put a temporary hold on web-based sales of the test after the New York State Department of Health began a review of the emergency use status for all SARS-CoV-2 tests. The review has been completed, however, and the test is expected to become available again shortly.

Genetic Technologies posted a net loss of A$7.1 million, or A$.08 per share, for the fiscal year versus a net loss of A$6.3 million, or A$.15 per share, in fiscal 2020.

R&D spending rose 24 percent to A$3.1 million from A$2.5 million as the firm advanced its pipeline of polygenic risk score tests for various diseases and its gene panel tests for hereditary cancers. SG&A costs, meantime, were up 13 percent to A$5.3 million from A$4.7 million, in part due to higher stock-based compensation expenses.

At the end of June, Genetic Technologies had A$20.9 million in cash and cash equivalents.

Looking ahead, Genetic Technologies said that it expects to see revenue increases in future financial periods, reflecting the impact of its $4 million cash-and-stock acquisition of direct-to-consumer genetic testing company EasyDNA in mid-July.

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