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Genetic Technologies Reports Decline in Cash Receipts for Fiscal Q2

NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies today reported a 41 percent drop in cash receipts from customers in its fiscal second quarter compared with the previous quarter.

For the three-month period ended Dec. 31, Genetic Technologies' cash receipts fell to A$106,000 (US$85,765) from A$179,000 in fiscal Q1. Meanwhile, the company reported a 55 percent year-over-year drop in test samples received to 125 from 278. In the fiscal first quarter, the company received 115 test samples.

Genetic Technologies' operational cash spend in the fiscal second quarter was A$1.3 million versus A$2.3 million in the previous quarter, and the company said it expects to spend A$1.6 million in the current quarter. For the full fiscal year 2018, it anticipates a cash spend of A$6.6 million, a 15 percent reduction from fiscal 2017.

At the end of 2017, Genetic Technologies held A$7.6 million in cash.

During the quarter, Genetic Technologies was notified that it will be required to convene a shareholder meeting at the request of a group of shareholders seeking the removal of three executive directors including CEO Eutillio Buccilli. The company said today that it is recommending its shareholders vote against the resolutions being presented at the meeting, which will be held on Wednesday.

The shareholder meeting comes as Genetic Technologies' conducts an ongoing review of strategic alternatives.

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