Genetic Technologies Transitions To A Capital Light Operating Model; With Lower Cost Operations; Continued Focus On The Co's Core Business Of "EasyDNA" And "GeneType"; Working Capital Funded By Short Term $800,000 Secured Loan; Active Channel Partners In The USA With GeneType Sales Growth; EasyDNA Sales Of $7M And Growing

Author: Benzinga Newsdesk | July 26, 2024 08:03am

Genetic Technologies Limited ((ASX: GTG, NASDAQ:GENE, "Company", "GENE")), a global leader in genomics-based tests in health, wellness and serious disease and the parent company of geneType™, has conducted an operations review and announces that it intends to transition to a capital light operations model – which is anticipated to result in an immediate material reduction in operating costs. This capital light operations model is intended to focus on sales growth (particularly in the Company's largest market in the United States) and move the Company's operations to an outsourced / collaborations approach (rather than the more expensive current in house laboratory operations).

 

• Transition to a capital light operating model; with lower cost operations
• Continued focus on the Company's core business of "EasyDNA" and "GeneType"
• Working capital funded by short term $800,000 secured loan (from lenders including Directors)
• Active Channel partners in the USA with geneType sales growth
  • EasyDNA sales of $7m and growing

Posted In: GENE