OSLO, NORWAY – May 29, 2024: Today, Microbiome DX company Genetic Analysis AS (“GA” or the “Company”) hereby publishes the interim report for the period January 1 – March 31, 2024. The interim report is available as an attached file to this release and on the Company’s website. Below is a summary of the report.
Ronny Hermansen, CEO of Genetic Analysis, comments:
“During Q1 2024, GA has continued to onboard new laboratory customers by implementing the GA-map® assay on their instrument. A key objective for GA is technology implementation in laboratories since this generates recurring reagent kit sales and the establishment of key account customer relationships. GA has established a new important customer in the German market and preparations are ongoing to install the GA-map® assay in yet another German laboratory during May. Both customers will strengthen GA’s position in this strategically important territory. This further builds on a growing and international install base of the GA-map® assays at laboratory customers with the prospect to offer new add-on GA biomarker assays as they are launched.”
Q1 2024 (01.01.2024 – 31.03.2024)
- Operating income amounted to NOK 4,8 million (6,4)
- Sales amounted to NOK 3,3 million (4,1)
- Net profit/loss amounted to NOK -5,8 million (-7,3)
- Total assets amounted to NOK 44,2 million (55,0)
- Equity ratio amounted to 60 % (67 %)
- Earnings per share amounted to NOK -0,14 (-0,29)
Highlights during Q1 2024
- Total operating income ended at NOK 3,3 million in Q1 2024 (NOK 6,4 million). Net loss was NOK -5,8 million compared to NOK -7,3 million in the corresponding quarter of 2023.
- Sales revenues reached NOK 3,3 million (NOK 4,1 million) in Q1 2024. The GA-map® product sales, which are recurrent revenues from reagent kit sales, increased by 15% from NOK 2,6 million in Q1 2023 to NOK 3,0 million in Q1 2024. Total sales were impacted by less instrument sales, down NOK 1,3 million compared to Q1 2023. This is according to our distribution model, where our key distributor in Europe sells their own instruments.
- Q1 2024 was affected by cost savings, where we optimised our organisation. Operating costs were down NOK -3,4 million from Q1 2023.
- On January 10, GA announced that the subsequent offering to existing shareholders, for which the subscription period ended on December 22, 2023, has been registered with the Norwegian Register of Business Enterprises.
- On February 26, GA announced that the GA-map® Sample Collection Kit had obtained CE-IVDR marking according to In Vitro Diagnostic Regulation (EU) 2017/746. The GA-map® Sample Collection Kit is now commercially available and will be offered as a stand-alone product for researchers and laboratories in need of fecal collection sampling, as well as in a direct-to-consumer setting.
Please read the full press release: