GeneType Expands Global Reach with Entry into Canada and New Zealand
GTG (GTG) Share Update July 2024 Monday 8th
GeneType Expands into Canadian and New Zealand Markets
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE), a leader in genomics-based tests, has announced the expansion of its geneType™ suite of genetic risk assessment tests into Canada and New Zealand. This move marks a significant step in the company's international growth strategy.
Instant Summary:
- GeneType expands into Canadian and New Zealand markets.
- 500% increase in week-over-week sales due to a pilot influencer campaign.
- Introduction of geneType suite of genetic risk assessment tests.
- Partnership with Stayhealthy, Inc. to facilitate distribution.
- GeneType tests cover nine specific diseases, including various cancers and cardiovascular conditions.
Expansion Details
Genetic Technologies Limited, the parent company of geneType™, has announced its expansion into the Canadian and New Zealand markets. This follows the company's recent successful entry into the U.S. market through a partnership with health and wellness technology leader Stayhealthy, Inc.
The distribution of geneType's risk assessment tests in these new territories will be managed by Stayhealthy Canada and Stayhealthy New Zealand, respectively. This expansion is part of GTG's strategy to quadruple its international presence in the second quarter of 2024.
Marketing Success
The company's recent digital transformation strategy and pilot influencer campaign with Creators Entertainment Group (CEGtalent.com) have significantly boosted sales. The campaign has resulted in a 500% increase in week-over-week sales, highlighting the effectiveness of their marketing efforts.
Product Offerings
GeneType's first genetic risk assessment test for breast cancer was developed in 2022 after two decades of research stemming from GTG's contributions to the Human Genome Project. The company has since developed a comprehensive suite of tests that evaluate genetic and traditional risk for nine specific diseases. These include melanoma, breast, ovarian, colorectal, pancreatic, and prostate cancer, as well as coronary artery disease, atrial fibrillation (AFib), and Type 2 diabetes.
What sets geneType apart is its ability to provide actionable recommendations that allow individuals to proactively manage their health. The tests are non-invasive, easy-to-use, saliva-based, clinically validated, and regulatory approved.
The expansion into Canada and New Zealand is expected to significantly boost GTG's market presence and revenue. The successful marketing campaign indicates strong consumer interest and trust in geneType's products. This expansion could positively impact the company's stock as it opens up new revenue streams and strengthens its international footprint.
Investor Reaction:
Investors and analysts have reacted positively to the news. The 500% increase in sales from the influencer campaign has been particularly encouraging, showcasing the potential for rapid growth in new markets. Analysts believe that the expansion will enhance GTG's market position and drive long-term growth.
Conclusion:
GeneType's expansion into Canada and New Zealand marks a significant milestone in the company's growth strategy. Investors should keep an eye on the company's performance in these new markets and consider the potential long-term benefits of this expansion. The company's ability to innovate and effectively market its products bodes well for future growth.