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Genetic Signatures Limited (ASX:GSS) is in Pharmaceuticals, Biotechnology, and Life Sciences industry. The company mainly operates as a molecular diagnostic company.
On 29 January 2019, the company has reported its activities for the quarter ended 31 December 2018 wherein the company has recorded impressive growth in the second quarter of FY19, with sales revenue of A$1.2 million, which is a significant rise of 83.0% over the previous corresponding quarter that is 2Q FY18.
The company is placed in a better position to continue executing its international commercialization strategy leveraging the strong momentum of its domestic business. The company also kept on achieving quarterly revenue growth throughout 2018 and anticipates continuing this trend going forward in 2019 as it progresses regulatory submissions of its pathogen detection kits, including those intended to detect sexually transmitted infections and other viruses, in key regions.
On the international and domestic sales front, the company has announced a major new contract in the previous quarter, with a large Australian pathology service provider. It has also launched two new products, the second generation EasyScreen Respiratory Pathogen Detection Kit and the Genetic Signatures Automation System. The orders have steadily increased from this new customer, which reflects customer satisfaction and product validation. Genetic Signaturesâ has also made significant operational progress internally and has continued strengthening its efforts with its expanding sales force in the European zone. Recent appointments may drive increased European customer interest in the near-term.
The company further recorded cash receipts of $1.2 million for the quarter and had maintained a strong balance sheet with cash of $8.8m at 31 December 2018 with no debts. Moreover, it appointed highly experienced CFO, Peter Manley in October 2018.
As mentioned by the CEO of the company, FY18 has been a year of significant progress for the company. Sales traction is building with continued strong quarterly revenue growth. The company identifies increased interest in their EasyScreen products and are strengthening its international sales teams with recent additional European appointments. During the quarter, the company has submitted both domestic and European approvals for its Respiratory Kit and were successful in having this kit CE/IVD that was marked in December.
Now let us have a glance at the Genetic Signatures Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at $0.825, with a significant increase of almost 10.0% during the dayâs trade. It touched a day high of $0.840 and a day low of $0.750, with the open price same as day low price. It has a market capitalization of ~$78.02 million as on January 29, 2019. The stock has yielded a negative YTD return of 6.25% and generated returns of 87.50%, 25.0% and -5.66% over the last six months, three months and one-month period respectively. The stock has a 52-week high price of $0.900 and a 52-week low of $0.235 with an average trading volume of 112,656 approximately.
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