Correction: Interim report January – September 2022

Correction: In the press release sent at 08:00 this morning, the interim report was not included. It is now attached.

Oslo, Norway, November 1, 2022 – Genetic Analysis AS (“GA” or “the Company”) hereby publishes the interim report for the period January 1 – September 30, 2022. 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.

Genetic Analysis CEO Ronny Hermansen comments:

“An important milestone ahead is the completion of our research use only (RuO) tool of the IBD prognostic marker, and we are thrilled to say that the project is well underway with good potential for completion of and RuO product by the end of the year. We now look forward to continuing to implement and accelerate our growth strategy to achieve the vision of becoming the world's leading company in microbiome testing.”

Q3 2022 (01.07.2022 – 30.09.2022)

• Operating income amounted to NOK 4,8 million (2,3)
• Sales amounted to NOK 2,2 million (1,7)
• Net profit/loss amounted to NOK -6,7 million (-6,8)
• Total assets amounted to NOK 61,8 million (96,3)
• Equity ratio amounted to 84% (83%)
• Earnings per share amounted to NOK -0,27 (-0,27)

YTD 2022 (01.01.2022 – 30.09.2022)

• Operating income amounted to NOK 15,1 million (5,8)
• Sales amounted to NOK 7,7 million (4,0)
• Net profit/loss amounted to NOK -20,5 million (-21,9)
• Total assets amounted to NOK 61,8 million (96,3)
• Equity ratio amounted to 84% (83%)
• Earnings per share amounted to NOK -0,82 (-0,88)

Highlights Q3 2022

• Total operating income of NOK 4,8 million in Q3 2022, up 106% from Q3 2021. Net loss was NOK -6,7 million compared to NOK -6,8 million in the corresponding quarter of 2021.
   
• Sales revenues of NOK 2,2 million, a 34% growth compared to Q3 2021. Due to July and August being holiday months, sales revenues were as expected affected by the slow-down during summer.
   
• A new GA-map® platform sales to a non-disclosed hospital/research customer in the U. K. This represents the 4th consecutive quarter with sales of the GA-map® platform installations, which builds a strong fundament for future increasing reagent kit sales.
   
• GA has expanded the CE IVD marking of our GA-map® Dysbiosis Test to also include the Luminex NxTAG®-enabled MAGPIX® instrument. Due to the growing distribution of this read-out instrument type, this platform expansion significantly increases the growth potential for the GA-map® assay.

• On September 1st, GA appointed Sedermera Corporate Finance as the Company’s liquidity provider. The purpose of the liquidity providing is to promote good liquidity and ensure a low spread between the bid and ask price in current trading.

Highlights after the period

• On October 28th, GA launched new product web pages for the GA-map® Dysbiosis Test and clinical research studies in order to make all the available product and service documentation easily accessible for both current and potential new customers. GA will focus on strengthening the digital presence towards customers and stakeholders. The product web pages can be reached at GA-map.com

• On October 21st, our Senior Development Scientist Mrs. Pranvera Hiseni successfully defended her PhD thesis” Development of Liquid Array Diagnostic (LAD) technology for prediction of human gut microbiota composition and functionality” at the Norwegian University of Life Sciences. Her work on this industrial PhD, with funding from the Research Council of Norway, has focused on demonstrating practical and clinical utility of the proprietary LAD technology through development of a prototype assay suitable for use in a clinical setting. For GA, this has been an exploration of a potential next generation diagnostic method and has been secured by intellectual property rights.

• No significant events have occurred after the period that has materially affected this report.

For further information, please contact:
Ronny Hermansen, Chief Executive Officer
E-mail: rh@genetic-analysis.com

Eilert Aamodt, Chief Financial Officer
E-mail: ea@genetic-analysis.com

About Genetic Analysis:
Genetic Analysis AS (GA) is a science-based diagnostic company and pioneer in the human microbiome field with more than 10 years of expertise in research and product development. The unique GA-map® platform is based on a pre-determined multiplex targets approach specialized for simultaneous analysis of a large number of bacteria in one reaction. The test results are generated by utilizing the clinically validated cutting edge GA-map® software algorithm. This enables immediate results without the need for further bioinformatics work. GA’s vision is to become the leading company for standardized gut microbiota testing worldwide, and GA is committed to help unlocking and restoring the human microbiome through its state-of-the-art technology. GA employs a team of highly qualified employees with scientific backgrounds and competence in bioinformatics, molecular biology, and bioengineering. www.genetic-analysis.com