Press release from Companies

Published: 2023-02-17 08:00:00

Genetic Analysis AS: Year-end report January – December 2022

OSLO, NORWAY, 17 February 2023 – Genetic Analysis AS ("GA" or "the Company") hereby publishes the year-end report for the period 1 January – December 31, 2022. The year-end 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:
“Interest in and awareness of microbiome diagnostics are continuously increasing, which we have seen great examples of during 2022. The FDA approval of the microbiome-altering drug by Ferring affiliate Rebiotix Inc was a major milestone for the patients and the microbiome industry. The need for accurate gut microbiota diagnostics will be even more urgent and represents an excellent opportunity for GA-map®. We are thus experiencing high momentum in the research community, the global market, and our relationships with existing and future strategic partners. I am proud of all the hard work done by the GA team and want to thank the board, colleagues, and shareholders for following us on our exciting journey! Thanks to everyone for the past year!”

Q4 2022 (01.10.2022 – 31.12.2022)

  • Operating income amounted to NOK 5,7 million (7,6)
  • Sales amounted to NOK 3,5 million (2,8)
  • Net profit/loss amounted to NOK -7,8 million (-7,1)
  • Total assets amounted to NOK 64,4 million (83,5)
  • Equity ratio amounted to 69 % (86 %)
  • Earnings per share amounted to NOK -0,31 (-0,27)

Q1–Q4 2022 (01.01.2022 – 31.12.2022)

  • Operating income amounted to NOK 20,7 million (13,4)
  • Sales amounted to NOK 11,2 million (6,8)
  • Net profit/loss amounted to NOK -28,3 million (-29,0)
  • Total assets amounted to NOK 64,4 million (83,5)
  • Equity ratio amounted to 69 % (86%)
  • Earnings per share amounted to NOK -1,13 (-1,16)

Highlights during Q4 2022

  • On November 7, GA entered into an agreement with a leading non-disclosed global diagnostic company for the distribution of the GA-map® Dysbiosis Test in Europe.
  • On November 30, GA entered a tech transfer and distribution agreement with Hausen Bernstein Co. Ltd., a Bangkok-based fast-growing medical technology company with a diagnostic laboratory facility in Bangkok and a distribution business of diagnostic products in Thailand. HB will launch the GA-map® Dysbiosis Test from their molecular lab in Bangkok and market the GA-map® products in wider Thailand – making it the first CE-IVD marked standardized gut microbiome test on this market. The service offering will mainly target private and public clinical laboratories, and a commercial launch is expected in H1 2023.
  • GA has developed a promising prototype of a research panel for extended microbiota profiling suitable for biomarker discovery and clinical research. This product is targeted to be launched during H1 2023 and will address the research market in pharma and academia.
  • GA has developed a cloud-based software solution for the GA-map® platform enabling customers to use GA-map® efficiently, and also secures GA proprietary software as we expand globally. The software will be launched to selected customers during Q1 2023 and mark an important steppingstone to GAs focus on expanding its digital health focus.
  • In December, GA moved into its new modern premises in Ulvenveien 80 just outside Oslo city center. These are tailor-made and scalable for the future growth of GA.

Highlights after the end of 2022

  • On January 16, 2023, GA entered a Tech Transfer Agreement with Microbiome Research Pvt. Ltd. (“MRPL”), a Mumbai-based biotechnology company providing microbiome profiling services within the gut microbiome space in India. MRPL will launch a test service portfolio based on the GA-map® Dysbiosis Test – making it the first CE-IVD marked standardized gut microbiome test on the Indian market. The service offering will also target clinical research customers and medical customers. Commercial launch is expected in Q2 2023.
  • On January 19, 2023, GA informed that Thailand Food and Drug Administration (“Thai FDA”) authority have granted GA license for the GA-map® Dysbiosis Test in Thailand. GA has, in cooperation with its distributor Hausen Bernstein Co. Ltd. (“HB”) filed for regulatory approval of the GA-map® Dysbiosis Test in 2022, and we are happy to announce that the test has now been approved by the Thai FDA authorities for Clinical use in IBS and IBD patients.
  • On January 27, 2023, GA announced that Chief Technology Officer Kari Furu was a finalist in the Lyfebulb 2022 Innovation Challenge in collaboration with Bristol Myers Squibb to address unmet needs in Inflammatory Bowel Disease (“IBD”). Kari presented GA’s IBD Biomarker Project to an expert jury spanning business, venture capital, and healthcare industries in a summit at BMS’ premises in Princeton, New Jersey on 25th January.
  • On January 31, 2023, GA announced a strengthening and future proofing of the organization within business development, sales, and product development to be better positioned to harvest opportunities in the microbiome market.

Proposal for disposition of GA’s results
The Board and the CEO propose that no dividend is paid for the financial year 01.01.2022-31.12.2022

Annual General Meeting and availability of the annual report
The Annual General Meeting will be held on 11.05.2023, in Oslo. The annual report 2022 will be available on the Company’s website ( from 20.04.2023.

For further information, please contact:
Ronny Hermansen, Chief Executive Officer

Eilert Aamodt, Chief Financial Officer

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.

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