Navigation Links
GeneLink Reports 2012 Financial Results
Date:4/4/2013

ORLANDO, Fla., April 4, 2013 /PRNewswire/ -- GeneLink, Inc. (OTCBB: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the fiscal year ended December 31, 2012.

Financial Results:

  • In February of 2012 the Company completed the sale of GeneWize Life Sciences, Inc. to Capsalus Corp (OTCBB: WELL.OB, or "Capsalus"). The sale and accompanying licensing fees provided $1,165,900 to GeneLink during the fiscal year.
  • Annual net sales decreased from $4,684,577 to $2,136,142.  The decrease is primarily related to the sale of GeneWize and the subsequent conversion from retail to wholesale business model in February of 2012.
  • The operating loss in 2012 was $3,468,997.  Most of the loss is attributable to the unsupported overhead costs at GeneLink, establishment of GeneLink's own manufacturing facility, and implementation of plans to support GeneLink's expansion into additional channels.  In addition, we had extraordinary legal expenses related to regulatory compliance.  Net losses for 2012 in the amount of $3,051,747 decreased by $748,449 or 20% compared to 2011.
  • Ongoing cost initiatives resulted in the reduction of 2012 monthly recurring operating expenses by over 50% compared to 2011.
  • Reduced accounts payable during 2012 by over 25%.

Dr. Bernard Kasten , GeneLink's Chairman, CEO and interim CFO stated, "2012 was a continued transition for us as we completed the sale of our direct selling subsidiary, GeneWize.  We were able to utilize the proceeds from that sale to establish a unique and world class manufacturing facility for our customized nutrition and skin care products.  Though the change in our business model from retail to wholesale will initially appear to reduce our revenues, we are hopeful that the our current marketing partners – ForU and geneME - will be successful in selling GeneLink's unique and innovative approach to wellness through genetic customization, and that the GeneLink approach to personalized products will be revolutionary for both the nutritional and skin care industries.  Due to the change in our business model as well as the reorganization of our operating infrastructure, the Company has been able to reduce its recurring monthly operating expenses by over 50% while – at the same time – paying down payables and opening our own internal manufacturing facility.  These are, of course, important and necessary achievements towards our goal of profitability and financial stability."

"Looking forward," continued Dr. Kasten, "we hope to enter into additional licensing agreements both in the US and internationally.  It is obvious that the advances in genomics and the interest in personalized products is a rapidly developing global phenomenon. GeneLink, as the early mover is in a strong position to deliver into that interest.  In addition, GeneLink plans to pursue distribution of its high end nutritional and skin care products through the medical practitioner channel. 

"With new and reinvigorated marketing partners, as well as fresh products and market opportunities, GeneLink believes 2013 offers new opportunities for growth in the consumer rapidly maturing genomics marketplace."

Dr. Kasten added, "In a development which should not be overlooked, GeneLink completed over 18 months of cooperation with the Federal Trade Commission (the "Commission") when it entered into a proposed Consent Agreement with the staff of the Commission.  The tentative agreement, which awaits final approval by the Commissioners, does not provide for any financial obligations by the Company and provides us with useful guidance moving forward.  To the best of our knowledge, GeneLink is the first consumer genetics company to negotiate such an agreement, a testament to the strength of our Scientific Advisory Board and the integrity of our approach."

About GeneLink Biosciences, Inc.:

GeneLink Biosciences is an 18-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured for each individual consumer's wellness needs. For more information visit www.genelinkbio.com.

This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.


'/>"/>
SOURCE GeneLink, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. GeneLink Reports First Quarter 2012 Financial Results
2. GeneLink Reports 2011 Financial Results
3. GeneLink Anticipates Completion of Audit
4. GeneLink Biosciences Completes Sale of GeneWize Life Sciences
5. GeneLink Marketing Efforts Poised to Show Results
6. Global Biomaterial Market: To Grow at a 15% CAGR Says New Research Report at ReportsnReports.com
7. Central Nervous System (CNS) Biomarkers Market: 2017 Forecast in New Research Report at ReportsnReports.com
8. Galectin Therapeutics Reports Full Year and Fourth Quarter 2012 Financial Results
9. Verenium Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2012
10. Anthera Pharmaceuticals Reports 2012 Fourth Quarter And Fiscal Year Financial Results
11. Neogen reports 27% increase in quarterly net income
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , June 27, 2016  Sequenom, Inc. (NASDAQ: ... enabling healthier lives through the development of innovative products ... the United States denied its ... the claims of Sequenom,s U.S. Patent No. 6,258,540 (",540 ... criteria established by the Supreme Court,s Mayo Collaborative Services ...
(Date:6/27/2016)... -- Liquid Biotech USA , Inc. ... Research Agreement with The University of Pennsylvania ("PENN") ... patients.  The funding will be used to assess ... outcomes in cancer patients undergoing a variety of ... to support the design of a therapeutic, decision-making ...
(Date:6/24/2016)... ... 24, 2016 , ... Researchers at the Universita Politecnica delle Marche in Ancona ... or pleural mesothelioma. Their findings are the subject of a new article on the ... are signposts in the blood, lung fluid or tissue of mesothelioma patients that can ...
(Date:6/23/2016)... 2016 A person commits a crime, and the ... track the criminal down. An outbreak of foodborne ... Administration (FDA) uses DNA evidence to track down the bacteria ... far-fetched? It,s not. The FDA has increasingly used a complex, ... foodborne illnesses. Put as simply as possible, whole genome sequencing ...
Breaking Biology Technology:
(Date:6/21/2016)... British Columbia , June 21, 2016 /PRNewswire/ ... appointed to the new role of principal product ... been named the director of customer development. Both ... NuData,s chief technical officer. The moves reflect NuData,s ... teams in response to high customer demand and ...
(Date:6/9/2016)... , June 9, 2016 ... deploy Teleste,s video security solution to ensure the safety of ... during the major tournament Teleste, an ... systems and services, announced today that its video security solution ... to back up public safety across the country. The ...
(Date:6/2/2016)... LONDON , June 2, 2016 ... Systems, Manned Platforms, Unmanned Systems, Physical Infrastructure, Support & ... intelligence provider visiongain offers comprehensive analysis of ... that this market will generate revenues of $17.98 billion ... Systems acquired DVTEL Inc, a leader in software and ...
Breaking Biology News(10 mins):