Genetic Technologies to establish pilot programme in US
Imricor nabs sales in Croatia
AVITA Medical slumps after downgrading guidance
GTG to set up pilot in US
Genomics-focused biotech, Genetic Technologies (ASX:GTG) is establishing a clinical implementation study with breast imaging centres across New York, Miami and Houston.
The initiative will pilot the integration of its geneType – its genetic risk assessment technology – into breast imaging centres, assisting in the streamlining of care that is currently somewhat fragmented in those cities.
By integrating the geneType Breast Cancer Risk Assessment Test into breast imaging centres, patients at higher risk of breast cancer can be easily identified during imaging appointments. They can then be automatically triaged back into the supplementary screening process within the centre.
This approach, says GTG, empowers patients to make better decisions about their screening options and improves communication between patients’ primary care providers and imaging facilities.
Integrating the geneType test into breast imaging practices also offers a more holistic approach to identifying women at increased risk of developing breast cancer by incorporating their breast density status.
Breast density is a crucial risk factor that can mask early cancer detection, but is also associated with increased risk of developing cancer.
“Ultimately, this study heralds a new era of precision medicine in the fight against breast cancer, providing screening and risk-reduction opportunities by identifying more at-risk individuals,” said the company.
Currently in the US, screening is between the ages of 40 and 74, therefore the current addressable market for geneType in this scenario is 68 million women.
Imricor clinches sales in Croatia
Imricor Medical Systems (ASX:IMR) announced that the Dubrava University Hospital in Zagreb, Croatia has submitted its first order of Imricor catheters and other consumable devices.
Under the terms of the sale, Dubrava will order a minimum of 50 procedures worth of consumable product each year from Imricor.
However, the establishment of an iCMR ablation program at Dubrava means physicians at the hospital are expected to do significantly more atrial flutter ablations – meaning they will probably need to buy more consumables from Imricor.
Imricor’s European sales strategy in 2024 has been to increase the number of active sites. The overall goal is to establish steady revenue growth throughout the year.
“Each new hospital we activate will generate consumable revenue from Atrial Flutter procedures but more importantly, establish the installed base for future revenue expansion as we receive approvals for additional indications like ventricular tachycardia and atrial fibrillation,” said Imricor’s chair and CEO, Steve Wedan.
AVITA downgrades guidance
Meanwhile, AVITA Medical (ASX:AVH) plunged -10% this morning after reporting a sluggish trading update.
For the quarter ended March 31, 2024, AVITA Medical says it expects commercial revenue to be in the range of US$11.0 million to US$11.3 million. This range is below the previously provided revenue guidance of US$14.8 million to US$15.6 million.
The revision in guidance is attributable to a slower-than-expected conversion rate of new accounts for PermeaDerm, a new product launched in March that is approved for multiple indications including full-thickness skin defects.
On the back of this soft result, AVITA says it now expects full-year 2024 revenue at the lower end of the previously provided guidance of US$78.5 million to US$84.5 million.
“In light of the challenges encountered in the first quarter of 2024, we are intensifying our efforts to drive growth,” said Jim Corbett, CEO of AVITA Medical.
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