Annual Report
2021
Our Vision & Purpose
Genetic Signatures improves patient care and
outcomes by developing innovative diagnostic
technologies which simplify molecular pathology.
The Genetic Signatures' proprietary 3baseTM
platform technology forms the cornerstone of our
EasyScreen™ pathogen detection kits, and reduces
the genetic complexity of infection detection in
molecular testing.
Our tests enable hospital and pathology facilities to
use standard equipment and procedures to screen
more accurately for a wide range of infectious
diseases (pathogens).
Results are delivered in hours, compared with days
for traditional methods.
Timely and accurate diagnosis results in appropriate
infection control measures that reduce costs and
save lives.
By minimising customers' workloads and
maximising results, Genetic Signatures delivers
value to both customers and shareholders while
improving community health globally.
Contents
Chairman’s Letter .......................... 4
CEO Report ..................................... 6
Full Year Results Highlights .......... 8
Commercialisation Update ......... 10
EasyScreenTM Kits ....................... 14
Our People .................................... 16
SARS-CoV-2 Update .................... 18
Financial Report 2021 ................. 20
Analysis of Shareholdings .......... 70
Genetic Signatures Limited – Annual Report 2021
3
Chairman’s Letter
Dear fellow shareholder,
It is my pleasure to present the Genetic
Signatures annual report for the year
ended 30 June 2021.
Genetic Signatures has had another excellent year
that delivered a dramatic increase in revenue and
our first profitable full year in the company’s history.
Excellent progress was made on a number of fronts
across the product portfolio of molecular pathogen
testing, over and above tests for the SARS-CoV-2
virus that causes COVID-19.
The COVID-19 pandemic remains an ongoing
backdrop for the company and for the community in
general. Amid renewed and challenging lockdowns,
management has been able to ensure the continued
supply of testing kits to our customers while
keeping staff safe. All staff are proud of the role
that Genetic Signatures has played in providing
the diagnostic tools to help limit the spread of
COVID-19. I personally would like to commend each
member of the Genetic Signatures global team for
their dedication in performing their unique role in
ensuring the Company’s critically important tests
have contributed to the safety of the community in
the ongoing period of the COVID-19 pandemic.
Hopefully, increasing vaccination rates will help
supress COVID-19. But with elimination of the SARS-
CoV-2 virus increasingly difficult to achieve in the
short term, citizens globally are likely going to have to
coexist with the disease in one way or the other and
this would imply strong ongoing demand for regular
streamlined testing.
To date, more than three million Genetic Signatures
diagnostic tests of all types have been undertaken on
patient samples. Based on our proprietary 3base™
technology and sold under the EasyScreen™ brand,
these tests can detect groups of organisms – up to
20 at a time – from the one patient sample.
While SARS-CoV-2 has been a contributor to the
growth in revenue and overall financial performance,
Genetic Signatures continues to focus on the
development of its broader testing capabilities.
Work continues on several new products that are
at different stages of development, to supplement
those products that have already received regulatory
registrations in various global jurisdictions. This
investment in R&D programs is targeting multiple
new revenue opportunities.
For example, European authorities registered the
EasyScreen™ STI/Genital Pathogen Detection
Kit during the year, which now brings to five
Genetic Signatures Limited – Annual Report 2021 Solutions (a business unit of Roche Diagnostics).
A search is underway for additional Directors,
to further strengthen our Board.
On behalf of the Genetic Signatures board, I wish
to sincerely thank the management team and all
employees for their excellent work amid difficult
conditions. In particular the board acknowledges
Dr John Melki’s outstanding ongoing leadership.
I would also like to thank shareholders for their
ongoing support and look forward to updating the
market on the next exciting chapters of the unfolding
Genetic Signatures story.
Dr Nick Samaras
Chairman
EasyScreen™ detection kits available for sale in
Europe and UK. An application to the Therapeutic
Goods Administration (TGA) for STI kit registration
was also lodged and is currently pending approval.
Additionally, clinical trials in the USA for the Enteric
Protozoan test kit have continued to advance to
support an application to the US FDA to be able to
sell this product in the largest molecular diagnostics
market in the world.
Overall, Genetic Signatures had made great strides
since its ASX listing in March 2015. Sales have
increased from $1.8m in the first year of listing to
$28.3m this financial year, and as reported in July, a
very strong start to FY2022 sets up your company for
the year ahead.
Perhaps not surprisingly, recent interest in - and
understanding of - molecular diagnostics has
increased markedly as a result of the SARS-CoV-2
testing opportunities.
I would like to recognise the outstanding
commitment and stewardship of our Board. On
the personnel front, we were delighted at the
appointment of Dr Neil Gunn as a new director.
Dr Gunn brings 30 years of medical device and
diagnostics experience to the Company and most
recently was President of Roche Sequencing
5
On a financial note, the solid demand for our unique
Australian diagnostic technology continued to
drive our revenue, with a strong finish in the June
quarter. Sales for the year increased by more than
150 percent to $28.3m, and this momentum has
continued into the new financial year.
Notably, we have quadrupled the number of Genetic
Signatures branded instruments in the field over
the last 18 months. This is very important, as once
the device is incorporated into a lab’s workflow it is
easier to cross-sell other tests to the customer. We
also announced at the end of FY2021 our investment
in our next generation instrument. This instrument
will further reduce technician hands-on-time and
dramatically decrease the time-to-result, whilst
preserving the broad number of testing targets.
In light of the strong demand, Genetic Signatures
invested in expanding manufacturing capacity
through automation and increased staffing. We have
now sold kits in all our major target markets of the
US, Europe and Australia.
The US and Europe together account for 75 per cent
of global testing for infectious diseases. Thus, they
are our key markets and we continue to leverage the
market access we have gained during the pandemic,
with a view to enhancing customer knowledge of our
entire product suite.
Meanwhile, trading in the current (first) quarter
of FY2022 gives us confidence in the revenue
momentum continuing. However, client order
flows will be determined by the severity and
location of further COVID-19 outbreaks, the
take-up and ultimate effectiveness of vaccines,
and different governments’ response to them.
It is clear that symptomatic patients are now
coming forward for testing more frequently than
prior to the pandemic, and Genetic Signatures is
well placed to provide the tests and throughput
required by the testing laboratories.
Dr John Melki
Managing Director and CEO
CEO Report
Genetic Signatures has made great
progress amid the one-in-100-year
healthcare crisis. The pandemic has
highlighted the need for rapid and effective
diagnostic testing to ensure populations
are kept as safe as possible by identifying
those who need to isolate and who need
appropriate treatment.
While the company’s recent successes have been
strongly influenced by the SARS-CoV-2 testing
applications, the pandemic has demonstrated to
commercial laboratories the benefits of molecular
PCR based testing methods that are easy to use, with
minimal intervention required. Genetic Signatures
leveraged this interest to demonstrate the power
of our 3base™ technology to medium and high
throughput laboratories.
The pandemic has opened the doors to high
throughput laboratories overseas, introducing them
to Genetic Signatures’ technology and empowering
them to not only perform COVID-19 diagnosis but also
introduce them to testing for other pathogens, be it
respiratory, gastrointestinal, sexually transmitted
infections or other infectious diseases.
Genetic Signatures’ core 3base™ technology can
detect 20+ different pathogens at a time, from one
patient sample, whilst maintaining high throughput
screening. Replacing traditional methods, such as
the old ‘sample on a slide’ lab methods which are
still prevalent overseas, our tests reduce turnaround
time from days to hours, allowing medications such
as antibiotics to be more quickly dispensed, or for
patients to enter isolation sooner.
Genetic Signatures Limited – Annual Report 2021
77
Full Year Results Highlights
Revenue from operations ($m)
FY21 Sales per region
4-year CAGR = 93%
28.3
11.3
2.8
4.9
FY18
FY19
FY20
FY20
Genetic Signatures finished the year with record
revenue of $28.3m, 151% higher than FY2020 which
was also a record. SARS-CoV-2 diagnostic kit sales
drove the larger share of revenue though demand
for enteric kits has returned to pre-pandemic levels.
Instrument sales and reagent rentals were $1.5m for
the year. The number of Genetic Signatures’ branded
instruments in use has quadrupled since before the
pandemic.
EMEA
15%
ASIA
PACIFIC
79%
AMERICAS
6%
Overseas sales were 21% of overall revenue, up from
10% the previous year. In $ terms this represents a
six-fold increase in the contribution from Europe and
USA to $6m. Europe saw multiple new sites added
during the year while in the USA the Company’s
first customers were recruited. SARS-CoV-2 testing
volumes in both regions have declined from their
peak in December 2020 attributable largely to
successful vaccine programs. While testing is
increasing again in the first quarter of FY2022 it is
unclear if this will result in an increased number of
PCR tests being performed.
Australia, representing the vast majority of current
sales due to time in this market, increased revenue
significantly and this momentum has continued into
FY2022.
Genetic Signatures Limited – Annual Report 2021
FY21 financial highlights ($m)
Cash movements ($m)
28.3
30.0
0.4
(9.8)
31.2
2.6
0.3
(28.7)
0.2
30.1
(4.7)
(0.3)
(0.3)
Sales
revenue
Cost of
materials
& freight
Other
income
1.8
Net profit
(17.2)
Other
expenses
(incl
overhead)
Genetic Signatures has reported its first full year
Net Profit of $1.8m compared to a Net Loss of
$2.1m in FY2020. Cost of materials increased in
line with increased sales volumes though the gross
profit on materials improved to 70% up from 67%
in FY2020. Freight and warehousing are significant
costs now from increased inventory levels and the
higher proportion of shipments going overseas.
Expenses grew by $5.2m (43%) overall, driven
primarily by growth in employee benefits expense,
scientific consumables and depreciation &
amortisation expense. Employee benefits reflects
the appointment of additional people across
the organisation but particularly in sales and
production, but also includes share-based payments
expense of $1.5m that is a non cash item. Scientific
consumables comprises R&D expenditure and costs
associated with clinical trials.
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Cash balance at 30 June 2021 was $30.1m.
Net operating cash inflows for the year were
$4.2m. Gross outflows included investments
in inventory which increased to $12.1m from
$7.3m at 30 June 2020 to ensure that demand
from customers could be met, and purchases
of capital equipment for placement at customer
sites or to expand the Group’s production
capacity. The R&D tax refund will not be
available as a cash item in future years due
to sales exceeding the $20m threshold.
9
Regions Commercialisation Update
Asia Pacific
Sales progress
Asia Pacific sales at at this stage primarily
means Australia. This is Genetic Signatures’
home base and, as a consequence, the
Company’s most mature market, Australia
still accounts for the largest share of Genetic
Signatures' sales globally. Australia has also
been an early adopter of molecular testing
methodologies, even though it only represents
1-2 per cent of the global molecular diagnostics
testing market.
Sales were boosted by the recurrence of
outbreaks of COVID-19 and the resultant
lockdowns in NSW and Victoria, our two largest
markets. Naturally, these outbreaks resulted
in increased demand for rapid testing for
SARS-CoV-2.
During the year new sites across Australia were
added to the portfolio including the acquisition
of the first Queensland laboratory as a client.
Regulatory update
In Australia, Genetic Signatures has four
EasyScreen™ detection kits listed on the Australian
Register of Therapeutic Goods (ARTG) - SARS-
CoV-2, respiratory, enteric and antimicrobial
resistance (ESBL/CPO). The company has also
lodged an application for its EasyScreen™ STI/
Genital Pathogen Detection kit - registration has
been delayed by COVID-19 but is anticipated soon.
Genetic Signatures Limited – Annual Report 2021 Regions Commercialisation Update
North America
Sales progress
Regulatory update
The USA remains the largest molecular
diagnostics market globally so is a focus for
Genetic Signatures. The Group acquired its first
customers in USA during the financial year for
SARS-CoV-2 testing and this contributed $1.6m
in revenue. Overall, COVID-19 testing volumes in
the USA have reduced from their peak in Dec 2020
which impacted the Company's volumes in the 4th
quarter. North America also includes Canada, and
we were pleased to announce the appointment of
Somagen Diagnostics as a distributor.
Somagen Diagnostics is a leading provider of
innovative technologies over the past 25 years
committed to providing patient focused clinical
diagnostic solutions across Canada.
Genetic Signatures identified that testing for
Enteric Protozoa (parasites) is an underserved
market in the USA, and this offers a significant
opportunity for molecular tests using our 3base™
technology to greatly enhance this testing
capability. There are an estimated 5.5 million tests
done per annum and achieving a 40% market
share could generate up to US$88m per annum for
Genetic Signatures.
To gain access to the Enteric Protozoan testing
market Genetic Signatures needs to secure US Food
and Drug Administration (510k) clearance for its
EasyScreen™ diagnostics kit.
A key component of the application is provision of
clinical data from 3 US trial sites and a minimum
1,500 samples. Sites have been selected and data
collection is underway, though access to “live”
samples has been hampered by delays due to the
pandemic. The first site has almost completed its
data collection, the second site is in progress, and
the last site has been initiated and is ready to start.
The company is still confident that a submission will
be lodged by the end of the year, however this will
depend on patient recruitment numbers.
Market analysis is also being undertaken to
determine the next products to pursue FDA
clearance.
11
Regions Commercialisation Update
EMEA Europe, Middle East and Africa
Sales progress
This region was responsible for 15% of the Group’s
revenue in FY2021, up from 10% in FY2020 and
an impressive four-fold increase in dollar terms.
A number of new customer sites were established
using SARS-CoV-2 test kits, and encouragingly,
discussions are now underway with some of these,
and others, about adopting additional tests into
their testing portfolios.
Part of the transformative effect of FY21 is that the
COVID-19 pandemic has led to Genetic Signatures
securing its first consistent customers in Europe,
leading to sales levels that are almost 27 times
what they were just two years ago.
Regulatory update
In January the company was granted CE-IVD for the
EasyScreen™ STI/Genital Pathogen Kit, allowing the
Company to market this product to all 28 European
Union member countries plus the UK. Globally the
STI testing market is estimated to be $1.9bn pa.
This is the 5th diagnostic kit that has achieved
CE-IVD registration.
GSS Representation
Direct presence
Direct and appointed distributors
Appointed distributors
Direct presence
Direct and appointed distributors
Appointed distributors
Investor Presentation August 2019
2
Investor Presentation August 2019
2
Genetic Signatures Limited – Annual Report 2021 13
Expanding Range
of EasyScreen™ Kits
There are currently 9 product groupings
at different stages of development,
including 4 that are registered for sale in
at least 1 major jurisdiction. Registered
products still require continued review
and enhancements to ensure they are
best in class diagnostic kits.
Recently Genetic Signatures advised 3
new product groups for which tests are
being developed in addition to the Flavi/
Alpha viruses and Meningitis tests that
have been spoken of before. These are
Measles/Mumps/Rubella, Tick-borne
infections, and Dermatophytes.
Measles/
Mumps/Rubella
Tick-Borne
Disease
Measles, Mumps and Rubella (MMR) are highly
contagious viral diseases in which symptoms
usually develop 10-18 days after exposure to an
infected person and last 7-14 days. Although all
three diseases are vaccine preventable, recently
there has been a resurgence of disease due to
declining vaccine uptake. In 2017 over 110,000
people died from measles alone. Genetic Signatures
has been asked by several hospitals if it was
possible for us to produce a rapid multiplexed MMR
assay, which we have developed. The next stage of
this process will be clinical assessment.
Ticks are a species that can transmit a large number
of infectious agents to humans due to their lifecycle.
TBD is caused by various species of bacteria, virus
and protozoa, which are carried by ticks. Perhaps
the most well-known is Lyme disease which is
endemic world-wide. Other diseases include
Rocky Mountain spotted fever, typhus, Colorado
tick fever, anaplasmosis, tularemia, ehrlichiosis
and tick-borne encephalitis. Many TBDs cause
chronic debilitating diseases that are resistant to
therapies and are the cause of significant morbidity
worldwide. Very few molecular methods for the
diagnosis of TBD exist thus Genetic Signatures’ has
embarked on a new program to design an entirely
novel way to identify all agents of TBD rapidly and
sensitively from clinical samples to help diagnose
these neglected pathogens.
Genetic Signatures Limited – Annual Report 2021 Dermatophytes
Dermatophytes cause infections of the skin, hair
and nails. A well-known example of these fungal
skin infections is ringworm or tinea. Fungal growth
is usually restricted to the nonliving layer of the
skin or nails because of their inability to penetrate
viable tissue in healthy people. Infection may
become chronic and widespread if the host is
immunocompromised. When invasion occurs it
elicits a host immune response that can range from
mild to severe. Due to the unique 3base™ extraction
technology we believe our method will be superior,
quicker and have broader coverage than other
currently available commercial products.
Next Generation
Instrument
While GSS diagnostic kits are generally platform
agnostic (i.e. can be used on most commercially
available instruments), we currently offer four
different GSS branded instruments that have been
customised to improve processing efficiency while
maintaining throughput. These instruments are
either sold to customers or are provided under a
reagent rental arrangement.
One of our strategic objectives was the commitment
to developing a next generation “sample to result”
instrument that will be optimised for 3base™. Funds
raised in October 2019 were partly dedicated to
this project. Work has commenced on this project
and several suitable partners have been engaged.
Through the market research conducted, especially
learning from the COVID-19 pandemic, there are
key attributes the market wants to address. It gives
GSS a great opportunity to tailor solutions based
on market needs. This is an exciting project of
significant importance for the long-term success of
the Company.
15
Our people
A large reason for the success of Genetic Signatures,
in conjunction with its technology, is its people.
The Company has a growing team of dedicated and
highly capable individuals around the world who
ensure that the products are suited for purpose,
that our customers are supplied and supported to
the best of our ability, and that Genetic Signatures
meets all its regulatory and ESG obligations.
Investment in people, particularly into the Sales
and Production teams over the last 18 months has
allowed the Company to meet the extra demands
that COVID-19 has imposed. Total staff numbers are
now approximately 30% higher than pre-pandemic.
The value of diversity in the workforce is also
recognised, and the Group can boast an even split
of personnel between male and female, plus people
from many different cultural backgrounds.
Genetic Signatures Limited – Annual Report 2021 Staff allocation by function
Staff allocation by function
ADMIN &
SUPPORT
18%
PRODUCTION
/QC
19%
SALES
33%
R&D/VALIDATION
30%
80%
60%
40%
20%
0%
Sales
R&D/Val
Production/QC
Admin
Female
Male
17
SARS-CoV-2 Update
The COVID Virus
Detecting SARS-CoV-2
The coronavirus pandemic began in China
in late 2019 (COVID-19) and is caused by
the severe acute respiratory corona virus
2 (SARS-CoV-2).
Scientists have been studying the coronavirus
family, single stranded RNA viruses, for some time,
including MERS, SARS and the seasonal respiratory
coronaviruses, in an attempt to understand their
potential to cause a global pandemic.
By January 2020 scientists in China and then France
rapidly sequenced and shared the entire SARS-
CoV-2 genome.
Genetic Signatures moved quickly to use its 3base™
technology to develop a rapid, accurate, low-cost
diagnostic test for the presence of SARS-CoV-2
genes. Genetic Signatures’ EasyScreen™ SARS-
CoV-2 Detection Kit uses a polymerase chain
reaction (PCR) test, which remains a ‘gold standard’
for SARS-CoV-2 detection. EasyScreen™ detection
kits can be readily used with a range of front-end
sampling approaches and back-end diagnostic
(pathology) laboratories. Over the past year
Genetic Signatures achieved significant domestic
and international registrations and sales of its
EasyScreen™ SARS-CoV-2 Detection Kit.
Detecting SARS-CoV-2 will remain critical to
understanding and managing the pandemic, which
has an uncertain duration and severity1.
Understanding COVID-19 Risks and Treatments
Genetic tools are also key to
understanding how people respond to and
how we can potentially treat COVID-19
infections. The genetic makeup of each
person contributes to their susceptibility
and response to the virus along with
other factors like underlying health.
Since March 2020 research teams have studied
the genomes of more than 100,000 people with
COVID-19 trying to find genes that might indicate
who is susceptible to severe disease2.
A dozen or so genetic variants have strong
statistical association with severe COVID-19 3.
Studies of common and rare mutations are helping
us to understand the biological mechanisms of
disease and what drugs to test including those that
boost natural antiviral defences.
This is particularly key to understanding who is
susceptible to and mechanisms underlying ‘long-
Covid’ in order to continue to develop treatments.
There remains a particular need to study the
genomes of non-European populations to more
fully understand and address how COVID-19 is
impacting populations across the world.
Viral infections have the ability to alter the
epigenetic code and leave imprints in the human
genome. Genetic Signatures is investigating how
it can use its 3base™ technology platform to
detect certain genetic markers as an indicator of
severe COVID-19.
Genetic Signatures Limited – Annual Report 2021 Identifying and Mapping
Strains of SARS-CoV-2
RNA viruses typically have high mutation
rates. While SARS-CoV-2 has a notable
ability to ‘proofread’ its transcriptions,
epidemiologists estimate it still has a
mutation rate of 2 mutations per month
or about half that of influenza4.
Mutations are essentially mistakes in the genetic
sequence when the RNA replicates. The number
of mutations with potential negative impacts on
people will increase with each wave of infection.
Genomic epidemiology uses genomic sequence
data to study and model disease transmission and
population dynamics including how mutations arise
and spread.
As the pandemic progressed, scientists have named
and mapped key variations of the SARS-CoV-2
genome, like the Delta strain, to understand how it
is being transmitted and spread at a local and global
level. By March 2021 nearly a million SARS-CoV-2
genomic sequences had been shared globally5.
Some mutations have the potential to increase
transmissibility, infectiousness and/or virulence
and to make vaccines less effective.
Ultimately global suppression of the pandemic
is required to minimise mutations and further
outbreaks. We have a shared interest in
suppressing the virus in every country. We therefore
need to increase our ability to undertake quality
global genomic surveillance for SARS-CoV-2 and
potentially other respiratory pathogens.
Genetic Signatures 3base™ technology enables real
time, accurate, high volume and low-cost diagnosis
needed to continue to understand and manage
COVID-19 outbreaks across all countries including
those with low testing capability. While Genetic
Signatures have chosen to use gold-standard PCR
for EasyScreen™ detection kits, and have developed
efficient workflows on Genetic Signatures branded
instruments, the technology remains compatible
with all nucleic acid detection technology, and
can be “open platform” or suitable to be run on
equipment already present in testing laboratories.
Genetic Signatures’ front-line assays can detect
Delta and all other known new variants of SARS-
CoV-2. Genetic Signatures is developing assays to
identify specific strains of concern, such as the
Delta variant.
Through unprecedented global collaboration and
investment, effective vaccines for SARS-CoV-2
have been developed in less than a year. With
new messenger RNA (mRNA) vaccines, synthetic
mRNA encodes a protein that activates the immune
system. As mRNA vaccines are safe, inexpensive
and can be scaled up, they will help us develop
boosters to counter new COVID-19 variants.
With the roll out of vaccines, governments are
trialling differing COVID-19 testing strategies.
However, the need to monitor and respond to
COVID-19 outbreaks including new strains will
continue, with such monitoring becoming an
on-going part of all health systems as COVID-19
becomes an endemic disease akin to the
management of seasonal flu.
1 https://www.nationalgeographic.com/science/article/how-will-the-pandemic-
end-the-science-of-past-outbreaks-offers-clues
2 https://www.nature.com/articles/d41586-021-01827-w
3 Nature https://doi.org/10.1038/s41586-021-03767-x (2021).
4 https://www.nature.com/articles/d41586-020-02544-6
5 https://www.gisaid.org
19
For the financial year
ended 30 June 2021
Contents
Directors’ Report ..............................................................22
Remuneration Report .......................................................28
Financial Report
Consolidated Statement of Profit or Loss
and other Comprehensive Income ..........................36
Consolidated Statement of
Financial Position ....................................................37
Consolidated Statement of Changes in Equity .....38
Consolidated Statement of Cash Flows ................39
Notes to the Financial Statements .......................40
Directors’ Declaration ......................................................64
Auditors Declaration ........................................................65
Independent Audit Report ...............................................66
Analysis of Holdings ........................................................70
Shareholders Information ...............................................71
Genetic Signatures Limited – Annual Report 2021
Financial Report 2021
21
Directors’ Report
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
The directors present their report, together with the financial statements, on the company and its controlled
entities for the year ended 30 June 2021. This will hereafter be referred to as company, consolidated entity
or group.
DIRECTORS
The following persons were directors of the company during the whole of the financial year and up to the
date of this report, unless otherwise stated:
Nickolaos Samaras
John R Melki
Michael A Aicher
Anthony J Radford
Neil Gunn (appointed 6 April 2021)
PRINCIPAL ACTIVITIES
The principal activities of the Company during the financial year were the research and commercialisation
of identifying individual genetic signatures to aid in the diagnosis of infectious diseases and the sale of
associated products into the diagnostic and research marketplaces. There have been no significant
changes in these activities during the year.
REVIEW OF OPERATIONS
Genetic Signatures has had an exceptional year in which Company revenues have grown materially during
FY21, largely due to demand for the EasyScreen™ SARS-CoV-2 Detection Kit globally. The Group
successfully established itself in Europe and USA with supply agreements signed with new customers in
both regions.
In the financial year ending 30 June 2021, Genetic Signatures’ revenue was $28,284,000 representing a
151% increase over the previous year. This revenue growth was driven by demand for EasyScreen™
SARS-CoV-2 Detection Kit and has resulted in a quadrupling of instruments in use versus pre-pandemic
placements. Encouragingly, the proportion of sales to overseas customers rose to 21% of total sales, up
from 10% in FY21, in line with Company strategy to pursue the large regions of Europe and USA that
together represent ~75% of all molecular testing.
Revenue from operations ($m)
28.3
6.0
22.2
FY21
2.8
FY18
4.9
FY19
11.3
1.1
10.2
FY20
APAC
International
Genetic Signatures posted a maiden full year net profit of $1,756,000 compared to a net loss of $2,086,000
in FY20.
2
Genetic Signatures Limited – Annual Report 2021
for the financial year ended
30 June 2021
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Gross margins on materials were 70%, a 3% improvement over the previous year. Freight and
warehousing costs now represent a significant cost due to increased volumes generally plus overseas
shipments. Margins should continue and possibly improve in future as the proportion of international sales
rises. Employee benefits expense were up 50% vs. prior corresponding period to $10,024,000 as additional
personnel were added to the teams in Europe, USA and locally across all functions. This expense line also
includes share-based payments expense of $1,484,000, a non-cash item. Scientific consumables also
increased over 50% over prior year, reflecting the work on continuing and new R&D projects, and clinical
trial costs for the US FDA Enteric Protozoan submission. Depreciation and amortisation expenses were
also up as a result of significant growth in fixed assets, primarily instruments to place at customer sites but
also automation of manufacturing processes.
Cash balance was $30,121,000 at 30 June 2021. The Group has reported net operating cash inflows for
the year of $4,195,000 which includes collections from customers of $30,031,000. Offsetting this were
$4,653,000 investments in instrumentation for use at customer sites, and machinery for production.
Inventory balances are higher than 30 June 2020, though are declining as the increased purchases made
during the year to meet customer demand is now being used. Genetic Signatures is well capitalised to
make investments in future growth opportunities.
Commercialisation Progress by Market
Australia
Genetic Signatures’ home market continues to represent an important share of revenue contribution to the
Group. Sales were boosted late in the year as SARS-CoV-2 kit deliveries increased to meet demand
caused by the surge testing in NSW and Victoria. The Company started supplying a number of new sites
in Australia during the year and has recently secured its first site in Queensland.
Research and development activity continued through the year on current and newly announced projects
which include a next generation “sample to result” instrument optimised for 3base™ assays that Genetic
Signatures believes will give real competitive advantage to the Group. Other new infectious diseases
identified as opportunities are for measles/mumps/rubella due to falling vaccine rates globally, tick-borne
diseases, and dermatophytes which are fungal infections.
Europe
Europe (European Union and United Kingdom) represents ~35% of global molecular diagnostics market 1.
Sales increased four-fold over FY20 to $4.4m. All sales were COVID-19 related, though discussions are
underway with customers regarding adoption of other tests including the expanded Respiratory assays and
the Enteric range. Genetic Signatures now has five products registered for sale under CE-IVD: SARS-CoV-
2, Respiratory, Enteric, Anti-Microbial Resistance, and Sexually Transmitted Infections (STI) which
achieved its registration during the financial year.
North America
This is the largest market opportunity globally, and the US accounts for an estimated 40% of worldwide
molecular PCR testing revenue1. First routine sales were achieved in the region this financial year with a
contribution of $1.6m in SARS-CoV-2 kits and related equipment. Testing volumes have decreased from
their peak in December 2020 due to the concerted vaccination program through USA, though infection rates
appear to be increasing again. It is not apparent whether this will result in an increase in the number of
PCR tests performed.
FDA clearance for the Enteric Protozoan Detection Kit is a major plank in the Group’s strategy to expand
Genetic Signatures’ markets, and the Company is targeting up to 40% market share within 5 years of
clearance being granted, generating potential revenue of up to US$88m per annum. Clinical trials are being
conducted at three US sites to accompany the FDA application. These trials have been slower than hoped
with data collection being hampered by COVID related restrictions, such as sample collection and
availability of laboratories. One of the three sites is nearing completion of their sample testing though, while
the other sites are at the early stages. Genetic Signatures is still hopeful that its 510k application will be
submitted to FDA by the end of 2021.
1 World Market for Molecular Diagnostics, 5th. Edition (Infectious Disease, Oncology, Blood Screening, Pre-Natal
and Other Areas) Kalorama Information, Published: 1/9/2013 & company estimates
3
23
Directors’ Report
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Looking Forward
Genetic Signatures plans to continue to consolidate its gains through FY2022 and beyond, particularly in
international markets. The new financial year has started strongly, with the Group announcing sales of $4m
in July from testing due to outbreaks globally, but particularly in Australia. Whilst COVID-19 has been an
opportunity, the focus is on expanding the range of EasyScreen™ tests that current and new customers
use day to day.
The keys to future success for Genetic Signatures are:
• Focus on long term customer contracts and customer satisfaction. Ensuring that customers are
receiving both high performance products and a reliable service allows repeat business and a secure
future.
• Leverage COVID-19 to promote new tests to new and existing customers. SARS-CoV-2 has introduced
many laboratories to the benefits of both molecular PCR testing generally but also the 3base™
advantages, particularly for multiplex screening. The introduction of new tests using the same platforms
and workflow is relatively simple.
• Further product development. Continue to leverage the 3base™ technology to increase the number of
pathogens that can be tested.
If these can be achieved Genetic Signatures has a bright future.
STATE OF AFFAIRS
There have been no significant changes in the state of affairs of the Group during the year.
DIVIDENDS
No dividends were paid or were payable during the year (2020: NIL).
EVENTS SUBSEQUENT TO THE REPORTING DATE
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been financially positive
for the consolidated entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive
or negative, after the reporting date. The situation is rapidly developing and is dependent on measures
imposed by authorities in countries where Genetic Signatures supplies test kits, such as speed and
effectiveness of vaccine rollout, maintaining social distancing requirements, quarantine, travel restrictions
and any economic stimulus that may be provided.
Other than the above, there has not arisen in the interval between the end of the financial year and the
date of this report any other item, transaction or event of a material and unusual nature likely in the opinion
of the directors of the Company to affect significantly the operations of the Company, the results of those
operations or the state of affairs of the Company in future financial years.
LIKELY FUTURE DEVELOPMENTS
Likely developments in the operations of the Company and the expected results of those operations in future
financial years have not been included in this report as the inclusion of such information is likely to result in
unreasonable prejudice to the Company.
ENVIRONMENTAL COMPLIANCE
The Company’s operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a State or Territory.
4
Genetic Signatures Limited – Annual Report 2021
for the financial year ended
30 June 2021
DIRECTORS
Name:
Qualifications:
Experience:
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Nickolaos Samaras
BSc (Hons), PhD, MBA, FAIM, FAICD
Dr. Samaras has had over 30 years’ business experience in the global
Life Sciences industry and is a recognised and respected industry
expert. He has held a number of senior executive level positions in
management, marketing, sales, and research and development. His
roles have included appointments as Managing Director of Applied
Biosystems Pty Ltd (now part of Thermo Fisher), and senior roles with
Perkin Elmer and AMRAD Corporation (now part of CSL).
Dr. Samaras is an experienced executive, non-executive and Board
Chairman, having served on the boards of several biotechnology
companies including one that was ASX-listed. For the past 16 years
Dr. Samaras has focused his efforts on facilitating the international
market expansion of a number of US biotechnology companies and
developing commercial revenue channels outside of their traditional
onshore markets.
Dr. Samaras holds a BSc with Honours in Pathology and Immunology
from Monash University and a PhD from the Department of Medicine
at The University of Melbourne. He also holds postgraduate business
qualifications which include an MBA from the School of Management
at RMIT University and is a Fellow of the Australian Institute of
Company Directors.
Special responsibilities:
Non-Executive Chairman; Chairman Nomination and Remuneration
Committee; Chairman Audit & Risk Committee
Directorships of other listed
companies:
Nil
Interests in shares and options: 2,024,016 ordinary shares
Name:
Qualifications:
Experience:
John R Melki
BSc (Hons), PhD
Dr. Melki has led the commercialisation efforts of Genetic Signatures
as Chief Executive Officer since 2011. Dr. Melki originally joined
Genetic Signatures in 2003 where he was responsible for leading the
commercialisation of two research products (worldwide) and five
diagnostic products (locally and Europe) in the role of Senior Principal
Research Scientist. He has authored over 20 peer-reviewed articles
and is listed as an inventor on eight patent applications. Dr. Melki
received his BSc from the University of New South Wales and his PhD
from the University of Sydney, where his thesis was awarded the Peter
Bancroft Prize from the Medical School. His primary research focus
was in the sodium bisulphite conversion of DNA which is at the core of
Genetic Signatures’ 3base™ technology.
Special responsibilities:
Managing Director and Chief Executive Officer
Directorships of other listed
companies:
Nil
Interests in shares and options: 1,096,000 ordinary shares,
550,000 options over ordinary shares
5
25
Directors’ Report
Name:
Qualifications:
Experience:
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Anthony J Radford AO FTSE
BSc (Hons) PhD DipCorpMan
Dr. Anthony Radford has a PhD from La Trobe University, and was a
member of the CSIRO team that invented the QuantiFERON method
for Cellular Immune based diagnostics. He later joined AMRAD in
pharmaceutical research and was Head of Development in 2000 when
he left to co-found the diagnostic company Cellestis Limited, which
listed on the ASX in 2001. Establishing offices and operations in the
USA, Europe and Japan, Cellestis developed QuantiFERON –TB
Gold, the worldwide benchmark for diagnosis of tuberculosis infection.
Dr. Radford was CEO of Cellestis from founding until its acquisition by
QIAGEN NV in 2011. He is a Fellow of the Australian Academy of
Technology and Engineering, and a recipient of their Clunies Ross
Prize.
Special responsibilities:
Non-Executive; Member of Audit & Risk Committee and Nomination &
Remuneration Committee
Directorships of other listed
companies:
Nil
Interests in shares and options: 240,000 ordinary shares
Name:
Qualifications:
Experience:
Neil Gunn (appointed 6 April 2021)
BSc, Msc, PhD
Dr Gunn holds a PhD and Master of Science from Portsmouth
Polytechnic, UK. He has over 30 years’ experience in medical devices
and diagnostics. Most recently he was the President of Roche
Sequencing Solutions where he oversaw all aspects of the business
and managed a team of approximately 900 people. His team developed
and launched more than 20 products per year. Prior to this he was Vice
President of Roche’s Molecular Diagnostics business and was
responsible for over 120 diagnostic product launches principally into
the IVD clinical market.
Dr Gunn is based in San Francisco, USA.
Special responsibilities:
None
Directorships of other listed
companies:
Nil
Interests in shares and options: Nil
6
Genetic Signatures Limited – Annual Report 2021
for the financial year ended
30 June 2021
Name:
Qualifications:
Experience:
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Michael A Aicher
BSc, MBA
Mr. Aicher has over 30 years of industry experience and was CEO and
founder of National Genetics Institute (NGI) which was acquired
by Laboratory Corporation of America, Inc. (LabCorp) in 2000. Mr.
Aicher led LabCorp’s Esoteric Business Units, which generated more
than $1 billion in annual revenue. Prior to NGI, Mr. Aicher served in a
number of executive
roles at Central Diagnostics
Laboratory. He currently serves as a director on boards of Alveo
Technologies, Techcyte and CytoBay. He is certified by the University
of California at Berkeley as a Global Biotechnology Executive and is a
recipient of Ernst & Young’s “Entrepreneur of the Year” award for
emerging technologies. Mr. Aicher received a BS in Business
Administration from the University of Redlands and an MBA in
Economics from Columbus University.
leadership
Special responsibilities:
Executive Director – US Operations
Directorships of other listed
companies:
Nil
Interests in shares and options: 645,785 ordinary shares
Company Secretary
Name:
Experience:
Peter Manley
Peter Manley was appointed Company Secretary of Genetic
Signatures in March 2019. Peter is an experienced company secretary
who also holds the position of Chief Financial Officer. Previous roles
include CFO & Company Secretary for listed life sciences companies
AtCor Medical Holdings Limited (now Cardiex Ltd) and Sirtex Medical
Ltd.
DIRECTORS’ MEETINGS
The number of meetings of the board of directors (including board committees) held during the year
ended 30 June 2021, and the numbers of meetings attended by each director are set out below:
Name
Nickolaos Samaras
John R Melki
Anthony J Radford
Michael A Aicher
Neil Gunn
(appt. April 2021)
Board
Audit & Risk
Committee
Nomination &
Remuneration Committee
Held
8
8
8
8
2
Attended
8
8
7
8
2
Held
2
-
2
-
-
Attended
2
-
2
-
-
Held
2
-
2
-
-
Attended
2
-
2
-
-
7
27
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
DIRECTORS’ REPORT
Ongoing, commenced November 2014
Ongoing, commenced November 2014
$360,000, exclusive of superannuation, to be reviewed annually by
$360,000, exclusive of superannuation, to be reviewed annually by
the Remuneration Committee.
the Remuneration Committee.
Payment on early termination by the Group, other than for gross
Payment on early termination by the Group, other than for gross
misconduct, equal to the base salary plus superannuation
misconduct, equal to the base salary plus superannuation
entitlements for three months.
entitlements for three months.
Director & Chief Executive Officer
Director & Chief Executive Officer
John Melki
John Melki
Contract term:
Contract term:
Base salary:
Base salary:
Termination payments:
Termination payments:
Michael Aicher
Michael Aicher
Executive Director – US Operations
Executive Director – US Operations
Contract term:
Contract term:
Base salary:
Base salary:
Termination payments:
Termination payments:
Ongoing, commenced April 2014
Ongoing, commenced April 2014
$US120,000, to be reviewed annually by the Remuneration
$US120,000, to be reviewed annually by the Remuneration
Committee.
Committee.
No payment on early termination. Contract is terminable by either
No payment on early termination. Contract is terminable by either
party on one months’ notice.
party on one months’ notice.
Peter Manley
Peter Manley
Chief Financial Officer
Chief Financial Officer
Contract term:
Contract term:
Base salary:
Base salary:
Termination payments:
Termination payments:
Directors’ Report
Ongoing, commenced October 2018
Ongoing, commenced October 2018
$232,635 exclusive of superannuation, to be reviewed annually by
$232,635 exclusive of superannuation, to be reviewed annually by
the Remuneration Committee.
the Remuneration Committee.
Payment on early termination by the Group, other than for gross
Payment on early termination by the Group, other than for gross
misconduct, equal to the base salary plus superannuation for three
misconduct, equal to the base salary plus superannuation for three
months.
months.
This concludes the remuneration report which has been audited.
This concludes the remuneration report which has been audited.
OPTIONS
OPTIONS
There were 4,360,000 unissued ordinary shares of the company under option outstanding at the date of
There were 4,360,000 unissued ordinary shares of the company under option outstanding at the date of
this report. During the financial year 1,715,000 new options were issued, 296,250 were exercised, and
this report. During the financial year 1,715,000 new options were issued, 296,250 were exercised, and
337,500 were forfeited.
337,500 were forfeited.
INDEMNIFICATION OF OFFICERS AND AUDITORS
INDEMNIFICATION OF OFFICERS AND AUDITORS
Genetic Signatures Ltd paid an insurance premium during the financial year, for Directors’ & Officers
Genetic Signatures Ltd paid an insurance premium during the financial year, for Directors’ & Officers
Liability insurance cover.
Liability insurance cover.
No person has applied for leave of court to bring proceedings on behalf of the company or intervene in any
No person has applied for leave of court to bring proceedings on behalf of the company or intervene in any
proceedings to which the company is a party for the purpose of taking responsibility on behalf of the
DIRECTORS’ REPORT
proceedings to which the company is a party for the purpose of taking responsibility on behalf of the
company for all or any part if those proceedings.
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
company for all or any part if those proceedings.
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
The company’s operations are not regulated by any significant environmental regulation under a law of the
The company’s operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a state or territory.
DIRECTORS’ REPORT
NON-AUDIT SERVICES
Commonwealth or of a state or territory.
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
PROCEEDINGS ON BEHALF OF THE COMPANY
NON-AUDIT SERVICES
BDO or their related practices:
PROCEEDINGS ON BEHALF OF THE COMPANY
DIRECTORS’ REPORT
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
2020
2021
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
BDO or their related practices:
DIRECTORS’ REPORT
NON-AUDIT SERVICES
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
$
$
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
2020
2021
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party
15,700
27,345
Tax compliance services
$
$
proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party
BDO or their related practices:
for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.
11,500
-
Other non-audit services
NON-AUDIT SERVICES
15,700
27,345
Tax compliance services
for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.
2020
2021
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
$
$
NON-AUDIT SERVICES
11,500
-
Other non-audit services
27,200
27,345
Total fees for non-audit services
BDO or their related practices:
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
27,345
Tax compliance services
15,700
2021
2020
BDO or their related practices:
27,200
27,345
Total fees for non-audit services
11,500
-
Other non-audit services
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
$
$
2021
2020
audit services by the auditor, as set out above, did not compromise the auditor independence
Tax compliance services
15,700
27,345
$
$
27,200
27,345
Total fees for non-audit services
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
requirements of the Corporations Act 2001 for the following reasons:
27,345
15,700
NON-AUDIT SERVICES
Other non-audit services
-
11,500
audit services by the auditor, as set out above, did not compromise the auditor independence
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
During the financial year, the following fees for non-audit services were paid or payable to the auditor,
-
11,500
requirements of the Corporations Act 2001 for the following reasons:
BDO or their related practices:
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
they do not impact the integrity and objectivity of the auditor; and
Total fees for non-audit services
27,345
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
audit services by the auditor, as set out above, did not compromise the auditor independence
• None of the non-audit services undermine the general principles relating to auditor
27,345
they do not impact the integrity and objectivity of the auditor; and
requirements of the Corporations Act 2001 for the following reasons:
Tax compliance services
independence as set out in APES 110 Code of Ethics for Professional Accountants.
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
• None of the non-audit services undermine the general principles relating to auditor
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
Other non-audit services
audit services by the auditor, as set out above, did not compromise the auditor independence
independence as set out in APES 110 Code of Ethics for Professional Accountants.
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
they do not impact the integrity and objectivity of the auditor; and
Total fees for non-audit services
requirements of the Corporations Act 2001 for the following reasons:
audit services by the auditor, as set out above, did not compromise the auditor independence
• None of the non-audit services undermine the general principles relating to auditor
AUDITOR’S INDEPENDENCE DECLARATION
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
requirements of the Corporations Act 2001 for the following reasons:
independence as set out in APES 110 Code of Ethics for Professional Accountants.
On the advice of the Audit and Risk Committee, the directors are satisfied that the provision of non-
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
they do not impact the integrity and objectivity of the auditor; and
audit services by the auditor, as set out above, did not compromise the auditor independence
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
AUDITOR’S INDEPENDENCE DECLARATION
Act 2001 is set out on page 65.
requirements of the Corporations Act 2001 for the following reasons:
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
independence as set out in APES 110 Code of Ethics for Professional Accountants.
Act 2001 is set out on page 65.
• None of the non-audit services undermine the general principles relating to auditor
they do not impact the integrity and objectivity of the auditor; and
AUDITOR’S INDEPENDENCE DECLARATION
Rounding of Amounts
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
independence as set out in APES 110 Code of Ethics for Professional Accountants.
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
Rounding of Amounts
Act 2001 is set out on page 65.
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
AUDITOR’S INDEPENDENCE DECLARATION
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
nearest thousand dollars, or in certain cases, to the nearest dollar.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
Rounding of Amounts
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
Act 2001 is set out on page 65.
nearest thousand dollars, or in certain cases, to the nearest dollar.
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
A copy of the auditor’s independence declaration as required under section 307C of the Corporations
Act 2001 is set out on page 65.
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
Act 2001 is set out on page 19.
Rounding of Amounts
Rounding of Amounts
nearest thousand dollars, or in certain cases, to the nearest dollar.
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
This report is made in accordance with a resolution of directors.
nearest thousand dollars, or in certain cases, to the nearest dollar.
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
nearest thousand dollars, or in certain cases, to the nearest dollar.
This report is made in accordance with a resolution of directors.
Rounding of Amounts
The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding
off’ of amounts. Amounts in this report have been rounded off in accordance with the instrument to the
nearest thousand dollars, or in certain cases, to the nearest dollar.
• None of the non-audit services undermine the general principles relating to auditor
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
they do not impact the integrity and objectivity of the auditor; and
Tax compliance services
Other non-audit services
• All non-audit services have been reviewed by the Audit and Risk Committee to ensure that
• None of the non-audit services undermine the general principles relating to auditor
independence as set out in APES 110 Code of Ethics for Professional Accountants.
Total fees for non-audit services
2021
$
27,345
-
2020
$
15,700
11,500
27,200
27,200
13
13
27,345
27,200
This report is made in accordance with a resolution of directors.
This report is made in accordance with a resolution of directors.
This report is made in accordance with a resolution of directors.
This report is made in accordance with a resolution of directors.
John Melki
Director
John Melki
John Melki
Director
Director
John Melki
Sydney
Director
25 August 2021
Sydney
Sydney
25 August 2021
John Melki
25 August 2021
Director
Sydney
John Melki
25 August 2021
Director
Sydney
25 August 2021
Sydney
25 August 2021
14
14
14
14
14
14
Genetic Signatures Limited – Annual Report 2021
29
Remuneration Report
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
REMUNERATION REPORT - AUDITED
The remuneration report is set out under the following main headings:
1. Remuneration principles and key management personnel
2. Non-executive director remuneration
3. Executive remuneration
4. Equity disclosures
5. Employment agreements
The information provided includes remuneration disclosures that are required under AASB 124 – Related
Party Disclosures. These disclosures have been transferred from the financial report and have been
audited.
1 REMUNERATION PRINCIPLES AND KEY MANAGEMENT PERSONNEL
1.1 Policy for determining the nature and amount of key management personnel remuneration
The Board’s remuneration policy determines the nature and amount of remuneration for Board members
and senior executives of the Company. The policy, setting the terms and conditions for the Executive
Directors and other senior executives, was developed by the Remuneration & Nomination Committee and
approved by the Board. The Board ensures that the Company’s remuneration levels are appropriate in the
markets in which it operates and are applied, and seen to be applied, fairly.
Non-executive directors
Fees and payments to non-executive directors reflect the demands which are made on, and the
responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed with reference
to market rates for comparable companies. The chairman’s fees are determined independently to the fees
of non-executive directors. The Chairman is not present at any discussions relating to determination of his
own remuneration. Non-executive directors are entitled to receive share options, following approval by the
shareholders of Genetic Signatures Limited.
Non-executive directors’ fees are captured within an aggregate directors’ pool limit, which is periodically
recommended for approval by shareholders. The pool stands at $450,000 excluding share-based
payments which are subject to separate shareholder approval. This was increased from $250,000 at the
last AGM in November 2020.
Executive directors and senior executives
The objective of the Group’s executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aligns executive reward with
achievement of strategic objectives, and the creation of value for shareholders. The Board ensures that
executive reward satisfies the following key criteria.
Alignment to company and shareholders’ interests:
• Has company growth as a core component of plan design
• Focuses on sustained long-term growth in shareholder wealth
• Attracts and retains high calibre executives
• Total remuneration is comparable to market standards.
Alignment to program participants’ interests:
• Rewards capability and experience
• Reflects competitive reward for contribution to growth in company value
• Provides a clear structure for earning rewards
• Provides recognition for contribution.
The framework provides a mix of fixed and variable pay, and a blend of short and long-term incentives.
8
Genetic Signatures Limited – Annual Report 2021
for the financial year ended
30 June 2021
DIRECTORS’ REPORT
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
1.2 Key management personnel
1.2 Key management personnel
The following persons were key management personnel of Genetic Signatures Limited during the financial
year:
The following persons were key management personnel of Genetic Signatures Limited during the financial
year:
Non-executive directors
Dr Nickolaos Samaras - Chairman
Dr Anthony J Radford AO
Dr Neil Gunn (appointed 6 April 2021)
Non-executive directors
Dr Nickolaos Samaras - Chairman
Dr Anthony J Radford AO
Dr Neil Gunn (appointed 6 April 2021)
Executive directors
Dr John R Melki - Managing Director & Chief Executive Officer
Michael A Aicher - Executive Director, US Operations
Executive directors
Dr John R Melki - Managing Director & Chief Executive Officer
Michael A Aicher - Executive Director, US Operations
Other executives
Peter L Manley - Chief Financial Officer/Company Secretary
Other executives
Peter L Manley - Chief Financial Officer/Company Secretary
2 NON-EXECUTIVE DIRECTOR REMUNERATION
2 NON-EXECUTIVE DIRECTOR REMUNERATION
2.1 Directors’ Fees
2.1 Directors’ Fees
The current remuneration was increased for Directors in recognition of business growth and resulting extra
time and commitment from Non-executive Directors. Fees are inclusive of committee fees.
The current remuneration was increased for Directors in recognition of business growth and resulting extra
time and commitment from Non-executive Directors. Fees are inclusive of committee fees.
Board fees per annum
Board fees per annum
Chairman
Non-executive director (Australian based)
Non-executive director (overseas)
Chairman
Non-executive director (Australian based)
Non-executive director (overseas)
$108,000
$108,000
$60,000
$60,000
60,000 (USD, EUR or GBP depending on location)
60,000 (USD, EUR or GBP depending on location)
Superannuation
Superannuation contributions for Australian-based non-executive directors are in addition to the Board fees
and are calculated at a rate of 9.5% of the base fee, as required under the statutory superannuation
guarantee. Directors may elect to salary sacrifice additional payments to their fund.
Superannuation
Superannuation contributions for Australian-based non-executive directors are in addition to the Board fees
and are calculated at a rate of 9.5% of the base fee, as required under the statutory superannuation
guarantee. Directors may elect to salary sacrifice additional payments to their fund.
Share-based payments
Non-executive directors are not entitled to any performance related remuneration but may receive option
or equity grants if approved by shareholders.
Share-based payments
Non-executive directors are not entitled to any performance related remuneration but may receive option
or equity grants if approved by shareholders.
2.2 Non-executive director remuneration
2.2 Non-executive director remuneration
Non-executive directors
Non-executive directors
Nickolaos Samaras
Nickolaos Samaras
Anthony J Radford
Anthony J Radford
Neil Gunn
Neil Gunn
Total
Total
Year
Year
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2021
2020
2020
Cash salary
Cash salary
and fees
and fees
$
$
96,000
96,000
60,000
60,000
56,250
56,250
45,000
45,000
19,479
19,479
-
-
Super-
Super-
annuation
annuation
$
$
9,120
9,120
5,700
5,700
5,344
5,344
4,275
4,275
-
-
-
-
171,729
171,729
14,464
14,464
Share-based
Share-based
payments
payments
$
$
-
-
-
1,553
-
-
-
-
-
1,553
-
-
-
-
Total
Total
$
$
105,120
105,120
65,700
65,700
61,594
61,594
50,828
50,828
19,479
19,479
-
-
186,193
186,193
105,000
105,000
9,975
9,975
1,553
1,553
116,528
116,528
9
9
31
Remuneration Report
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
EXECUTIVE REMUNERATION
3
The executive pay and reward framework has four components:
• Base pay and benefits
• Other remuneration such as superannuation
• Short-term performance incentives, and
• Long-term incentives through participation in the Genetic Signatures Employee Incentive Plan
The combination of these comprises the executive’s total remuneration.
Base pay
Structured as a total employment cost package which may be delivered as a combination of cash and
prescribed non-financial benefits at the executive’s discretion.
Executives are offered a market competitive base pay that comprises the fixed component of pay and
rewards. Base pay for executive directors and senior executives is reviewed annually to ensure the
executive’s pay is aligned with the market. An executive’s pay is also reviewed on promotion.
There are no guaranteed base pay increases included in any executives’ contracts.
Benefits
Executives may receive benefits including parking, car allowances or health insurance.
Retirement Benefits
Statutory superannuation payments are made to a fund selected by Australian based executives.
Executives may also elect to salary sacrifice additional payments to their fund. No other retirement benefits
are offered.
Short term incentives
Each executive may have a target short-term incentive (STI) opportunity depending on the accountabilities
of the role and impact on the organisation or business unit performance.
Each year the remuneration committee considers the appropriate financial targets and KPI’s to link the STI
plan and the level of payout if targets are met. This includes setting any maximum payout under the STI
plan, and minimum levels of performance to trigger payment of STI.
For the year ended 30 June 2021, the KPI’s linked to STI plans were based on group, individual and
personal objectives. The KPI’s required performance growing sales revenue, with particular emphasis on
progress in overseas markets.
The remuneration committee is responsible for assessing whether KPI’s are met. To help make this
assessment, the committee receives detailed reports on performance from management.
The short-term bonus payments may be adjusted up or down in line with under or over achievement against
the target performance levels. This is at the discretion of the remuneration committee.
Long term incentives
Genetic Signatures Equity Incentive Plan (EIP)
Options are issued to executives (including the CEO) with the aim of aligning executive interests with those
of shareholders. The proportion of long-term incentives increases with the level of seniority of the executive.
Options are granted under the EIP. The Plan is open to those employees and Directors whom the Directors
believe have a significant role to play in the continued development of the Group’s activities.
Options are granted under the Plan for no consideration. They are granted for a 15-year period, and 25%
of each new tranche vests and is exercisable after each of the first four anniversaries of the date of the
grant. 350,000 options were issued in 2021 to key management personnel as at the date of this report.
Relationship between Remuneration Policy and Company Performance
The remuneration policy has been tailored to align shareholders, directors and executives’ goals. Two
methods have been applied to achieve this aim, the first being a performance-based bonus based on KPIs,
and the second being the issue of options to directors, executives and staff to encourage the alignment of
personal and shareholder interests.
The following table shows the gross revenue, profits and dividends for the last five years for the
consolidated entity, as well as the share prices at the end of the respective financial years. Analysis of the
actual figures show a history of ongoing losses as the consolidated entity continue to develop new products,
commercialise its existing products and develop new markets and customers.
10
Genetic Signatures Limited – Annual Report 2021 for the financial year ended
30 June 2021
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
The Board is of the opinion that these results can be attributed, in part, to the previously described
remuneration policy and is satisfied with the results over the past five years.
Revenue
Net profit/(loss) attributable to
owners of the parent entity
Share price at year end
Dividends paid (cents per share)
2021
$
28,284
1,756
2020
$
11,263
(2,086)
2019
$
4,866
(3,492)
2018
$
2,840
(3,254)
1.10
-
2.15
-
1.35
-
0.37
-
2017
$
2,038
(2,671)
0.395
-
Voting and Comments made at the Company’s 2020 Annual General Meeting (‘AGM’)
The Company received 99.9% of “for” votes in relation to its remuneration report for the year ended 30 June
2020. No issues were raised with Directors concerning the Report.
3.1 Executive director remuneration
Fixed
remuneration
Variable
remuneration
Cash
salary and
fees
$
354,736
Non-
monetary
benefits
$
1,964
Year
2021
Long-term
benefits:
Annual
and long
service
leave
$
Super-
annuation
$
25,000 28,818
Subtotal
$
410,518
2020
308,137
16,320
25,047 27,351
376,855
2021
161,552
2020
178,097
2021
227,264
2020
220,636
-
-
-
-
-
-
-
-
161,552
178,907
24,485 18,623
270,372
22,778 18,051
261,465
2021
743,552
1,964
49,485 47,441
842,442
2020
707,680
16,320
47,825 45,402
817,227
John R Melki
CEO
Michael A Aicher1
Executive Director
Peter L Manley
CFO
Total
Short term
incentive2
$
Share-
based
payments3
$
Total
$
624,750
-
-
148,070
161,552
563,827
72,490 141,742
38,902
-
-
15,000 124,606
95,981
45,000
402,446
87,490 266,348 1,196,280
193,070 134,883 1,145,180
178,907
409,978
John R Melki
CEO
Michael A Aicher1
Executive Director
Peter L Manley
CFO
Remuneration proportions
Fixed
%
At risk STI
%
At risk LTI
%
65%
67%
100%
100%
66%
65%
12%
26%
0%
0%
4%
11%
23%
7%
0%
0%
30%
24%
Year
2021
2020
2021
2020
2021
2020
1 M Aicher is paid in USD. Changes in base pay are attributable to the stronger AUD against the USD through
2
3
FY21 (Ave rate FY21: 0.7428, FY20: 0.6707).
Cash bonus is the amount paid or payable for the respective financial year.
This represents the proportional fair value of options on issue not yet vested or vested during the reporting period.
Options are valued using a Black-Scholes model as described in Note 18 to the accounts.
11
33
Remuneration Report
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Short term incentives
J.R. Melki
M.A. Aicher
P.L. Manley*
STI potential
Percentage of base
$
108,000
-
-
%
30
Paid
%
72
Forfeited
%
28
* Bonus payable to P Manley is 100% at discretion of the Board
EQUITY DISCLOSURES
4
4.1 Key Management Personnel Share Movements
Details of equity instruments (other than employee share ownership plan restricted shares) held directly,
indirectly or beneficially by key management personnel are as follows:
Name
Balance at
1 July 2020
Granted as
compensation
Received on
conversion of
restricted shares
Other
changes
Balance at
30 June
2021
Balance
held
nominally
N. Samaras
J.R Melki
M.A Aicher
A.J Radford
N Gunn
P.L Manley
Total
2,024,016
1,096,000
645,785
240,000
-
20,408
4,026,209
-
-
-
-
-
-
-
Employee Incentive Plan
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,024,016 1,393,000
1,096,000 1,096,000
645,785
240,000
-
20,408
4,026,209 3,395,193
645,785
240,000
-
20,408
Balance at
1 July 2020
Granted during the
year
No.
Value1
$
No.
Value1
$
J.R Melki
300,000 132,523
250,000 385,910
Exercised
during the
year
Value2
$
-
No.
-
P.L Manley 200,000 195,389
100,000 177,437
-
-
Forfeited
during the
year
Balance at 30
June 2021
Unvested
at 30
June
2021
Value2
$
-
Value1
$
550,000 518,429 350,000
No.
No.
-
300,000 372,825 200,000
No.
-
-
1
2
This represents the total value of the options over the life of the options from grant date using a Black-
Scholes valuation method. The amount is allocated against remuneration over the vesting period (total
allocation vests in 4 equal tranches from the 1st anniversary of the issue date).
Value equals the difference between the exercise price and the closing share price per the ASX on the
date of exercise/forfeiture multiplied by the number of options
EMPLOYMENT AGREEMENTS
5
Service contracts have been entered into by the Company with key management personnel, describing the
components and amounts of remuneration applicable on their initial appointment, including terms and
performance criteria for performance-related cash bonuses. These contracts do not fix the amount of
remuneration increases from year to year. Remuneration levels are reviewed generally each year by the
Remuneration Committee to align with changes in job responsibilities and market salary expectations. All
contracts are for an ongoing period.
All contracts can be terminated by either party with 3 months’ notice (or one month in the case of Michael
Aicher), subject to termination payments as described below:
12
Genetic Signatures Limited – Annual Report 2021
for the financial year ended
30 June 2021
DIRECTORS’ REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
John Melki
Director & Chief Executive Officer
Contract term:
Base salary:
Termination payments:
Ongoing, commenced November 2014
$360,000, exclusive of superannuation, to be reviewed annually by
the Remuneration Committee.
Payment on early termination by the Group, other than for gross
misconduct, equal to the base salary plus superannuation
entitlements for three months.
Michael Aicher
Executive Director – US Operations
Contract term:
Base salary:
Termination payments:
Peter Manley
Chief Financial Officer
Contract term:
Base salary:
Termination payments:
Ongoing, commenced April 2014
$US120,000, to be reviewed annually by the Remuneration
Committee.
No payment on early termination. Contract is terminable by either
party on one months’ notice.
Ongoing, commenced October 2018
$232,635 exclusive of superannuation, to be reviewed annually by
the Remuneration Committee.
Payment on early termination by the Group, other than for gross
misconduct, equal to the base salary plus superannuation for three
months.
This concludes the remuneration report which has been audited.
OPTIONS
There were 4,360,000 unissued ordinary shares of the company under option outstanding at the date of
this report. During the financial year 1,715,000 new options were issued, 296,250 were exercised, and
337,500 were forfeited.
INDEMNIFICATION OF OFFICERS AND AUDITORS
Genetic Signatures Ltd paid an insurance premium during the financial year, for Directors’ & Officers
Liability insurance cover.
No person has applied for leave of court to bring proceedings on behalf of the company or intervene in any
proceedings to which the company is a party for the purpose of taking responsibility on behalf of the
company for all or any part if those proceedings.
The company’s operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a state or territory.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party
for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.
13
35
Financial Report
Consolidated Statement of
Profit or Loss and Other
Comprehensive Income
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note
Consolidated
2021
$’000s
Sales Revenue
Other income
Cost of materials used
Freight on materials & finished goods
Employee benefits expense
Directors’ and consultancy fees
Depreciation and amortisation expenses
Finance costs
Scientific consumables
Travel and accommodation
Other expenses
Profit/(loss) before income tax
Income tax benefit
2
4
5
6
28,284
435
(8,486)
(1,318)
(10,024)
(399)
(1,425)
(36)
(2,761)
(262)
(2,252)
1,756
-
2020
$’000s
11,263
2,910
(3,739)
(566)
(6,671)
(443)
(883)
(33)
(1,769)
(327)
(1,828)
(2,086)
-
Profit/(loss) attributable to members of the entity
1,756
(2,086)
Other comprehensive income/(loss)
Items that maybe reclassified subsequently to
profit or loss:
Foreign Currency translation of foreign operations
Total comprehensive income/(loss) for the year,
net of tax
Earnings (loss) per share
Basic Earnings/(loss) per share to ordinary equity
holders of the company
Diluted Earnings/(loss) per share to ordinary equity
holders of the company
29
29
20
1,776
2021
cents
1.23
1.21
(111)
(2,197)
2020
cents
(1.64)
(1.64)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be
read in conjunction with the accompanying notes
17
Genetic Signatures Limited – Annual Report 2021
Consolidated Statement of
Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Note
Consolidated
2021
$’000s
2020
$’000s
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventory
Government grant receivable
Total Current Assets
Non-Current Assets
Property, plant and equipment
Intangible assets
Right of use assets - leases
Total Non-Current Assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Lease liabilities
Provisions
Total Current Liabilities
Non-Current Liabilities
Lease liabilities
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
7
8
9
10
11
12
13
12
14
12
14
15
16
30,121
5,373
12,134
-
47,628
5,659
371
389
6,419
31,176
5,223
7,252
2,554
46,205
2,675
101
734
3,510
54,047
49,715
3,352
334
938
4,624
65
18
83
2,368
313
657
3,338
428
20
448
4,707
3,786
49,340
45,929
84,164
3,334
(38,158)
84,013
1,830
(39,914)
49,340
45,929
The above Consolidated statement of financial position should be read in conjunction with the
accompanying notes
18
37
Financial Report
Consolidated Statement of
Changes in Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Consolidated
Issued
Capital
$’000s
Share based
payments
reserve
$’000s
Foreign
currency
translation
reserve
$’000s
Accumulated
losses
$’000s
Total
$’000s
Balance at 1 July 2019
47,028
1,413
(44)
(37,828)
10,569
Loss attributable to members of
the entity
Other comprehensive
income/(loss)
Total comprehensive
income/(loss) for the year
Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs (note 15)
Repayment of loans against
shares (note 15)
Share issues on conversion of
options
Forfeiture of share-based
payments (note 16)
Share-based payments
(note 16)
-
-
-
35,608
1,234
143
-
-
-
-
-
-
-
-
(59)
631
-
(2,086)
(2,086)
(111)
(111)
-
(111)
(2,086)
(2,197)
-
-
-
-
-
-
-
-
-
-
35,608
1,234
143
(59)
631
Balance at 30 June 2020
84,013
1,985
(155)
(39,914)
45,929
Profit attributable to members of
the entity
Other comprehensive
income/(loss)
Total comprehensive
income/(loss) for the year
Transactions with owners in
their capacity as owners:
Share issues on conversion of
options, net of costs (note 15)
Forfeiture of share-based
payments (note 16)
Share-based payments
(note 16)
-
-
-
151
-
-
Balance at 30 June 2021
84,164
-
-
-
-
(235)
1,719
3,469
-
20
20
-
-
-
1,756
-
1,756
20
1,756
1,776
-
-
-
151
(235)
1,719
(135)
(38,158)
49,340
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes
19
Genetic Signatures Limited – Annual Report 2021
Consolidated Statement
of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note
Consolidated
2021
$’000s
2020
$’000s
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees inclusive
of GST)
Interest and other income received
Lease costs (interest)
Research and development concession received
Net cash provided by/(used in) operating
activities
Cash flows from investing activities
Purchase of plant and equipment
Purchase of intangible assets
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares, net of costs
Proceeds from conversion of employee share
ownership plan restricted shares
Proceeds from exercise of options
Share issue costs
Lease costs (principal)
Net cash (used in)/provided by financing
activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of
financial year
Exchange differences on cash and cash
equivalents
12
25(b)
11
15
15
15
15
Cash and equivalents at end of financial year 25(a)
30,031
(28,680)
326
(36)
2,554
4,195
(4,653)
(326)
(4,979)
-
-
163
(12)
(341)
(190)
(974)
8,882
(20,619)
129
(33)
2,147
(9,494)
(2,275)
(75)
(2,350)
37,500
1,234
143
(1,892)
(299)
36,686
24,842
31,176
6,312
(81)
30,121
22
31,176
The above consolidated statement of cash flows should be read in conjunction with the
accompanying notes
20
39
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of preparation
These general-purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial
statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board ('IASB'). The Company has adopted all the amendments
to Australian Accounting Standards issued by the Australian Accounting Standards Board, which are
relevant to and effective for the Company’s financial statements for the financial year beginning 1
July 2020. There was no material impact on the financial statements from the adoption of these new
accounting standards.
The financial report has been prepared on an accrual basis and is based on historical costs, modified,
where applicable by the measurement at fair value of selected non-current assets, financial assets
and financial liabilities.
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the company's
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements are disclosed in note 1(v).
(a) Basis of Consolidation
The consolidated financial statements comprise the financial statements of Genetic Signatures
Limited and its subsidiaries, Genetic Signatures US Ltd and Genetic Signatures UK Ltd.
Subsidiaries are entities (including structured entities) over which the group has control. The
group has control over an entity when the group is exposed to, or has rights to, variable returns
from its involvement with the entity, and has the ability to use its power to affect those returns.
Subsidiaries are consolidated from the date on which control is transferred to the group and
are deconsolidated from the date that control ceases.
All intercompany balances and transactions, including unrealised profits arising from intragroup
transactions have been eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of the impairment of the asset transferred.
(b)
Income tax
The income tax expenses/(benefit) for the year comprise current income tax expense/(benefit)
and deferred tax expenses/(benefit).
Current income tax expenses charged to the profit or loss is the tax payable on taxable income
calculated using applicable income tax rates enacted, or substantially enacted, as at the end
of the reporting period. Current tax liabilities/assets are therefore measured at the amounts
expected to be paid to /recovered from the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability
balances during the year as well as unused tax losses.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to
the period when the asset is realised or the liability settled, based on tax rates enacted or
substantively enacted at reporting date. Their measurement also reflects the manner in which
management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised
only to the extent that it is probable that future taxable profit will be available against which the
benefits of the deferred tax asset can be utilised.
21
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
Where temporary differences exist in relation to investment in subsidiaries, branches,
associates, and joint ventures, deferred tax assets and liabilities are not recognised where the
timing of the reversal of the temporary difference can be controlled and it is not probable that
the reversal will occur in the foreseeable future
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists
and it is intended that net settlement or simultaneous realisation and settlement of the
respective asset and liability will occur. Deferred tax assets and liabilities are offset where a
legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable
entities where it is intended that net settlement or simultaneous realisation and settlement of
the respective asset and liability will occur in future periods in which significant amounts of
deferred tax assets or liabilities are expected to be recovered or settled.
(c)
Property, plant and equipment
Each class of plant and equipment is carried at cost or fair value as indicated less, where
applicable, any accumulated depreciation and impairment losses.
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors of the company
to ensure it is not in excess of the recoverable amount from those assets. The recoverable
amount is assessed on the basis of the expected net cash flows which will be received from
the assets employed and subsequent to disposal. The expected net cash flows have been
discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the company and the cost of the item can be measured reliably. All other
repairs and maintenance expenses are charged to the income statements during the financial
period in which are incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over their
estimated useful lives to the company commencing from the time the asset is held ready for
use.
The depreciation rates used for each class of depreciable asset are:
Class of fixed asset
Plant and equipment
Depreciation period
1-10 years
The assets residual values and useful lives are reviewed and adjusted if appropriate at each
reporting date.
Gains and losses on disposal are determined by comparing the net proceeds with the carrying
amount prior to disposal. Any gains or losses are included in the statement of profit or loss and
comprehensive income.
22
41
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
(d) Goods and Services Tax
Revenues, expenses and assets are recognised net of GST, except where the amount of GST
incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable.
The net amount of GST recoverable from, or payable to, the ATO is included within other
receivables or payables in the statements of financial position.
Cash flows are presented on a gross basis, except for the GST component of investing and
financing activities which are recoverable from, or payable to ATO are disclosed as operating
cash flows.
(e)
Financial instruments
Classification
The Group classifies financial assets as either:
• Those to be measured subsequently at fair value; or
• Those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets
and the contractual terms of the cash flows. For assets measured at fair value, gains and losses
will be either recorded in profit & loss or other comprehensive income.
Recognition and derecognition
Purchases and sales of financial assets are recognised on the date the Group commits to
purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried
at FVPL are expensed in profit or loss.
(i)
Loans and receivables
Loans and receivables are assets held for collection of contractual cashflows where those
cashflows represent payment of principal and interest measured at amortised cost.
Loans and receivables are included in current assets, except for those which are not expected
to mature within 12 months after the end of the reporting period, which will be classified as
non-current assets.
Any interest income from these financial assets is included in finance income using the effective
interest rate method.
(ii)
Financial liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured
at amortised cost.
23
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
(iii) Equity instruments
The group subsequently measures all equity investments at fair value. Changes in the fair
value of financial assets are recognised in other gains/(losses) in the statement of profit or loss
as applicable. Impairment losses (and reversal of impairment losses) on equity investments
are not reported separately from other changes in fair value.
The Group does not currently hold any equity investments.
Fair Value
Fair value is determined based on current bid prices for all quoted investments. Valuation
techniques are applied to determine the fair value for all unlisted securities, including recent
arm’s length transactions, reference to similar instruments and option pricing models.
Impairment
At the end of each reporting period, the Group assesses whether there is objective evidence
that a financial instrument has been impaired. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
The Group applies the AASB9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables and contract assets. These
assumptions include recent sales, historical collection rates and forward looking information,
including consideration for the potential impact of the ongoing COVID-19 pandemic.
(f)
Revenue recognition
Revenue from the sale of goods is recognised when control of the goods has passed to the
buyer which usually occurs on delivery. This revenue is classified into 3 categories, being:
Sale of Goods – Reagents and Consumables
The Group manufactures and sells test kits for use in pathology laboratories. It also purchases
disposable items for resale that are used by the pathology laboratories in conjunction with the
test kits. Sales are recognised when control of the products has transferred, being the point in
time when the products are delivered to the customer’s specified location, the amount of
revenue can be measured reliably, and it is probable that payment will be received by the
Group.
Sale of Goods – Equipment and rental
The consolidated entity provides equipment to customers if required which may be as an
outright sale or be a placement under a lease arrangement. Where the equipment is sold the
sale is recognised when control of the products has transferred, being the point in time when
the products are delivered to the customer’s specified location, the amount of revenue can be
measured reliably, and it is probable that payment will be received by the Group. In the event
the Group enters a lease, an assessment will be made as to the classification of that lease. A
lease will be classified as a finance lease if it transfers substantially all of the risks and rewards
associated with the underlying asset. Otherwise the lease will be classified as an operating
lease. Where the lease meets the definition of a finance lease revenue is recognised by
applying the interest rate within the lease arrangement to the future lease payments and the
estimated value of any unguaranteed end of term earnings or secondary income. Operating
lease income will be recognised as income over time per the terms of the agreement with the
customer, which may be as a cost per test or a periodic rental value.
24
43
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
Sale of Goods – Service
If a customer has purchased or is using Group owned equipment there may be a service charge
levied to maintain the equipment. Revenue is recognised over time in the period that the service
is rendered.
Interest revenue is recognised on a proportional basis taking into account the interest rates
applicable to the financial assets.
All revenue is stated net of the amount of goods and services tax (GST).
Grant revenue is recognised when it is received or when the right to receive payment is
established.
(g)
Trade and other payables
Accounts payable represent the principal amounts outstanding at the reporting date plus,
where applicable, any accrued interest.
(h)
Impairment
At each reporting date, the company assesses whether there is any indication that an asset
may be impaired. The assessment will include the consideration of external and internal
sources of information including dividends from subsidiaries, associates or jointly controlled
entities deemed to be out of pre-acquisition profits. If such an indication exists, an impairment
test is carried out on the asset by comparing the recoverable amount of the asset, being the
higher of the asset's fair value less costs to sell and value in use, to the asset's carrying value.
Any excess of the asset's carrying value over its recoverable amount is expensed to the
statement of profit or loss and other comprehensive income.
Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(i)
Cash and cash equivalents
For the purposes of the statement of cash flows, cash includes cash on hand and at call
deposits with banks or financial institutions and net of bank overdrafts.
(j)
Inventories
Inventories include raw materials, work in progress and all items available for resale, including
equipment (defined in 1(f)) and goods in transit.
Inventories are measured at the lower of cost and net realisable value. Cost comprises direct
materials, direct labour and an appropriate portion of variable and fixed overheads, the latter
being allocated on the basis of normal operation capacity.
Net realisable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make the sale.
(k)
Trade and other receivables
Trade receivables are initially recognized at fair value and subsequently measured at
amortised cost using the effective interest method, less any provision for impairment. Trade
receivables are generally due for settlement within 30 days.
The Group applies the AASB9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables and contract assets. Trade
receivables and contract assets have shared credit risk characteristics and, as such, the
expected loss rates for trade receivables are a reasonable approximation of loss rates for
contract assets. Losses incurred in the last 3 years represent less than 1% of receivables and
are immaterial. The Group has made a provision for impairment against an invoice that is in
dispute and is considered to be at reasonable risk.
Other receivables are recognized at amortised cost, less any provision for impairment.
25
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
(l)
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other
finance costs are expensed in the period in which they are incurred, including interest in respect
of lease liabilities.
(m) Employee benefits
Provision is made for the company’s liability for employee benefits arising from services
rendered by employees to the reporting date. Employee benefits that are expected to be settled
within one year have been measured at the amounts expected to be paid when the liability is
settled, plus related on-costs. Employee benefits payable later than one year have been
measured at the present value of the estimated future cash outflows to be made for those
benefits.
(n) Provisions
Provisions are recognised when the entity has a legal or constructive obligation, as a result of
past events, for which it is probable that an outflow of economic benefits will result, and that
outflow can be reliably measured.
(o)
Leases
The Group leases business premises (offices and laboratories) and office equipment. Rental
contracts are typically for a fixed period of 12 months to 60 months and may include extension
options. From 1 July 2019 leases are recognised as a right of use asset and a corresponding
liability at the date at which the lease is available for use by the Group. Assets and liabilities
are measured on a present value basis.
Lease payments are discounted using the interest rate implicit in the lease. Where a rate
cannot be readily determined from the lease (generally the case) then the lessee’s incremental
borrowing rate will be used, being the rate the lessee would have to pay to borrow the funds to
obtain the equivalent asset. As the Group does not have any borrowings the incremental
borrowing rate has been determined using a build-up approach whereby the risk-free rate is
adjusted for credit risk, considering factors such as term, country, and currency.
The Group has no variable lease payments in its leases, nor do any of the leases have an
option to extend the term.
Right of use assets are depreciated on a straight-line basis over the term of the lease.
Lease payments for operating leases of low value items or for a period of less than 12 months,
where substantially all the risks and benefits remain with the lessor, are charged as expense
in the period in which they are incurred. Refer to note 12 for further information pertaining to
the Group’s right of use assets and liabilities.
(p) Share-based payments
Equity-settled share-based payments with employees and others providing similar services are
measured at fair value of the equity instrument at the grant date. Further details on how the fair
value of equity-settled share-based transactions has been determined can be found in note 18.
The fair value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the Company’s estimate
of equity instruments that will eventually vest.
(q) Parent entity financial information
The financial information for the parent entity, Genetic Signatures Limited, disclosed in note
26, has been prepared on the same basis as the consolidated financial statements.
26
45
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
(r)
Earnings per share
Basic earnings per share are calculated by dividing:
•
•
the profit attributable to owners of the Company, excluding any costs of servicing equity
other than ordinary shares; and
by the weighted average number of ordinary shares outstanding during the financial
year.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account dilutive potential ordinary shares.
(s)
Foreign currency translation
The financial statements are presented in Australian dollars, which is Genetic Signatures
Limited's functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates
prevailing at the dates of the
transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at financial year-
end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
Foreign operations
the reporting date. The revenues and expenses of
The assets and liabilities of foreign operations are translated into Australian dollars using the
exchange rates at
foreign
operations are translated into Australian dollars using the average exchange rates, which
approximate the rates at the dates of the transactions, for the period. All resulting foreign
exchange differences are recognised in other comprehensive income through the foreign
currency reserve in equity.
(t)
Software development
Costs incurred in developing or acquiring software, licences or systems that will contribute
future financial benefits are capitalised. These include external direct costs of materials and
service. IT development costs include only those costs directly attributable to the
development phase and are only recognised following completion of technical feasibility,
where the Group has the intention and ability to use the asset.
(u) New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or
amended but are not yet mandatory, have not been early adopted by the consolidated entity
for the annual reporting period ended 30 June 2021. The consolidated entity has not yet
assessed the impact of these new or amended Accounting Standards and Interpretations.
27
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 1: Statement of Significant Accounting Policies (continued)
(v) Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgements incorporated into the financial report based
on historical knowledge and best available current information. Estimates assume a
reasonable expectation of future events and are based on current trends and economic data,
obtained both externally and within the company.
Key estimates – valuation of employee share option plan shares
At each reporting date, the entity revises its estimate of the number of rights that are expected
to become exercisable. The employee benefit expense recognised each period takes into
account the most recent estimate. The impact of the revision to the original estimates, is
recognised in profit or loss with a corresponding adjustment to equity. The fair value is
measured at grant date and recognised over the period during which the employee becomes
unconditionally entitled to the restricted shares or options.
Judgements - research and development claim
Judgement is required in determining the amount of grant revenue relating to the research and
development claim. There are certain transactions and calculations undertake during the
ordinary course of business for which the ultimate tax determination may be subject to change.
The company calculates its research and development claim based on the company’s
understanding of the tax law. Where the final outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the profit or loss in the year
in which such determination is made.
Judgements – provisioning for inventory
Inventories generally have expiry dates and the Group provides for product that have expired
or are close to expiry. Expiry dates for raw material are no longer relevant once the materials
are used in production. At this stage the relevant expiry date is that applicable to the resultant
intermediate or finished product.
Various factors affect the assessment of recoverability of the carrying value of inventory,
including regulatory approvals and future demand for the Group’s products. These factors are
taken into consideration in determining the appropriate level of provisioning for inventory.
Judgements - COVID-19 pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19)
pandemic has had, or may have, on the Group based on known information. This consideration
extends to the nature of the products and services offered, customers, supply chain, staffing
and geographic regions in which the Group operates. Other than as addressed in specific
notes, there does not currently appear to be either any significant impact upon the financial
statements or any significant uncertainties with respect to events or conditions which may
impact the consolidated entity unfavourably as at the reporting date or subsequently as a result
of the Coronavirus (COVID-19) pandemic.
28
47
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 2: Revenue
Disaggregation of revenue
The Group derives revenue from the transfer of goods and services over time and at a point in
time in the following major product and geographical regions
Consolidated - 2021
Revenue lines
Reagents & consumables
Equipment sales & rental
Service contracts
Timing of revenue recognition
Goods transferred at a point in time
Services transferred over time
Consolidated - 2020
Revenue lines
Reagents & consumables
Equipment sales & rental
Service contracts
Timing of revenue recognition
Goods transferred at a point in time
Services transferred over time
Note 3: Financial Reporting Segments
Asia
Pacific
$’000s
EMEA
$’000s
Americas
$’000s
Total
$’000s
21,743
483
19
3,589
837
-
1,435
178
-
26,767
1,498
19
22,245
4,426
1,613
28,284
22,226
19
4,426
-
1,613
-
28,265
19
22,245
4,426
1,613
28,284
Asia
Pacific
$’000s
EMEA
$’000s
Americas
$’000s
Total
$’000s
9,430
663
60
770
337
-
3
-
-
10,203
1,000
60
10,153
1,107
3
11,263
10,093
60
1,107
-
3
-
11,203
60
10,153
1,107
3
11,263
The Group is operated under one business segment which was the research and commercialisation
of identifying individual genetic signatures to identify diseases and disabilities.
Major customers
During the year ended 30 June 2021 there were two customers (2020: two) that each contributed
over 10% of the consolidated entity’s external revenue.
29
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 3: Financial Reporting Segments (continued)
Geographic locations
Asia Pacific
The Group’s head office and manufacturing operation is based in Sydney, Australia.
79% of the revenue was generated within the Australian entity.
EMEA
This business comprises Eastern and Western Europe, Middle East including Israel, and Africa. The
Group is represented by employees in UK and Germany.
Americas
The Group’s North American business includes the United States and Canada. The Group proposes
to sell products in this region and is currently having its products evaluated by the US FDA.
Operations are currently based in California, USA.
Consolidated - 2021
Asia
Pacific
$’000s
EMEA
$’000s
Americas
$’000s
Total
Segment revenue
Intersegment sales
Total sales from external customers
Other revenue
Segment revenue from external customers
25,397
(3,152)
22,245
-
22,245
4,447
(21)
4,426
-
4,426
1,679
(66)
1,613
-
1,613
31,523
(3,239)
28,284
-
28,284
Segment result from external customers
9,948
1,541
(457)
3,032
Unallocated revenue less unallocated expenses
Profit before income tax
Income tax
Net profit after tax
Consolidated - 2020
(1,276)
1,756
-
1,756
Segment revenue
Intersegment sales
Total sales from external customers
Other revenue
Segment revenue from external customers
10,153
-
10,153
2,554
12,707
1,107
-
1,107
-
1,107
3
-
3
-
3
11,263
-
11,263
2,554
13,817
Segment result from external customers
23
(515)
(952)
(1,444)
Unallocated revenue less unallocated expenses
Loss before income tax
Income tax
Net loss after tax
(642)
(2,086)
-
(2,086)
30
49
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 4: Other income
Interest income
Government Grant (R&D Rebate)*
Export Market Development Grant
Other income
Total other income
Consolidated
2021
$’000s
2020
$’000s
206
-
100
129
435
271
2,554
-
85
2,910
* The group exceeded the $20 million aggregate turnover rate imposed by the ATO and therefore
did not qualify for the R&D cash rebate for the 30 June 2021 financial year.
Note 5: Expenses
Finance costs
Interest charges
Superannuation expense
Defined contribution superannuation expense (including
non-executive Directors)
Write-down of inventory to net realisable value*
Items included in other expenses include:
Patents – lodgement and maintenance
Foreign exchange loss
Consolidated
2021
$’000s
2020
$’000s
36
33
466
290
270
143
71
-
153
133
* Write-down of inventory to net realisable value included in the cost of materials used in the
statement of profit or loss and other comprehensive income. Refer to Note 9 for details of inventories.
Note 6: Income tax
Consolidated
2021
$’000s
2020
$’000s
Numerical reconciliation of income tax benefit to prima
facie tax payable
Prima facie income tax (benefit) on profit/(loss) from ordinary
activities at 26% (2020: 27.5%)
715
(1,048)
Add/(less)tax effect of:
- non-deductible items
- tax losses not brought to account
- research and development tax credit
- temporary differences not brought to account
Income tax benefit attributable to entity
2,459
329
(2,902)
(601)
-
1,862
(587)
-
(328)
-
31
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 6: Income tax (continued)
The consolidated entity has recorded its first profit during the year ended 30 June 2021. The
consolidated entity currently has carried forward losses of $6,384,000 from prior years in respect to
its Australian operations, approximately US$3,633,000 in respect to its North American operations,
and GBP164,000 from its UK operations. The utilisation of these carried forward losses is conditional
on the consolidated entity meeting the conditions for deductibility imposed by the law in the period
in which the consolidated entity derives sufficient taxable income in order to utilise these losses. For
the year ended 30 June 2021, management has reviewed the deductibility of these losses in
comparison to the estimated taxable income derived by the consolidated entity and are confident
that sufficient losses are available to offset the taxable income for the financial year ended 30 June
2021. Whilst the consolidated entity has continued to trade positively due to the COVID-19 induced
demand, it is currently not known with sufficient certainty how the consolidated entity’s trade will
transpire for the FY22 period and beyond. As a consequence, the consolidated entity has elected
not to recognise any deferred tax assets or carried forward income tax losses until the probability of
recoupment is sufficiently certain.
Note 7: Cash and cash equivalents
Cash at bank and on hand
Cash on deposit (maturity < 12 months)
Consolidated
2021
$’000s
5,121
25,000
30,121
2020
$’000s
16,176
15,000
31,176
Cash at bank and on hand bears floating interest rates. The interest rate relating to cash and cash
equivalents for the year was between nil% and 0.4% (2020: between nil% and 1.8%).
Genetics Signatures Limited has an unused credit card facility with the bank at the year-end date of
$57,000 (2020: $57,000).
Note 8: Trade and other receivables
Consolidated
Current
Trade debtors (a)
Provision for expected credit losses
Other receivables (b)
2021
$’000s
5,106
(143)
4,963
410
5,373
2020
$’000s
4,649
-
4,649
574
5,223
a. Past due but not impaired and impairment of receivables
Customers with balances past due amount to $810,000 as at 30 June 2021 ($502,000 as at 30
June 2020) of which the company has recognised a provision for expected credit losses of
$143,000 (2020: $NIL) in profit or loss for the year ended 30 June 2021 (2020: $NIL).
b. Other receivables
These amounts relate to prepayments and accrued interest. None of these receivables are
impaired or past due but not impaired.
c. Fair value and credit risk
Due to the short-term nature of these receivables, their carrying value is assumed to approximate
their fair value. Information about the Company’s exposure to fair value and credit risk in relation
to trade and other receivables is provided in note 27.
32
51
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 9: Inventory
Consolidated
2021
$’000s
6,681
737
4,963
23
(270)
12,134
Consolidated
2021
$’000s
-
Consolidated
2021
$’000s
9,539
(3,880)
5,659
Plant &
equipment
$’000s
4,019
2,275
(632)
5,662
(2,646)
(521)
180
(2,987)
2,675
5,662
4,653
(775)
9,540
(2,987)
(1,025)
131
(3,881)
5,659
2020
$’000s
2,423
170
2,911
1,748
-
7,252
2020
$’000s
2,554
2020
$’000s
5,661
(2,986)
2,675
Total
$’000s
4,019
2,275
(632)
5,662
(2,646)
(521)
180
(2,987)
2,675
5,662
4,653
(775)
9,540
(2,987)
(1,025)
131
(3,881)
5,659
Raw materials
Work in progress
Finished goods
Stock in transit
Provision for obsolescence
Note 10: Government grant receivable
Research & Development tax concession
Note 11: Property, plant and equipment
Plant and equipment:
At cost
Less: accumulated depreciation
Movement in plant and equipment is as follows:
Cost at 1 July 2019
Additions
Disposals
Cost at 30 June 2020
Accumulated depreciation 1 July 2019
Depreciation expense
Disposal of assets
Accumulated depreciation 30 June 2020
Carrying amount 30 June 2020
Cost at 1 July 2020
Additions
Disposals
Cost at 30 June 2021
Accumulated depreciation 1 July 2020
Depreciation expense
Disposal of assets
Accumulated depreciation 30 June 2021
Carrying amount 30 June 2021
33
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 12: Right of use assets - leases
(i)
Amounts recognised in the statement of financial position
Right of use assets
Buildings
Equipment
Lease liabilities
Current
Non-current
(ii)
Amounts recognised in the statement of profit or loss
Amortisation charge of right of use assets
Buildings
Equipment
Interest expense (included in finance costs)
Expenses related to short-term leases (included in other
expenses)
Note 13: Trade and other payables
Current – unsecured
Trade creditors
Other creditors
Note 14: Provisions
Current
Employee benefits
Non-Current
Employee benefits
Consolidated
2021
$’000s
2020
$’000s
385
4
389
334
65
399
344
2
346
36
189
728
6
734
313
428
741
303
2
305
33
94
Consolidated
2021
$’000s
2020
$’000s
2,755
597
3,352
1,779
589
2,368
Consolidated
2021
$’000s
2020
$’000s
938
18
657
20
34
53
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 15: Issued capital
Number
$’000s
Opening balance at 1 July 2019:
Movement in ordinary share capital
Share placement
Share Purchase Plan
Repayment of loans over employee share plan shares
Exercise of employee share options
Less: Share issue costs
Closing balance at 30 June 2020
Movement in ordinary share capital
Exercise of employee share options
Less: Share issue costs
104,034,437
35,714,286
2,551,023
-
311,250
-
142,610,996
296,250
-
47,028
35,000
2,500
1,234
143
(1,892)
84,013
163
(12)
Closing balance as at 30 June 2021
142,907,246
84,164
All fully paid ordinary shares and founder shares have equal voting rights, of one vote per share,
and subject to the prior rights of preference shares, have equal rights to receive dividends in
proportion to the number of ordinary shares held.
Note 16: Reserves
Share based payments reserve
Balance 1 July
Transferred to accumulated losses upon forfeiture
Share-based payment expenses
Balance 30 June
Consolidated
2021
$’000s
1,985
(235)
1,719
3,469
2020
$’000s
1,413
(59)
631
1,985
The share-based payments reserve is used to recognise the fair value of equity benefits provided
to employees and Directors as part of their compensation.
Foreign currency translation reserve
Balance 1 July
Arising from translation of foreign subsidiaries
Balance 30 June
Consolidated
2021
$’000s
(155)
20
(135)
2020
$’000s
(44)
(111)
(155)
The foreign currency translation reserve is used to recognise the exchange difference on the
translation of the US and UK subsidiaries into AUD.
35
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 17: Related party transactions
Related parties
(a) The company's main related parties are as follows:
Key management personnel:
Any persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any director (whether executive or
otherwise) of that entity, are considered key management personnel.
Key Management personnel include:
Nickolaos Samaras – Director
John R Melki – Director and Chief Executive Officer
Michael A Aicher – Director
Anthony J Radford – Director
Neil Gunn – Director (appointed April 2021)
Peter L Manley – Chief Financial Officer/Company Secretary
For details of disclosures relating to key management personnel, refer to Note 19.
(b) Transactions with related parties:
There were no related party transactions during the year other than transactions with key
management personnel as part of their remuneration.
Note 18: Share-based payments
Options were issued during the year, pursuant to the Equity Incentive Plan. Fair values at grant date
are determined using a Black-Scholes Option Pricing Model that takes into account the exercise
price, the term of the option, the share price at the grant date, the expected volatility of the underlying
share, and risk free interest rate for the term of the option. The model inputs for options granted
during the year ended 30 June 2021 are noted below:
Grant
date
Expiry
date
Vesting
period
(mths)
Exercise
price
Sep 20
Sep 35
Nov 20
Nov 35
Feb 21
Feb 36
Apr 21
Apr 36
48
48
48
48
Share
price at
issue
date
$2.00
Fair
value at
issue
date
$1.77
$2.30
$2.30
$1.75
$1.54
$1.88
$1.83
$1.83
$1.56
$1.44
$1.29
Est.
volatility
Expected
dividend
yield
Average
risk-free
rate
82%
83%
83%
83%
-
-
-
-
0.97%
0.86%
0.86%
1.57%
The company was admitted to the official list on ASX on 30 March 2015. Historical 12 month volatility
has been the basis for determining expected share price volatility as it is assumed that this is
indicative of future movements.
36
55
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Employee Share Ownership Plan Shares
Set out below are the summaries of restricted shares and options granted under the plan:
2021
Grant date
Options
October 2016
November 2016
October 2017
October 2017
August 2018
November 2018
February 2019
May 2019
November 2019
March 2020
September 2020
November 2020
February 2021
April 2021
Balance at
beginning
of the year
Granted
during the
year
Converted
during the
year
Exercise
price
Number
Number
Number
Expired/
Forfeited
during the
year
Number
Balance at
the end of
the year
Number
Vested and
convertible
at year end
Number
$0.52
$0.52
$0.34
$0.38
$0.53
$0.53
$0.84
$1.10
$0.98
$1.13
$2.30
$2.30
$1.88
$1.56
301,250
100,000
387,500
250,000
625,000
200,000
150,000
200,000
865,000
200,000
-
-
-
-
-
-
-
-
-
-
(120,250)
-
(62,500)
-
(75,000)
-
-
-
-
-
-
-
-
-
-
(26,000)
(30,000)
(12,500)
(87,500)
181,000
100,000
325,000
250,000
550,000
200,000
150,000
200,000
809,000
100,000
-
-
-
-
1,350,000
250,000
100,000
15,000
-
-
-
(120,000)
1,230,000
(100,000)
250,000
-
-
15,000
181,000
100,000
218,750
187,500
230,000
100,000
75,000
100,000
190,250
25,000
-
-
-
-
Total
Weighted average option
exercise price
Weighted average remaining contractual life of options (years)
3,278,750
1,715,000
$2.27
$0.70
(296,250)
(337,500)
4,360,000
1,407,500
$0.55
$1.75
$1.25
12.96
$0.61
37
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Exercise
price
Balance at
beginning of
the year
Granted
during the
year
Converted
during the
year
Expired/
Forfeited
during the
year
Balance at
the end of the
year Number
Vested and
convertible
at year end
2020
Grant date
Options
October 2016
November 2016
June 2017
October 2017
October 2017
August 2018
November 2018
February 2019
May 2019
November 2019
March 2020
$0.52
$0.52
$0.39
$0.34
$0.38
$0.53
$0.53
$0.84
$1.10
$0.98
$1.13
490,000
100,000
200,000
447,500
250,000
730,000
200,000
150,000
200,000
-
-
-
-
-
-
-
-
-
-
-
945,000
200,000
Total
Weighted average option
exercise price
$1.01
Weighted average remaining contractual life of options (years)
1,145,000
2,767,500
$0.53
Restricted Shares
March 2015
April 2016
$0.40
$0.49
3,000,000
70,000
-
-
Total
Weighted average option
exercise price
Weighted average remaining contractual life of options (years)
3,070,000
$0.40
$ -
-
(141,250)
(47,500)
-
-
(100,000)
(100,000)
(37,500)
(22,500)
-
-
(32,500)
(72,500)
-
-
-
-
-
-
-
-
(80,000)
-
301,250
100,000
-
387,500
250,000
625,000
200,000
150,000
200,000
865,000
200,000
213,750
75,000
-
175,000
125,000
145,000
50,000
37,500
50,000
-
-
(311,250)
(322,500)
3,278,750
871,250
$0.46
$0.58
$0.70
14.28
$0.51
(3,000,000)
(70,000)
(3,070,000)
-
-
-
$0.40
$ -
-
-
-
$ -
-
-
-
-
$ -
Restricted shares were offered and funded by an interest free loan from the Group at the time of
listing. Restricted shares have vested and were converted to ordinary shares following repayment
of the loan, which were repaid in FY20.
38
57
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 19: Key management personnel disclosures
Short-term employee benefits
Non-monetary benefits
Short term incentive
Post-employment benefits
Long-term benefits
Termination benefits
Share based payments
2021
$
915,281
1,964
87,490
63,949
47,441
-
266,348
1,382,473
2020
$
812,680
16,320
193,070
57,800
45,402
-
136,436
1,261,708
Key management personnel remuneration has been included in the Remuneration Report
section of the Directors’ Report.
Note 20: Leasing Commitments
Operating lease commitments
Non-cancellable operating leases contracted for but not capitalised in the financial statements
Minimum lease payments payable:
Not later than one year
2021
$’000s
-
-
2020
$’000s
3
3
Note 21: Events Subsequent to Reporting Date
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been
financially positive for the consolidated entity through 30 June 2021, it is not practicable to
estimate the potential impact, positive or negative, after the reporting date. The situation is
rapidly developing and is dependent on measures imposed by authorities in countries where
Genetic Signatures supplies test kits, such as speed and effectiveness of vaccine rollout,
maintaining social distancing requirements, quarantine, travel restrictions and any economic
stimulus that may be provided.
Other than the above, there has not arisen in the interval between the end of the financial year
and the date of this report any other item, transaction or event of a material and unusual nature
likely in the opinion of the directors of the Company to affect significantly the operations of the
Company, the results of those operations or the state of affairs of the Company in future
financial years.
Note 22: Subsidiaries
a) Parent entity
Genetic Signatures Limited
b) Controlled entities
Genetic Signatures USA Ltd
Genetic Signatures UK Ltd
Country
of incorporation
Australia
Equity holding in
subsidiaries
2021
%
2020
%
USA
UK
100%
100%
100%
100%
39
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 23: Auditors’ remuneration
Note 23: Auditors’ remuneration
Note 23: Auditors’ remuneration
BDO
BDO
BDO
Audit and review of financial statements
Audit and review of financial statements
Audit and review of financial statements
Other non-audit services
Other non-audit services
Other non-audit services
Tax compliance services
Tax compliance services
Tax compliance services
Consulting services
Consulting services
Consulting services
Total non-audit services
Total non-audit services
Total non-audit services
Total audit and non-audit services
Total audit and non-audit services
Total audit and non-audit services
Note 24: Contingent liabilities
Note 24: Contingent liabilities
Note 24: Contingent liabilities
Consolidated
Consolidated
Consolidated
2021
2021
2021
$
$
$
80,482
80,482
80,482
27,345
27,345
27,345
-
-
-
27,345
27,345
27,345
107,827
107,827
107,827
2020
2020
2020
$
$
$
74,138
74,138
74,138
17,340
17,340
17,340
9,300
9,300
9,300
26,640
26,640
26,640
100,778
100,778
100,778
The company does not have any material contingent liabilities at year-end (2020: nil).
The company does not have any material contingent liabilities at year-end (2020: nil).
The company does not have any material contingent liabilities at year-end (2020: nil).
Note 25: Cash Flow Information
Note 25: Cash Flow Information
Note 25: Cash Flow Information
(a) Reconciliation of Cash
(a) Reconciliation of Cash
(a) Reconciliation of Cash
Consolidated
Consolidated
Consolidated
2021
2021
2021
$’000s
$’000s
$’000s
2020
2020
2020
$’000s
$’000s
$’000s
Cash at the end of the financial year as shown in the
Cash at the end of the financial year as shown in the
Cash at the end of the financial year as shown in the
statement of cash flows is reconciled to the related
statement of cash flows is reconciled to the related
statement of cash flows is reconciled to the related
items in the statement of financial position as follows:
items in the statement of financial position as follows:
items in the statement of financial position as follows:
Cash on hand and at bank
Cash on hand and at bank
Cash on hand and at bank
30,121
30,121
30,121
31,176
31,176
31,176
(b) Reconciliation of Profit/(Loss) after Income Tax to
(b) Reconciliation of Profit/(Loss) after Income Tax to
(b) Reconciliation of Profit/(Loss) after Income Tax to
net Cash inflows/(outflows) from Operations
net Cash inflows/(outflows) from Operations
net Cash inflows/(outflows) from Operations
Profit/(loss) after income tax
Profit/(loss) after income tax
Profit/(loss) after income tax
1,756
1,756
1,756
(2,086)
(2,086)
(2,086)
Non cash flows included within profit/(loss)
Non cash flows included within profit/(loss)
Non cash flows included within profit/(loss)
Depreciation
Depreciation
Depreciation
Share based payments expenses
Share based payments expenses
Share based payments expenses
Loss on disposal of assets
Loss on disposal of assets
Loss on disposal of assets
Inventory provision
Inventory provision
Inventory provision
Bad debts provision
Bad debts provision
Bad debts provision
Amortisation of leases
Amortisation of leases
Amortisation of leases
Transfers between inventory and fixed assets
Transfers between inventory and fixed assets
Transfers between inventory and fixed assets
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
(Increase) in trade and other receivables
(Increase) in trade and other receivables
(Increase) in trade and other receivables
(Increase)/decrease in government grant receivable
(Increase)/decrease in government grant receivable
(Increase)/decrease in government grant receivable
(Increase) in inventories
(Increase) in inventories
(Increase) in inventories
Increase in provisions
Increase in provisions
Increase in provisions
Increase in payables
Increase in payables
Increase in payables
Net cash inflow/(outflow) from operating activities
Net cash inflow/(outflow) from operating activities
Net cash inflow/(outflow) from operating activities
1,079
1,079
1,079
1,483
1,483
1,483
(13)
(13)
(13)
270
270
270
143
143
143
346
346
346
759
759
759
(293)
(293)
(293)
2,554
2,554
2,554
(5,152)
(5,152)
(5,152)
279
279
279
984
984
984
4,195
4,195
4,195
577
577
577
572
572
572
26
26
26
-
-
-
-
-
-
306
306
306
(448)
(448)
(448)
(4,360)
(4,360)
(4,360)
(407)
(407)
(407)
(5,899)
(5,899)
(5,899)
908
908
908
1,317
1,317
1,317
(9,494)
(9,494)
(9,494)
40
40
40
59
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 26: Parent Entity Financial Information
(a) Summary financial information:
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventory
Government grant receivable
Total Current Assets
Non-Current Assets
Plant and equipment
Right of use assets
Total Non-Current Assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Provisions
Leases
Total Current Liabilities
Non-Current Liabilities
Leases
Provisions
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
Profit/(loss) for the year
Other comprehensive income/(loss)
Total comprehensive income/(loss) for the year
2021
$’000s
2020
$’000s
29,394
7,990
11,054
-
48,438
4,994
389
5,383
31,010
10,885
5,505
2,554
49,954
2,622
734
3,356
53,821
53,310
3,202
862
334
4,398
65
18
83
2,361
657
313
3,331
428
20
448
4,481
3,779
49,340
49,531
84,164
3,469
(38,293)
49,340
(1,826)
-
(1,826)
84,013
1,985
(36,467)
49,531
(1,132)
-
(1,132)
(b) Summary financial information:
The Parent entity did not have any contingent liabilities as at 30 June 2021 or 30 June 2020.
(c) Significant accounting policies:
The accounting policies of the parent entity are consistent with those of the consolidated entity,
as disclosed in note 1, except for the following:
•
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent
entity.
41
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 27: Financial risk management
The company's financial instruments consist mainly of deposits with banks, accounts
receivable and payable, and lease liabilities. The totals for each category of financial
instruments, measured in accordance with AASB 9 as detailed in the accounting policies to
these financial statements, are shown at their net fair value.
Net Fair Value
The fair values of financial assets and financial liabilities are presented in the following table
and can be compared to their carrying values as presented in the statement of financial
position. Fair values are those amounts at which an asset could be exchanged, or a liability
settled, between knowledgeable, willing parties at arm's length transaction.
Fair values derived may be based on information that is estimated or subject to judgment,
where changes in assumptions may have material impact on the amounts estimated.
Financial assets
Cash and cash equivalents
Trade and other receivables
Total Financial Assets
Net Carrying
Value 2021
Net Fair
Value 2021
Net Carrying
Value 2020
$’000s
30,121
5,373
35,494
$’000s
30,121
5,373
35,494
$’000s
31,176
5,223
36,399
Net Fair
Value 2020
$’000s
31,176
5,223
36,399
Financial Liabilities
Trade creditors
Other creditors
Lease liabilities
Total Financial Liabilities
2,755
597
399
3,751
2,755
597
399
3,751
1,779
589
741
3,109
1,779
589
741
3,109
The values disclosed in the above table have been determined based on the following
methodologies:
Cash and cash equivalents, trade and other receivables and trade and other payables are
short-term instruments in nature whose carrying value is equivalent to fair value. The fair value
of lease liabilities is estimated by discounting the remaining contractual maturities at the current
market interest rate that is available for similar financial liabilities.
Interest Rate Risk
The company's main interest rate risk arises from the cash balance which is invested at variable
rates.
Sensitivity
Significant changes in market interest rates may have an effect on the Company's income and
operating cash flows. The Company manages its cash flow interest rate risk by placing excess
funds in term deposits.
Based on the cash held at reporting date, the sensitivity to a 1% increase or decrease in interest
rates would increase/(decrease) after tax profit by $301,000 (2020 loss: $311,000).
42
61
Financial Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and financial
institutions, as well as credit exposure to domestic and international customers, including
outstanding receivables and committed transactions. The Company has policies in place to ensure
that sales of products and services are made to customers with an appropriate credit history. The
majority of customers have long term relationships with the Company and sales are secured with
supply contracts. Sales are secured by letters of credit when deemed appropriate. The Company
has policies that limit the maximum amount of credit exposure to any one financial institution.
The credit quality of financial assets that are neither past due nor impaired can be assessed by
reference to historical information about counterparty default rates. The table below summarises
the assets which are subject to credit risk.
Financial assets
Cash and cash equivalents
Trade and other receivables
Total Financial Assets
Consolidated
2021
$’000s
30,121
5,373
35,494
2020
$’000s
31,176
5,223
36,399
The group applies the AASB 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for trade receivables. Further detail is explained in
Note 1(k).
Liquidity Risk
Liquidity Risk arises from the possibility that the company might encounter difficulty in settling its
debts or otherwise meeting its obligations related to financial liabilities. The company manages
this risk through the following mechanisms:
-
preparing forward-looking cash flow analysis in relation to its operational, development and
financing activities;
obtaining funding from a variety of sources including equity issues;
only investing surplus cash with major financial institutions.
-
-
Financial liability maturity analysis (undiscounted payments)
2021
Weighted
average
interest rate
%
Within 1
Year
$’000s
1 to 5
Years
$’000s
Total
contractual
cash flows
Total
Carrying
amount
$’000s
$’000s
Financial liabilities due for payment
Trade and other payables
-
Lease liabilities
4.5%
Total expected outflows
3,352
340
3,692
-
70
70
3,352
410
3,762
3,352
399
3,751
2020
Weighted
average
interest rate
Within 1
Year
$’000s
1 to 5
Years
$’000s
Total
contractual
cash flows
$’000s
Total
Carrying
amount
$’000s
Financial liabilities due for payment
Trade and other payables
-
Lease liabilities
4.5%
Total expected outflows
2,368
368
2,736
-
441
441
2,368
809
3,177
2,368
741
3,109
43
Genetic Signatures Limited – Annual Report 2021
Notes to the Financial Statements for the
financial year ended 30 June 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2021
Note 28: Capital Risk Management
The company’s objective when managing capital is to safeguard the ability to continue as a
going concern so that they can provide returns to shareholders and benefits to other
stakeholders and to maintain an optimal capital structure.
Management effectively manages the company’s capital by assessing the company’s
financial risks and adjusting its capital structure in response to changes in these risks and the
market.
There were no externally imposed capital requirements during the year.
Note 29. Earnings per share
Profit/(loss) after income tax
Profit/(loss) after income tax attributable to the owners of
Genetic Signatures Limited
Weighted average number of ordinary shares used in
calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Options over ordinary shares
Weighted average number of ordinary shares used in
calculating diluted earnings per share
Basic profit/(loss) per share
Diluted profit/(loss) per share
Consolidated
2021
$’000s
2020
$’000s
1,756
(2,086)
1,756
(2,086)
Number
Number
142,801,623
126,937,639
2,867,918
-
145,669,541
126,937,639
Cents
Cents
1.23
1.21
(1.64)
(1.64)
The options on issue were not considered in the diluted earnings per share in the comparative
period as their effect was anti-dilutive.
44
63
Directors’ Declaration
DIRECTORS' DECLARATION
In the directors' opinion:
●
●
●
●
the attached financial statements and notes thereto comply with the Corporations Act 2001, the Australian
Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
the attached financial statements and notes thereto comply with International Financial Reporting Standards
as issued by the International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes thereto give a true and fair view of the consolidated entity’s
financial position as at 30 June 2021 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declaration required by section 295A of the Corporation Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the directors
John Melki
Director
Sydney, 25 August 2021
45
Genetic Signatures Limited – Annual Report 2021
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Auditor’s Declaration
INDEPENDENT AUDITOR'S REPORT
To the members of Genetic Signatures Limited
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Genetic Signatures Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2021, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
to the financial report, including a summary of significant accounting policies and the directors’
LIMITED
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
declaration.
LIMITED
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2020, I declare that, to the
best of my knowledge and belief, there have been:
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2021, I declare that, to the
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
best of my knowledge and belief, there have been:
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
relation to the audit; and
(i)
(ii)
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
relation to the audit; and
Basis for opinion
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
period.
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
Report section of our report. We are independent of the Group in accordance with the Corporations
period.
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
Martin Coyle
Director
BDO Audit Pty Ltd
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
Martin Coyle
Sydney, 28 August 2020
Director
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
BDO Audit Pty Ltd
Key audit matters
Sydney, 25 August 2021
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050
110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited
by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional
Standards Legislation.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
65
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Independent Auditor’s Report
INDEPENDENT AUDITOR'S REPORT
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
To the members of Genetic Signatures Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Genetic Signatures Limited (the Company) and its subsidiaries
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
(the Group), which comprises the consolidated statement of financial position as at 30 June 2021, the
LIMITED
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2020, I declare that, to the
best of my knowledge and belief, there have been:
declaration.
relation to the audit; and
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
2. No contraventions of any applicable code of professional conduct in relation to the audit.
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
period.
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Martin Coyle
Report section of our report. We are independent of the Group in accordance with the Corporations
Director
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
BDO Audit Pty Ltd
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
Sydney, 28 August 2020
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050
110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited
by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional
Standards Legislation.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Genetic Signatures Limited – Annual Report 2021
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Existence and valuation of inventory
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 9, the Group held
Our audit procedures for addressing this key audit matter included, but
inventory with a carrying value of
were not limited to, the following:
$12,134,000 as at 30 June 2021 which
Observed the inventory count procedures at key locations
represented approximately 22% of the
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
Group’s total assets.
LIMITED
Inventory valuation and existence was
compared these to the underlying inventory records.
around the year-end and performed detailed test counts and
Evaluated the assumptions applied by management’s in
considered a key audit matter due to
assessing potential obsolescence for near-expiry and slow-
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2020, I declare that, to the
the significant value of these assets in
best of my knowledge and belief, there have been:
the Consolidated Statement of
moving inventory by comparing to recent sales experience and
•
•
the ageing of inventory.
Financial Position, the various
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
locations that inventory was held, in
relation to the audit; and
addition to the key estimates and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
judgements applied by management in
prior periods and to expectations.
Analysed inventory turnover by product group in comparison to
Reviewed management’s processes and estimates for
•
•
assessing the net realisable value
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
(‘NRV’) of inventory.
period.
calculating the overhead and labour costs included within
manufactured finished goods inventory.
•
•
Performed various analytical procedures in relation to
inventory including an analysis of monthly gross margins and
inventory turnover, comparing to prior years and expectations.
Tested a sample of inventory items on hand to initial supplier
invoices and subsequent sales invoices to ascertain whether
inventory was being correctly recognised at the lower of cost
and NRV.
Martin Coyle
Director
BDO Audit Pty Ltd
Sydney, 28 August 2020
Revenue recognition
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 2, the Group
To determine whether revenue was appropriately accounted for and
recognised revenue of $28,284,000
disclosed within the financial statements, we performed, amongst
during the financial year ended 30
others, the following audit procedures:
June 2021 (2020: $11,263,000).
Due to the significant increase in
revenue during the year and the
•
Critically evaluated the revenue recognition policies for all
material revenue sources including reviewing any new sales
agreements entered during the year to identify any variable
overall significance of revenue to the
consideration / multiple performance obligation arrangements
Group as a key performance indicator,
to ensure revenue was recognised in accordance with
we considered this area to be a key
accounting standard AASB 15 Revenue from Contracts with
audit matter.
Customers.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
67
Independent Auditor’s Report
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
Key audit matter
How the matter was addressed in our audit
•
•
Tested the operating effectiveness of key internal controls
surrounding the existence and occurrence of revenues.
Performed substantive analytical procedures over the key
revenue streams, comparing against expectations developed
from discussions with management and supporting
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
LIMITED
information.
•
Substantively testing a sample of revenue transactions
throughout the financial year by tracing sales invoices to
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2020, I declare that, to the
best of my knowledge and belief, there have been:
supporting sales documentation, shipping documentation and
cash receipts.
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
Performed detailed cut-off testing to ensure that revenue
•
relation to the audit; and
transactions around the year-end had been recorded in the
2. No contraventions of any applicable code of professional conduct in relation to the audit.
correct period.
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
Other information
period.
The directors are responsible for the other information. The other information comprises the
information in the Directors’ Report (excluding the audited Remuneration Report section) for the year
ended 30 June 2021, but does not include the financial report and the auditor’s report thereon, which
we obtained prior to the date of this auditor’s report, and the Annual Report to Shareholders, which is
Martin Coyle
expected to be made available to us after that date.
Director
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
BDO Audit Pty Ltd
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
Sydney, 28 August 2020
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
When we read the Annual Report to Shareholders, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to the directors and will request that it is
corrected. If it is not corrected, we will seek to have the matter appropriately brought to the
attention of users for whom our report is prepared.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Genetic Signatures Limited – Annual Report 2021
Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au
Level 11, 1 Margaret St
Sydney NSW 2000
Australia
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
DECLARATION OF INDEPENDENCE BY MARTIN COYLE TO THE DIRECTORS OF GENETIC SIGNATURES
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
LIMITED
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
As lead auditor of Genetic Signatures Limited for the year ended 30 June 2020, I declare that, to the
if, individually or in the aggregate, they could reasonably be expected to influence the economic
best of my knowledge and belief, there have been:
decisions of users taken on the basis of this financial report.
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
2. No contraventions of any applicable code of professional conduct in relation to the audit.
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
relation to the audit; and
This description forms part of our auditor’s report.
This declaration is in respect of Genetic Signatures Limited and the entities it controlled during the
period.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report under the heading
‘Remuneration Report’ for the year ended 30 June 2021.
Martin Coyle
Director
In our opinion, the Remuneration Report of Genetic Signatures Limited, for the year ended 30 June
2021, complies with section 300A of the Corporations Act 2001.
Responsibilities
BDO Audit Pty Ltd
The directors of the Company are responsible for the preparation and presentation of the
Sydney, 28 August 2020
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Martin Coyle
Director
Sydney, 25 August 2021
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members
of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
69
Analysis of Holdings
Genetic Signatures Limited
Analysis of Holdings as at 23 September 2021
Additional Informaton Required Under ASX Listing Rules
The additional information required by the Australian Securities Exchange (ASX) and not shown
elsewhere in this report is set out below. The information is current at 23 September 2021.
Issued Capital
As at 23 September 2021 the Company had 143,036,246 fully paid ordinary shares on issue.
Distribution of Equity Securities
Analysis of numbers of equity security holders for GSS fully paid ordinary shares by size of holding:
Holdings Ranges
Holders
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001-9,999,999,999
Totals
602
734
308
461
100
2,205
Total Units
311,070
2,120,932
2,481,678
16,237,125
121,885,441
143,036,246
%
0.220
1.480
1.730
11.350
85.210
100.000
Unmarketable parcel of shares
"The number of indivdual shareholders holding less than a marketable parcel of shares
was 274 (a total of 62,755 shares held by 274 shareholders)."
329 fully paid ordinary shares comprise a marketable parcel at GSS' closing share price
of $1.52 on 23 September 2021.
Genetic Signatures Limited – Annual Report 2021
Shareholder Information
Equity Security Holders
The names of the twenty largest shareholders of quoted securities are listed below:
Shareholder
ASIA UNION INVESTMENTS PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
NATIONAL NOMINEES LIMITED
CITICORP NOMINEES PTY LIMITED
UBS NOMINEES PTY LTD
BRISPOT NOMINEES PTY LTD
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
BNP PARIBAS NOMS PTY LTD
CS FOURTH NOMINEES PTY LIMITED
CAPITAL CONCERNS PTY LIMITED
BRAHAM CONSOLIDATED PTY LTD
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
MR JOHN ROBERT MELKI
S LOADER PTY LTD
IDOLLINK PTY LTD
QUICKINVEST PTY LTD
BRAHAM INVESTMENTS PTY LTD
JULEYU PTY LTD
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
Total Securities of Top 20 Holdings
Total of Securities
Substantial Holders
Shareholder
ASIA UNION INVESTMENTS PTY LTD
PERENNIAL VALUE MANAGEMENT LIMITED
FIL LIMITED
Balance as at
23 September 2021
37,500,000
14,559,740
10,703,125
7,511,567
4,944,346
4,710,178
3,864,975
2,956,153
2,452,135
2,300,000
1,828,463
1,516,075
1,255,124
1,096,000
1,050,680
1,029,890
1,000,000
886,368
863,213
688,824
%
26.22%
10.18%
7.48%
5.25%
3.46%
3.29%
2.70%
2.07%
1.71%
1.61%
1.28%
1.06%
0.88%
0.77%
0.73%
0.72%
0.70%
0.62%
0.60%
0.48%
102,716,856
143,036,246
74.97%
Balance as at
23 September 2021
37,500,000
21,313,482
10,984,948
%
26.22%
14.90%
7.68%
71
Head Office
Genetic Signatures Ltd
7 Eliza Street Newtown
NSW 2042 Australia
Phone: +61 2 9870 7580
Email: info@geneticsignatures.com
www.geneticsignatures.com