GeneLink Reports 2010 Results
ORLANDO, Fla., April 4, 2011 /PRNewswire/ -- GeneLink, Inc. (OTCBB: GNLK, "the Company," or "GeneLink"), a leading consumer genomics biotech company, today reported financial results for the fiscal year ended December 31, 2010.
- Gross margin increased from $4,906,710 in 2009 to $4,997,367 in 2010;
- Annual net sales decreased 8.4%, $7,839,972 for 2010 as compared to $8,561,455 in 2009;
- Operating losses in 2010 decreased to $2,169,898, a decrease of $292,329 from operating losses of 2009. Excluding non-cash charges relating to the granting of stock, options and warrants, operating losses decreased $589,078 for 2010 as compared to 2009.
Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "The steps we took to improve our profit margins beginning in late 2009 and throughout 2010 have begun to show results. Despite a decrease in revenue, gross margin improved $90,657 from $4,906,710 in 2009 to $4,997,367 in 2010. As a percent-of-revenue, the gross margins increased from 57% in 2009 to 64% in 2010. This was largely due to improved pricing instituted late in 2009, as well as management's efforts to better control costs related to production. These enhanced fundamentals bode well for the future financial success of GeneLink, as the Company expects to return to growth in the second half of 2011 through channel partner expansion as well as through growth in GeneWize."
Dr. Kasten added: "2010 was an important year from GeneLink. We have put in place a large portion of the infrastructure necessary to expand our revenue base. The year-end agreement with Robert Trussell, founder of Tempur-pedic, Inc., to market GeneLink's proprietary products through his experienced direct response team is expected to commence producing revenue in the second half of 2011. GeneLink is now focused on our strengths in support of our channel partners: cutting edge genetic research, reliable genetic testing, innovative and scientifically advanced product development, personalized manufacturing, protection of our intellectual property, and responsiveness to the developing regulatory environment. I look forward to a very exciting 2011 for GeneLink and its shareholders."About GeneLink Biosciences, Inc.: GeneLink is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured to fulfill each individual consumer's wellness needs. For more information visit www.genelinkbio.com This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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