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GeneLink Reports Second Quarter Results Revenues Exceed $2.1M
Monday, August 17, 2009 9:53 AM


(Source: Business Wire)trackingGeneLink, Inc. (OTCBB: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, today reported financial results for the fiscal 2009 three-month period ended June 30, 2009.

Financial Highlights:

Quarterly net sales of $2,113,177 compared to $124,503 in the same period in fiscal 2008

Quarterly gross profit of $1,175,645 compared to $15,331 for the same period in fiscal 2008

Operating Loss trimmed to $760,743 from $837,267 for the same period in fiscal 2008

Fiscal 2009 Second Quarter Overview:

In the first half of 2009 GeneLink continued to develop its foundation as a leading provider of genetically customized nutritional and personal care solutions. Essentially all of the $4,085,215 of revenue realized in the first two quarters of 2009 was through its wholly owned subsidiary, GeneWize Life Sciences, Inc. ("GeneWize"), which launched in August 2008.

Total revenues for the three months ended June 30, 2009 were $2,113,177 as compared to $1,972,038 for the three months ended March 31, 2009, an increase of 7.2%. Quarterly gross profit increased by 12.2% to $1,175,645 for the three months ended June 30, 2009 as compared to $1,047,264 for the three months ended March 31, 2009, as gross profit margin improved to 55.6% from 53.1%. Operating loss in this period, however, increased to $760,743 from $470,474. The loss for the three months ended June 30, 2009 included $153,950 of non-cash expenses related to option grants, most of which were issued in prior years and which vested in the current quarter, $71,673 of laboratory development related expenses, and $81,299 of litigation related expenses, the majority of which were incurred in efforts resulting in the dismissal of the lawsuit brought by the Company's former CEO and his wife.

Monte Taylor, GeneLink's CEO stated, "In the second quarter, we continued to build upon our core base of Affiliates and customers who are receiving their customized product formulation monthly. GeneWize took major steps in the quarter to support and accelerate this growth. Sharon Tahaney joined the Company as GeneWize's Senior V.P. of Sales and Marketing. Our First Annual GeneWize Leadership Conference was held recently in Orlando, Florida. Sharon's enthusiasm and leadership was apparent to all those in attendance and her impact will be felt throughout our Affiliate organization in the coming months. We're confident our Affiliates and customers will be pleased with the introduction of our LifeMap Me customized skin serum and other new products, systems, and marketing tools."

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