GenMark Diagnostics Provides Preliminary Financial and Operational Results for First Quarter 2020 and Increases 2020 Revenue Guidance

Nachrichtenquelle: globenewswire
07.04.2020, 22:03  |  184   |   |   

First Quarter 2020 Revenue Expected to Represent Approximately 80% Year-Over-Year Growth

CARLSBAD, Calif., April 07, 2020 (GLOBE NEWSWIRE) -- GenMark Diagnostics, Inc. (NASDAQ:GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today provided preliminary financial and operational results for the quarter ended March 31, 2020 and increased its full year 2020 revenue guidance.

First Quarter 2020 Financial Highlights

  • Total revenue expected to be approximately $38.7 million, representing an increase of approximately 80% over the first quarter of 2019
    • ePlex revenue expected to be approximately $34.3 million, an increase of approximately 119% compared to the first quarter of 2019
    • Average annuity per analyzer of approximately $214,000, up 29% versus the first quarter of 2019
  • COVID-19 positively impacted first quarter placements and revenue
    • Approximately 80% of gross placements included interest in COVID-19 testing
    • SARS-CoV-2 consumable revenue accounted for approximately 5% of total ePlex revenue
  • Gross margin expected to be approximately 40%, compared to 27% in the first quarter of 2019

First Quarter 2020 Operational Highlights

  • Placed net 54 ePlex analyzers, concluding the quarter with a global installed base of more than 580 ePlex analyzers, an increase of 48% versus the first quarter of 2019
  • Received FDA Emergency Use Authorization for ePlex SARS-CoV-2 Test
  • Awarded BARDA funding for up to $749,000 to develop ePlex RPv2 Panel designed to include SARS-CoV-2

“GenMark is honored to play an important role in fighting the COVID-19 global pandemic,” said Scott Mendel, Interim President and Chief Executive Officer. "Our sample-to-answer test enables healthcare providers to determine if a patient has COVID-19 in under two hours and is a critical diagnostic solution for hospitals. I'm extremely proud of our team’s hard work throughout this crisis as we continue to work at maximum capacity to provide our ePlex SARS-CoV-2 test and Respiratory Pathogen panel.” 

“Our sales and implementation teams responded to significant demand for ePlex instruments resulting in 109 gross placements in the quarter.  Our installed base increased by 54 net placements in the quarter as we opportunistically repositioned 55 ePlex analyzers to provide COVID-19 testing capacity across as many customer sites as possible.  Importantly, this aggressive repositioning strategy also allowed us to expand into many new customer sites.  We believe these placements will drive enduring revenue streams beyond this pandemic as new customers adopt our Respiratory Pathogen and Blood Culture Identification panels," added Mendel.

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GenMark Diagnostics Provides Preliminary Financial and Operational Results for First Quarter 2020 and Increases 2020 Revenue Guidance First Quarter 2020 Revenue Expected to Represent Approximately 80% Year-Over-Year GrowthCARLSBAD, Calif., April 07, 2020 (GLOBE NEWSWIRE) - GenMark Diagnostics, Inc. (NASDAQ:GNMK), a leading provider of automated, multiplex molecular diagnostic …

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