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GenMark Diagnostics Reports Final Fourth Quarter And Fiscal Year 2011 Results

GenMark Diagnostics, Inc. (Nasdaq:GNMK) today reported additional financial information for the fourth quarter ended December 31, 2011 that was unavailable at the time it released preliminary financial results on March 8, 2012. The additional information includes the Company’s gross profit margin of 20%, loss per share of $0.27 and fully audited financial statements.

Revenues for the quarter ending December 31, 2011 were $2.0 million compared with $805,000 during the fourth quarter of 2010. The 148% year-over-year increase in total revenue reflects an increase in the number of systems in the field, growth in test menu and a significant increase in the number of tests sold. Reagent revenues for the fourth quarter grew 159% year over year to $1.8 million from $695,000. Instrument and other revenues increased by 104% year over year to $224,000 from $110,000 due mainly to capital sales of instruments. The Company placed 26 net analyzers during the quarter, bringing the installed base to 167, all in end-user laboratories within the U.S. market.

Gross profit for the quarter ending December 31, 2011 was 20% of sales, compared with a gross loss of $0.8 million and negative 100% for the same period in 2010. The improvement to positive gross profit was largely driven by three factors. First, the significant increase in volume allowed for the absorption of fixed manufacturing overhead costs. Second, a number of previously disclosed manufacturing inefficiencies were resolved and this resulted in significantly better and sustainable yields. Third, capital sales of several depreciated instruments improved the gross margin mix. Excluding the favorable gross margin mix, the gross profit during the fourth quarter would have been 15% of revenue.

Operating expenses increased $1.5 million to $5.8 million during the fourth quarter of 2011 compared with the fourth quarter of 2010. The increase in operating expenses was across all areas of the Company and reflected the higher volumes, increased headcount, infrastructure spending, and higher research and product development costs, including costs related to the Company’s Respiratory Viral Panel (RVP) which was submitted to the FDA during the quarter for 510(k) clearance.

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