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GenMark Diagnostics Reports Third Quarter 2012 Results

Stocks in this article: GNMK

GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today reported financial results for the third quarter ended September 30, 2012.

Revenues for the quarter ending September 30, 2012 were $5.3 million compared with $1.3 million during the third quarter of 2011. The 299% year-over-year increase in total revenue reflects an increase in the number of systems placed at customer sites and a significant increase in the number of tests sold, including as a result of test menu expansion. Reagent revenues for the third quarter grew 339% year-over-year to $5.1 million from $1.1 million. Instrument and other revenues increased by 1% year-over-year to $157,000 from $156,000 due mainly to capital sales of instruments.

The Company placed a net 35 analyzers during the quarter, bringing the total installed base to 255. All of the Company’s 255 analyzers have been placed with end-user laboratories within the U.S. market.

Gross profit for the quarter ending September 30, 2012 was $2.2 million, or 42% of revenue, compared with a gross loss of $469,000, or (36%) of revenue for the same period in 2011. The continued improvement in gross profit is the result of significant sales volume increases and manufacturing efficiencies.

Operating expenses increased $2.8 million to $8.5 million during the third quarter of 2012 compared with the third quarter of 2011. Selling, General and Administrative expenses increased $262,000 year-over-year due to the increase in revenue, headcount growth and other corporate expenses. Research and Development expenses increased $2.6 million due to an expansion of the R&D team, menu development for the XT-8 and initial development work on the NexGen platform.

Loss per share was $0.20 for the third quarter of 2012, compared with a loss per share of $0.31 in the third quarter of 2011.

“Our Commercial team delivered another strong quarter. We expanded our installed base to 255 by placing 35 new analyzers in the field. We also significantly grew our reagents business in the third quarter by adding new customers, as well as expanding menu utilization and revenue with existing customers,” stated GenMark’s President & CEO Hany Massarany. “Furthermore, we accomplished several key product development goals in the quarter, including launching our FDA cleared RVP Test, as well as successfully showing a prototype of our NexGen sample-to-answer system at the Association for Molecular Pathology (AMP) meeting at the end of October.”

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