The Company ended the third quarter of 2012 with $57.0 million in cash, cash equivalents and restricted cash. The Company intends to continue utilizing its cash balances to invest in new product and menu development, including the development of its NexGen platform, and for infrastructure improvements and general corporate purposes.
Revenue for the first nine months of 2012 was $11.0 million, compared to $3.0 million for the prior year period, an increase of 271%. Reagent revenue for the first nine months of 2012 was $10.4 million, compared to $2.6 million for the prior year period, and instrument and other revenue for the first nine months of 2012 was $538,000 compared to $382,000 for the prior year period. Based on YTD results, the company has raised FY 2012 revenue guidance to in excess of $18 million.
Net loss for the first nine months of 2012 was $17.4 million, or $0.71 loss per share, compared to net loss of $18.5 million, or $1.20 loss per share, for the prior year period.
INVESTOR CONFERENCE CALL
GenMark will hold a conference call to discuss third quarter 2012 results and the outlook for 2012 at 9:00 AM EST tomorrow, Thursday, November 8. The conference call and webcast can be accessed live through the Company's website under the Investor Relations section and will be archived for future reference. To listen to the conference call, please dial (877) 312-5847 (US/Canada) or (253) 237-1154 (International) and use the conference ID number 47091443 approximately five minutes prior to the start time.
GenMark Diagnostics is a leading provider of automated, multiplex molecular diagnostic testing systems that detect and measure DNA and RNA targets to diagnose disease and optimize patient treatment. Utilizing GenMark's proprietary eSensor® detection technology, GenMark's eSensor® XT-8 system is designed to support a broad range of molecular diagnostic tests with a compact, easy-to-use workstation and self-contained, disposable test cartridges. GenMark currently markets four tests that are FDA cleared for IVD use: Cystic Fibrosis Genotyping Test, Respiratory Virus Panel, Thrombophilia Risk Test, and Warfarin Sensitivity Test. A number of other tests, including HCV Genotyping and 2C19 are in development. For more information, visit
SAFE HARBOR STATEMENT