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GenMark Diagnostics Reports Second Quarter 2013 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 second quarter ended June 30, 2013.

Revenues for the quarter ended June 30, 2013 were $5.2 million compared with $3.6 million during the second quarter of 2012. The 44% year-over-year increase in total revenue reflects an increase in the number of systems placed at customer sites, growth in test menus and an increase in the number of tests sold. Reagent revenues for the second quarter grew 33% year-over-year to $4.6 million from $3.5 million. Instrument and other revenues increased by 313% year-over-year to $583,000 from $141,000 due mainly to sales of instruments.

The Company placed a net 45 analyzers during the quarter, bringing the total installed base to 384, all in end-user laboratories within the U.S. market.

Gross profit for the quarter ended June 30, 2013 was $2.0 million, or 39% of revenue, compared with a gross profit of $1.4 million, or 40% of revenue for the same period in 2012.

Operating expenses increased $3.1 million to $10.1 million during the second quarter of 2013 compared with the second quarter of 2012. Selling, General and Administrative expenses increased $1.1 million year-over-year mainly due to increases in sales headcount and certain marketing commitments. Research and Development expenses increased $2.0 million due to an expansion of our R&D team and our continued commitment to develop our NexGen platform and its assay menu.

Loss per share was $0.25 for the second quarter of 2013, compared with a loss per share of $0.26 in the second quarter of 2012.

"Excluding our largest pharmacogenetics customer, we grew our reagents business by 128% and increased our annuity per analyzer by 41% compared with the second quarter of 2012. In addition, strong performance by our sales team saw our installed base of analyzers increase by 45 in the quarter," stated GenMark's President & CEO Hany Massarany. "Furthermore, our NexGen development efforts remain on schedule with assay integration expected to be completed in the third quarter of this year. Our initial menu will target infectious disease testing and includes RVP, Sepsis, Gastrointestinal Infection panel and HCV genotyping. These multiplex assays are being designed to deliver broad pathogen coverage with higher sensitivity, specificity, and overall clinical performance compared to culture and competitive molecular systems. We remain confident that we will bring to market the most competitively differentiated sample-to-answer system and we’re on track to complete its development in the second quarter of 2014,” added Massarany.

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