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GenMark Diagnostics Reports Fourth Quarter And Year End 2013 Results

GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today reported financial results for the fourth quarter and year ended December 31, 2013.

Revenues for the quarter ended December 31, 2013 were $6.5 million compared with $9.4 million during the fourth quarter of 2012. The 32% decrease in total fourth quarter revenue was attributable to a decrease in purchases from Natural Molecular Testing Corporation (NMTC) during the current period, which was offset by significant growth in both reagent and instrument revenue from other customers. NMTC accounted for 57% of total revenues in the quarter ended December 31, 2012 and did not account for any revenues in the fourth quarter of 2013. Revenue during the current quarter from the Company’s “Base Business,” which excludes revenues attributable to NMTC, increased by 58% over the prior year period. Reagent revenues for the fourth quarter declined 36% to $5.9 million compared with $9.1 million in the quarter ended December 31, 2012. Fourth quarter reagent revenue from the Company’s Base Business increased year-over-year by 56%. Instrument and other revenues increased by 100% to $0.6 million from $0.3 million in the prior year period, due mainly to sales of XT-8 instruments. The Company placed a total of 38 net new analyzers during the current quarter to bring its total installed base to 413, all in end-user laboratories within the U.S. market.

“2013 was another year of exceptional execution and performance for our Company, both in terms of the growth of our Base Business, as well as the progress we made toward the development of our NexGen system,” stated GenMark’s President & CEO, Hany Massarany.

Gross profit for the quarter ended December 31, 2013 was $2.9 million, or 45% of revenue, compared with a gross profit of $4.7 million, or 50% of revenue for the same period in 2012.

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