This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GenMark Diagnostics Reports First Quarter 2014 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 quarter ended March 31, 2014.

Revenues for the quarter ended March 31, 2014 were $7.9 million compared with $11.1 million during the first quarter of 2013. The 29% year-over-year decrease in total revenue was attributable to a lack of purchases from Natural Molecular Testing Corporation (NMTC) during the current period, which was offset by significant growth in both reagent and instrument revenues from other customers. NMTC accounted for 61% of total revenues in the quarter ended March 31, 2013 and did not account for any revenue in the first quarter 2014. Revenue during the current quarter from the Company's "base business," which excludes revenue attributable to NMTC, increased by 84% over the prior year period. Reagent revenue for the first quarter declined 31% to $7.4 million compared with $10.8 million in the quarter ended March 31, 2013. Reagent revenue during the current quarter from the Company's base business increased by 85% over the prior year period. Instrument and other revenues increased by 63% to $0.5 million from $0.3 million in the prior year, due mainly to sales of XT-8 instruments. The Company placed 31 net new analyzers during the current quarter to bring its total installed base to 444, all in end-user laboratories within the U.S. market.

“Our base business continued to demonstrate strong revenue growth on both a year-over-year and sequential basis, growing by 84% compared with the first quarter of 2013, and approximately 23% over last quarter. Additionally, we are very pleased with the progress we made with our NexGen sample-to-answer system and we remain on track to complete its development this summer," stated GenMark’s President & CEO Hany Massarany.

Gross profit for the quarter ended March 31, 2014 was $4.2 million, or 53% of revenue, compared with a gross profit of $6.1 million, or 55% of revenue for the same period in 2013.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs