GenMark Announces Positive Preliminary Second Quarter Results
July 28 2014 - 4:05PM
Business Wire
- Second Quarter Revenue Expected to be $6.6
million, Up 71% Versus Prior Year Base Business
- NexGen Sample to Answer System Branded
ePlex™
- ePlex™ Instrument Development Completed
and Manufacturing Transfer Initiated
- Development of Overall ePlex™ System
Projected by End of 2014
GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading
provider of automated, multiplex molecular diagnostic testing
systems, today announced positive preliminary second quarter 2014
results and an update on its NexGen system.
The Company expects second quarter 2014 revenue of $6.6 million,
an increase of 71% over the prior year period “base business,”
which excludes revenue from former customer NMTC. During the
quarter, 31 additional XT-8 analyzers were placed in end user
laboratories, resulting in a total installed base of 475 analyzers
within the U.S. market.
In addition, during the second quarter the Company completed the
development of the NexGen sample to answer instrument and branded
the system ePlex™. “The ePlex™ brand symbolizes the evolution of
our proprietary eSensor® technology and in combination with digital
microfluidics, will represent the only electronic multiplexing
system in the marketplace,” said Hany Massarany, President and
Chief Executive Officer of GenMark.
The Company also progressed to the final stages of development
of the associated consumable and several assay panels and now
expects completion of the overall ePlex™ system by the end of 2014.
“Our consumable and assay development execution has been strong. We
have tested thousands of cartridges and we believe that the ePlex™
system will be the most competitively differentiated platform in
multiplex molecular diagnostics delivering superior performance and
testing efficiency to customers globally,” concluded Massarany.
Members of the GenMark management team will be showcasing ePlex™
and hosting investor and analyst meetings at the 2014 American
Association for Clinical Chemistry annual meeting on July 29th from
9:30 a.m. CDT - 5:00 p.m. CDT at McCormick Place in Chicago, IL,
Booth 350.
The company will be hosting a conference call to discuss second
quarter results in further detail on Monday, August 11, 2014.
Management will hold a conference call to review the Company's
financial performance starting at 4:30 p.m. EDT on the same day.
The conference call will be concurrently webcast. The link to the
webcast will be available on the GenMark Diagnostics, Inc. website
at www.genmarkdx.com 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 72247869
approximately five minutes prior to the start time.
ABOUT GENMARK DIAGNOSTICS
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
Viral Panel, Thrombophilia Risk Test, and Warfarin Sensitivity
Test. A number of other tests, including HCV Genotyping, 2C19
Genotyping, and 3A4/3A5 Genotyping are available for research use
only. For more information, visit www.genmarkdx.com.
SAFE HARBOR STATEMENT
This press release includes forward-looking statements regarding
events, trends and business prospects, which may affect our future
operating results and financial position. Such statements,
including, but not limited to, those regarding the timely
completion of our ePlex™ system and related assay development
projects, are all subject to risks and uncertainties that could
cause our actual results and financial position to differ
materially. Some of these risks and uncertainties include, but are
not limited to, our ability to successfully develop and
commercialize our ePlex™ system and its related test menu,
constraints or inefficiencies caused by unanticipated acceleration
and deceleration of customer demand, our ability to successfully
expand sales of our product offerings outside the United States,
and third-party payor reimbursement to our customers, as well as
other risks and uncertainties described under the “Risk Factors” in
our public filings with the Securities and Exchange Commission. We
assume no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made.
GenMark Diagnostics, Inc.Hany MassaranyPresident/Chief Executive
Officer760-448-4358
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