GenMark Announces Preliminary Q4 2016 Financial Results
January 10 2017 - 8:05AM
Business Wire
Q4 Revenue Increased 13% Versus Prior Year
to $14.9 Million
Full Year Revenue Grew 25% to $49.2
million
ePlex® Global
Commercialization Continued to Gain Momentum
Ending 2016 with More Than 55 Customer
Agreements, Representing Over 85 ePlex Instruments
GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading
provider of automated, multiplex molecular diagnostic testing
systems, today reported preliminary fourth quarter 2016 revenue of
$14.9 million, an increase of 13% over the prior year period.
Accordingly, the Company expects full year 2016 revenue to be $49.2
million, an increase of 25% versus 2015. The Company also announced
that it finished the year with more than 55 customer agreements in
place totaling over 85 ePlex instruments.
“Fourth quarter revenue was in line with our expectations,
despite a slow start to the flu season. Furthermore, we are very
pleased with the increasing customer interest in our ePlex
sample-to-answer system, particularly following our submissions to
FDA last month. We finished the year with more than 55 agreements
for over 85 ePlex instruments, many of which have already been
installed in end-user sites. Customer feedback has been very
positive, especially on ease of use and workflow,” said Hany
Massarany, President and Chief Executive Officer of GenMark.
Complete 2016 fourth quarter and full year financial results
will be announced during the Company’s fourth quarter earnings
call. At that time, the Company also anticipates providing 2017
financial guidance.
The Company will present at the 2017 J.P. Morgan Healthcare
Conference to be held at the Westin St. Francis
Hotel in San Francisco, California on Wednesday,
January 11, 2017. The presentation will be delivered by Hany
Massarany, President and Chief Executive Officer, and is scheduled
to begin at 1:30 pm Pacific Time. The presentation will be
made available at http://ir.genmarkdx.com/events.cfm.
ABOUT GENMARK DIAGNOSTICS
GenMark Diagnostics (NASDAQ: GNMK) 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. The eSensor detection technology is
also incorporated into GenMark’s sample-to-answer system, ePlex®.
For more information, visit www.genmarkdx.com.
SAFE HARBOR STATEMENT
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934, 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 commercialization of our ePlex
system, obtaining regulatory clearance, and our preliminary,
unaudited 2016 financial performance, 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 commercialize our ePlex system and its related test
menu in a timely manner, our preliminary 2016 financial results are
unaudited results based on management’s current expectations and
are subject to closing and year-end audit adjustments, 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 at
the levels we anticipate, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110005527/en/
GenMark Diagnostics, Inc.Hany Massarany,
760-448-4325President/Chief Executive Officer
GenMark Diagnostics (NASDAQ:GNMK)
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