GenMark Diagnostics Provides Preliminary Operational and Financial Results for 2017
January 09 2018 - 7:05AM
GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading provider of
automated, multiplex molecular diagnostic testing systems, today
provided preliminary operational and financial results for the year
ended December 31, 2017.
Financial Highlights
- Total revenue for 2017 expected to be approximately $52.5
million, representing an increase of 7% over 2016
- Total revenue for the fourth quarter of 2017 expected to be
approximately $16.0 million, representing an increase of 8% over
the fourth quarter of 2016
Operational Highlights
- Placed 49 ePlex® analyzers in the fourth quarter of 2017
- Finished the quarter with an installed base of 196 ePlex
analyzers in U.S. and European labs
- Launched ePlex NP targeting customers with lower testing
volumes, contributing to fourth quarter placements
- Initiated the first of three clinical trials for the ePlex BCID
family of panels
“Our commercial teams delivered another quarter of strong ePlex
placements. With a growing portion of this installed base now
in routine clinical use, ePlex is beginning to make a meaningful
contribution to our revenues. We expect this trend to
continue in 2018, based on the strength of our sales funnel and the
changes we are making to optimize our approach in Europe," said
Hany Massarany, President and Chief Executive Officer. "We
are also delighted with the recent launch of ePlex NP – a new
configuration of the ePlex system designed to improve patient
access to multiplex molecular diagnostics and drive ePlex adoption
in lower volume testing sites,” added Massarany.
These preliminary results are based on management's initial
analysis of operations for the quarter and year ended December 31,
2017 and are subject to further internal review and audit by the
company's external auditors. The company expects to issue full 2017
financial results and 2018 guidance in late February.
About GenMark DiagnosticsGenMark Diagnostics
(NASDAQ:GNMK) is a leading provider of multiplex molecular
diagnostic solutions designed to enhance patient care, improve key
quality metrics, and reduce the total cost-of-care. Utilizing
GenMark's proprietary eSensor® detection technology, GenMark's
eSensor XT-8® and ePlex® systems are designed to support a broad
range of molecular diagnostic tests with compact, easy-to-use
workstations and self-contained, disposable test cartridges.
GenMark’s ePlex: The True Sample-to-Answer Solution™ is designed to
optimize laboratory efficiency and address a broad range of
infectious disease testing needs, including respiratory,
bloodstream, and gastrointestinal infections. For more
information, visit www.genmarkdx.com.
Safe Harbor StatementThis 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 our preliminary, unaudited 2017 financial
performance, regulatory submissions and approvals, and the timely
and effective commercialization and clinical impact of our ePlex
system, 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 2017
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, 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.
Investor Relations
Contact
Lynn Pieper Lewis or Leigh Salvo
(415) 937-5404
ir@genmarkdx.com
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