GenMark Diagnostics Q4 Revenues Rise 21 Percent

GenMark Diagnostics reported after the close of the market recently that its fourth quarter revenues rose 21 percent year over year, in line with preliminary Q4 revenues reported in January.

For the three months ended Dec. 31, 2018, the company reported revenues of $19.4 million, up from $16.0 million in Q4 2017, and beating the analysts' consensus estimate of $19.1 million.

The firm said its ePlex analyzer Q4 revenues increased about 110 percent year over year to $12.1 million. It placed 42 net new ePlex analyzers in Q4 and finished the year with a global installed base of 354.

GenMark said that in Q4 it received US Food and Drug Administration clearance for the company’s ePlex Blood Culture Identification Gram-PositivePanel (BCID-GP) and Fungal Pathogen Panel (BCID-FP). The firm also said that it expanded and restructured a term loan agreement, adding $11 million to its balance sheet on Feb. 1, with the potential to increase that by an additional $15 million upon meeting certain revenue milestones.

GenMark President and CEO Hany Massarany said in a statement that the firm's accomplishments in 2018 included driving global commercial ePlex adoption, expanding its ePlex test menu, and improving manufacturing cost and yield efficiencies.

"With a highly experienced commercial team and expanded ePlex menu, this year we will remain focused on growing our market share and installed base of ePlex systems," he said.

On a conference call to discuss the firm's financial performance, Massarany said that "based on what we know" about how its application to the FDA for clearance of its gram-negative BCID panel has progressed, the firm anticipates receiving clearance for the panel this quarter.