GenMark Diagnostics reported after the close of the market on Monday a 23 percent increase in second quarter revenues, driven by strong placements of its ePlex analyzer.
The Carlsbad, California-based molecular diagnostics firms reported $18.4 million in revenues, up from 14.9 million in Q2 of 2018 and beating the consensus analyst estimate of $17.9 million.
"I believe that the combination of our ePlex platform, its differentiated test menu and broad market adoption, together with the continued strong execution of our commercial teams, signal a very exciting inflection point in our business with a long runway for future growth," said Hany Massarany, GenMark's president and CEO, in a statement.
The firm booked ePlex revenues of $12 million for the quarter, representing 66 percent of total revenues and 70 percent growth over the prior-year quarter.
The company placed 45 net new ePlex analyzers during the quarter, increasing its global installed base to 438 placements, a growth of 64 percent compared to a year ago.
R&D costs for the quarter decreased 26 percent to 7.7 million from $10.5 million in Q2 of last year, largely due to reduced development expenses related to the completion of ePlex BCID clinical studies.SG&A expenses increased 10 percent to $10.7 million from $9.7 million a year ago, driven by increased investment in the commercial function to support the BCID launch.
The company's net loss for the quarter narrowed to $13.3 million or $.23 per share, from $16.5 million or $.30 per share during the same quarter last year, missing analysts' average estimate of a loss of $.21 per share.
GenMark ended the quarter with $23.7 million in cash and cash equivalents and $17.6 million in short-term marketable securities.
The company continues to expect total revenues for 2019 to range from $85 million to $90 million. It also still anticipates placing 170 to 190 net new ePlex analyzers this year, each with an annuity per analyzer of $135,000 to $145,000.
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