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GenMark Diagnostics Preliminary Q2 Revenues Rise 118 Percent on SARS-CoV-2 Tests

NEW YORK ─ GenMark Diagnostics on Tuesday announced preliminary financial results for the second quarter of 2020, saying it anticipates 118 percent growth over the second quarter of 2019, driven primarily by sales associated with SARS-CoV-2 testing.

For the three months ended June 30, the firm expects its total revenues would be about $40.1 million compared to the $18.4 million it reported for Q2 2019.

The firm anticipates that Q2 revenues associated with its ePlex molecular diagnostic tests would be approximately $35.2 million, an increase of around 195 percent compared to the second quarter of 2019. Average annuity per ePlex analyzer is expected to be about $188,000 in Q2, up 74 percent over the prior-year quarter.

GenMark said about 90 percent of gross placements in Q2 were associated with interest in COVID-19 testing. SARS-CoV-2 consumables revenues accounted for about 48 percent of total ePlex revenues, the firm said. The Carlsbad, California-based molecular diagnostics firm placed 71 net ePlex analyzers and finished the quarter with a global installed base of more than 650 ePlex analyzers, an increase of 48 percent compared to Q2 2019.

In Q2, the firm submitted an Emergency Use Authorization to the US Food and Drug Administration for its ePlex Respiratory Pathogen Panel 2 (RP2 Panel), a rapid-result multiplex panel test that can identify 21 respiratory pathogens including SARS-CoV-2. During Q2, the company launched the RP2 Panel for US commercial distribution and clinical use.

"Strong COVID-19 demand continued to drive additional ePlex placements, which provides the foundation for future recurring testing revenues across our broader menu," Scott Mendel, president and CEO of GenMark, said in a statement. "We were also encouraged to see a number of customers implement our [respiratory] and [blood culture identification] panels during the second quarter, including some customers that originally adopted ePlex for COVID-19 testing."

Mendel said he believes that GenMark's business has been positively transformed for the long term as a result of its response to the pandemic.

The company said it expects to issue full second-quarter 2020 financial results and updated 2020 guidance in early August.