NEW YORK ─ GenMark Diagnostics on Monday announced preliminary fourth quarter revenue growth of 84 percent year over year.
For the quarter ended Dec. 31, 2020, the Carlsbad, California-based company expects to report revenues of $50 million, compared to $27.2 million in Q4 2019, which would beat analysts' average estimate of $45.9 million.
GenMark's ePlex product revenue for Q4 is expected to be approximately $45 million, an increase of 138 percent over the fourth quarter of 2019, and for full-year 2020 is expected to be approximately $152 million, an increase of 155 percent over 2019.
The company said that in Q4 it placed 70 net new ePlex analyzers, and finished the year with a global installed base of 792 ePlex analyzers. Its ePlex installed base grew 50 percent year over year.
In Q4, the annuity per analyzer was approximately $220,000, compared to approximately $148,000 in Q4 2019.
"Fourth quarter demand remained very strong, driven by our ePlex RP2 and blood culture ID panels that provide broad pathogen coverage and simplified workflow with hands-on time of one minute or less," Scott Mendel, the firm's president and CEO, said in a statement. "During the quarter, we validated the first of our two new ePlex manufacturing lines that increases our production capacity to approximately 160,000 ePlex tests per month, and we remain on track to validate the second line in the very near future. With multi-year contracts that include committed volumes, GenMark has created an enduring and recurring revenue stream that provides visibility to driving continued top-line growth in 2021."
For full-year 2020, the firm expects to report revenues of approximately $171 million, an increase of 94 percent over $88 million for full-year 2019.
In 2020, GenMark increased manufacturing capacity by more than 75 percent over 2019 and completed the first of two new production lines during Q4.