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GenMark Reports Preliminary Q4 Revenues up 40 Percent

NEW YORK – GenMark Diagnostics reported on Monday that its preliminary fourth quarter revenues were approximately $27 million, a 40 percent increase over its 2018 sales.

However, that figure fell short of the average Wall Street projection for revenues of $27.6 million.

Expected revenues for the firm's ePlex molecular diagnostics platform were roughly $19 million for the quarter, an increase of around 58 percent over Q4 2018. The Carlsbad, California-based firm placed 48 new ePlex analyzers during Q4, bringing its total installed base at the end of 2019 to 527 ePlex analyzers worldwide, up 49 percent year over year.

For full-year 2019, GenMark expects to report total revenue of around $88 million, slightly below the consensus estimate of $88.3 million. Total ePlex revenues for 2019 were around $60 million, an increase of 59 percent year over year.

"Looking toward 2020, we are confident in our ability to continue to drive consistent revenue growth in the 20 to 25 percent range," GenMark President and CEO Hany Massarany said in a statement. "At the same time, we are increasingly focused on moving towards cash flow positivity and improving profitability. We have recently taken important actions to better scale our organizational structure and decrease our operating expenses, which in combination with our current gross margin initiatives, will improve our performance on the bottom line throughout the year."