GenMark's revenue soars as loss narrows
GenMark Diagnostics ($GNMK) posted a fourfold revenue jump in the third quarter, as the company increased its analyzer placements and boosted its reagent sales by almost 5 times.
GenMark's Q3 revenue jumped to $5.3 million from $1.3 million in the same period last year, but the resulting scale-up costs added $2.8 million to the company's expenses, which reached $8.5 million. GenMark reported a $6.2 million net loss, roughly $61,000 better than the third quarter of 2011.
The company is raising its annual revenue projection to $18 million, and CEO Hany Massarany said GenMark is on pace to keep growing, getting FDA clearance for its eSensor respiratory diagnostic in September and flaunting a prototype of its NexGen sample-to-answer platform at October's Association for Molecular Pathology meeting.
GenMark has been on the up-and-up since going public over the summer, when it pulled in about $45 million in an IPO. The third quarter's $5.3 million in revenue is a 47% jump over Q2, and the company is pouring its gains into R&D, spending $4.5 million in Q3 to advance its pipeline technologies.
- read GenMark's release
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