GenMark Diagnostics, Inc (NASDAQ:GNMK) issued strong revenue forecast for the third quarter.
The company expects revenue to surge 104% year-over-year to $42.6 million, versus analysts’ estimates of $38.09 million. The company’s ePlex Respiratory Pathogen Panel 2 also received Emergency Use Authorization from the Food and Drug Administration.
The Carlsbad, Calif.-based provider of automated, multiplex molecular diagnostic testing systems, reported that it placed net 70 ePlex ®analyzers, finishing the quarter with a global installed base of more than 720 ePlex analyzers, an increase of 47% versus the third quarter of 2019
The average annuity per analyzer of approximately $193,000, up 82% over the third quarter of 2019. Gross margin is expected to be in the range of 38% to 39%, compared to 34% in the third quarter of 2019
According to CEO Scott Mendel, "I am extremely proud of the hard work and meaningful progress our team has made during these unprecedented times, We continued to see strong demand for both ePlex systems and consumables, including a significant portion of our customers adopting sample-to-answer syndromic testing for the first time."
These preliminary results are based on management's initial analysis of operations for the quarter ended September 30, 2020 and are subject to further internal review. The company expects to issue full third-quarter 2020 financial results in late October.
GNMK shares collected 15 cents, or 1%, to $14.45.
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