GenMark Diagnostics, Inc (NASDAQ:GNMK) issued financial report for the third quarter closed September 30, 2017. During the reported quarter, the company placed 65 ePlex® analyzers, mostly led by first full quarter of U.S. release. The company recorded the total installed base of 147 ePlex analyzers in European and U.S. labs.
Hany Massarany, the CEO and President of GenMark, reported that they are delighted with their first full quarter of ePlex release in the U.S., which led the majority of placements in Q3 2017. With continued encouraging customer feedback and strong sales funnels pertaining the overall performance of ePlex, they remain optimistic about their prospect to accelerate their revenue growth rate and increase market share in the international multiplex molecular diagnostics segment.
In Q3 2017, GenMark posted revenue of $11.6 million, a jump of 7.3% as compared to $10.7 million in the comparable quarter of 2016. Gross profit came at $4.2 million as against $6.5 million, of revenue in the comparable period, a year ago. Operating expenses for Q3 2017 came at $18.9 million versus $18.1 million in the comparable period for 2016. The jump was mainly led by marketing and sales expenses as the firm continues to expand its commercial firm in support of the international ePlex product release.
Loss per share stood at $0.28 per share for the Q3 2017, versus a loss of $0.27 per share in the comparable quarter of 2016. GenMark closed the third quarter with cash and investments of $86.9 million. For full year 2017, the company anticipates revenue to come in between $51 million and $53 million and gross margin to come in between 38% and 40%. The company anticipates to close 2017 with ePlex placements of 185-200.
More recently GenMark reported that Chief Executive Officer and President, Hany Massarany, will participate at the Canaccord Genuity Medical Technologies and Diagnostics Forum on November 9, 2017.