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GenMark Projects 52 Percent Growth in Q4 Revenues, Signs $40M Debt Facility

NEW YORK (GenomeWeb) – GenMark yesterday released its preliminary financial results for the fourth quarter of 2014, reporting a 52 percent increase in revenues to $9.8 million for the three months ended Dec. 31, 2014.

The company also said that it had closed a debt facility of up to $40 million led by GE Capital's Healthcare Financial Services business.

The company expects full-year 2014 revenue of $30.6 million, a 59 percent increase over 2013 revenue, excluding revenue from former customer Natural Molecular Testing Corp., which ended a supply partnership with GenMark during 2013.

The preliminary financial results beat consensus analyst estimates of $8.3 million for the fourth quarter and $29.1 million for the full year.  

GenMark said it placed 38 XT-8 analyzers in the fourth quarter and that its current US installed base is 540 analyzers.

GenMark said it has also completed the development of its ePlex molecular diagnostics platform, which integrates automated nucleic acid extraction and amplification with the firm's eSensor detection technology.

The company is currently planning analytical and clinical studies in preparation for the launch of the system in Europe in the middle of 2015. GenMark said it plans to file a 510(k) submission to the Food and Drug Administration in the second half of the year.

GenMark said it will use the $40 million debt facility to provide additional working capital as it prepares to launch the ePlex globally. The facility includes a multi-tranched $35 million venture loan facility and a $5 million asset-based revolving credit facility.

GenMark shares were up 7.2 percent to $13.91 in mid-morning trading on Tuesday.

The Company will release its full financial results and 2015 guidance on Feb. 25. 

This article has been updated from a previous version to include analyst estimates and GenMark's share price.