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GenMark Expects Q2 Revenues above Estimates

NEW YORK (GenomeWeb) – GenMark Diagnostics said after the close of the market Monday that it expects to report second-quarter revenues of $6.6 million, which would easily beat Wall Street's consensus estimate of $4.8 million.

The Carlsbad, Calif.-based molecular diagnostics firm said that revenues for its base business, which excludes revenue from former customer Natural Molecular Testing, was up 71 percent year over year. Its revenues for Q2 2013, including sales to NMT, were $5.2 million.

NMT had been GenMark's largest customer, but in June 2013 the firm inked a multiyear collaboration with GenMark competitor Luminex, raising questions about the GenMark and NMT relationship going forward. NMT subsequently filed for Chapter 11 bankruptcy protection.

On Monday GenMark said that it placed 31 of its XT-8 analyzers in end-user labs, bringing its total installed base to 475 analyzers in the US market.

In addition, it said that it has completed development of its NexGen sample-to-answer molecular diagnostic instrument, now called ePlex. The system is based on the firm's eSensor technology and includes digital microfluidics, making the system the "only electronic multiplexing system in the marketplace," according to GenMark President and CEO Hany Massarany.

GenMark noted that it will release its full Q2 financial results on Aug. 11.

In Tuesday morning trade on the Nasdaq, shares of GenMark were up 3 percent at $10.89.

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