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GenMark Reports Q4 Net Loss of $5.4M

NEW YORK (GenomeWeb News) – GenMark Diagnostics today reported a net loss of $5.4 million, or $.27 per share in the fourth quarter, compared to a net loss of $3.5 million, or $.30 per share, a year ago.

The company had reported preliminary financial results last week but delayed releasing its full results until an independent audit was completed, which included its first Sarbanes-Oxley audit of internal controls.

The company used 20.1 shares to calculate its net-loss-per-share figure for Q4 2011, compared to 11.7 million shares in the year-ago figure. GenMark had a public offering of about 7.1 million shares in June.

As reported a week ago, revenues for the three months ended Dec. 31, 2011 rose 150 percent year over year to $2.0 million from $805,000 a year ago, as the number of systems in the field rose, the company's test menu grew, and the number of tests sold increased.

Product revenues more than doubled to $1.9 million from $778,000, and licensing and other revenues climbed to $99,000 from $27,000.

Reagent revenues increased to $1.8 million from $695,000, a 157 percent increase year over year, while instrument and other revenues increased 104 percent to $224,000 from $110,000, due primarily to capital sales of instruments, GenMark said. The firm placed 26 net analyzers during the quarter.

The company also said today that R&D expenses in the quarter increased 18 percent to $2 million from $1.7 million. Its SG&A spending rose 46 percent to $3.8 million from $2.6 million.

For full-year 2011, GenMark's net loss was $24.0 million, or $1.45 per share, compared to $18.4 million, or $1.88 per share, in 2010. The Carlsbad, Calif.-based company used 16.6 million shares to calculate its net-loss-per share figure for 2011, compared to 9.8 million shares in 2010.

Revenues for the year came in at $5.0 million, compared to $2.6 million in 2010. Product revenues were $4.7 million, about double $2.3 million in 2010, while license and other revenues grew 39 percent to $309,000 from $223,000.

GenMark placed 85 net analyzers during the year bringing the total installed base to 167. Reagent annuity per analyzer rose to $50,000 from $30,000.

Its R&D spending increased 32 percent to $8.7 million in 2011 from $6.6 million a year ago, while SG&A spending rose 16 percent to $13.9 million from $12.0 million in 2010.

The company finished 2011 with $25.3 million in cash and cash equivalents and $5 million in short-term investments.

The company expects revenue to more than double in 2012 from 2011 levels to more than $10 million, with most of the revenues coming in the back end of the year due to the seasonality of the flu season, it said. GenMark plans to introduce two or three new assays during the year and will continue to invest heavily in its NextGen platform development, it said.

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