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GenMark Expects 7 Percent Revenue Growth for Q4

NEW YORK (GenomeWeb) – GenMark Diagnostics announced today that it expects to post a 7 percent increase its fourth quarter revenues on strong sales of its ePlex molecular diagnostics systems.

For the three-month period ended Dec. 31, GenMark expects revenues of $16 million, up from $14.9 million in the same period the year before and higher than analysts' average estimate of $15.2 million. For full-year 2017, the company anticipates revenues of $52.5 million — a more than 6 percent increase over its 2016 revenues of $49.3 million and topping the consensus Wall Street estimate of $51.7 million.

During the fourth quarter, GenMark placed 49 ePlex analyzers, bringing the total number of instruments installed in US and European labs at the end of the year to 196. The firm also recently launched ePlex NP — a new configuration of the ePlex system that is designed for customers with lower testing volumes — which it said contributed to fourth quarter placements.

"With a growing portion of this installed base now in routine clinical use, ePlex is beginning to make a meaningful contribution to our revenues," GenMark President and CEO Hany Massarany said in a statement. "We expect this trend to continue in 2018, based on the strength of our sales funnel and the changes we are making to optimize our approach in Europe."

GenMark expects to release its final 2017 financial results and 2018 guidance in late February.

During mid-morning trading on the Nasdaq, shares of GenMark were up 3 percent to $5.32.