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GenMark Preliminary Q4 Revenues Up 13 Percent

NEW YORK (GenomeWeb) – GenMark Diagnostics reported on Tuesday that it expects fourth quarter revenues of $14.9 million, up 13 percent year over year.

The company also reported preliminary full-year 2016 revenues of $49.2 million, up 25 percent compared to 2016.

The preliminary revenues just beat the average Wall Street estimate of $14.8 million for Q4 and $49.1 million for 2016.

GenMark also reported that global commercialization of its ePlex instruments continued to gain momentum, and it completed 2016 with more than 55 customer agreements that represent more than 85 ePlex instruments, many of which have been installed in end-user sites.

GenMark President and CEO Hany Massarany said that fourth quarter revenue was in line with the firm's expectations, despite a slow start to the flu season.

"Furthermore, we are very pleased with the increasing customer interest in our ePlex sample-to-answer system, particularly following our submissions to [the US Food and Drug Administration] last month," he said, and added that customer feedback has been positive on ease of use and workflow.

Cowen analyst Doug Schenkel said in a research note Tuesday that GenMark's numbers are not only "well ahead" of his forecast for 26 placements at the end of 2016, but were also ahead of the more than 30 customer agreements that GenMark said it had in place during its Q3 earnings call.

GenMark shares were up more than 10 percent at $12.84 in morning trading on the Nasdaq.

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