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Great Basin Preliminary Q4 Revenues Spike 39 Percent

NEW YORK (GenomeWeb) – Great Basin Scientific today reported preliminary fourth quarter revenue growth of 39 percent year over year.

For the three months ended Dec. 31, 2016, the firm posted $851,930 in revenues, up from $611,870 in the previous year.

Revenue for Great Basin's Group B Strep test increased 274 percent compared with a year ago, to $150,570, while combined revenue from the newly launched Shiga Toxin Direct Test and Staph ID/R Blood Culture Panel was $51,720. The firm also submitted a 510(k) application for its Stool Pathogens Panel to the US Food and Drug Administration in 2016. Including its tests for Group B Strep and Clostridium difficile, Great Basin now has a menu of four FDA-approved assays, and expects two more to clear in 2017.

It added that it saw an increase in the average size of hospitals and labs evaluating its products, which it attributed to an expanded testing menu.

"For much of 2016, we had a limited product offering," noted Cofounder and CEO Ryan Ashton. "However," he added, "since launching our Staph ID/R Blood Culture Panel and Shiga Toxin Direct Test, we are seeing significant progress  in placing the Great Basin system at medium-to-large hospitals and labs, which is leading to better utilization of instruments and accelerating revenue growth." 

Preliminary results for the full year show revenue up 42 percent, to $3.0 million in 2016 from $2.1 million in 2015. The firm also reported a sales funnel of $2.5 million in expected new business as of Jan. 20.

Great Basin went public in October of 2014, but was delisted from the Nasdaq last year and now trades on the over-the-counter market.

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