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Great Basin Q4 Revenues Rise 37 Percent

NEW YORK (GenomeWeb) – Great Basin today reported a 37 percent year-over-year increase in its fourth quarter revenues due to growth in its customer base and initial adoption of its Group B Strep assay.

For the three months ended Dec. 31, 2015, the Salt Lake City-based firm posted $611,870 in revenues, up from $445,283 in the previous year.

The firm reported a net loss of $18.9 million, or $5.15 per share, compared to a net income of $1.5 million, or $8.39 per share, in Q4 2014. It used about 3.7 million common shares to compute EPS in 2015 compared to 179,212 shares in the year-ago period. Great Basin went public in October 2014.

The firm's Q4 R&D spending increased approximately 69 percent to $2.2 million due to costs associated with clinical trials and regulatory activities related to the firm's Staph ID/R Blood Culture and Shiga Toxin Direct assays as well as pipeline growth.

The firm's SG&A costs nearly doubled year over year to $3.9 million from $2.0 million attributed in part to additional sales force hires and increased business activities.

For full-year 2015, Great Basin recorded $2.1 million in revenues compared to $1.6 million in 2014. Its net loss for 2015 was $57.9 million, or $51.17 per share, compared to a net loss of $21.7 million, or $1,039.41 per share, in 2014.

The company calculated its net loss for 2015 using approximately 1.1 million shares, compared to 20,904 shares in 2014.

Full-year R&D costs rose 84 percent year over year to $8.5 million from $4.6 million, while its SG&A costs more than doubled to $11.2 million from $5.2 million.

Great Basin finished 2015 with $4.8 million in cash and $13.8 million in restricted cash. On a conference call following the earnings release, the firm also noted it is planning a special meeting of its board to decide whether to reverse split its stock in order to potentially attract larger institutional investors and stave off Nasdaq delisting.