NEW YORK (GenomeWeb) – Molecular diagnostics firm Great Basin Scientific reported after the close of the market on Monday that its third quarter revenues rose 33 percent year over year due primarily to growth in its customer base and adoption of its Group B Strep assay.
The company reported revenues of $545,934 for the three months ended Sept. 30, up 33 percent from $409,390 in the third quarter of 2014.
Great Basin's net income for the quarter was $13.1 million, or $.26 per share, versus a net loss of $17.2 million, or $117.59 per share for Q3 2014. Great Basin used approximately 45.1 million shares to calculate EPS in Q3 2015 compared to 146,678 shares to calculate loss per share in the year-ago period. The company went public in October 2014, and completed a follow-on public offering in March. In Q3 2015 there was a non-cash gain on the change in fair value of a derivative liability in the amount of $20 million as compared to a $13.9 million loss on the change in fair value of the derivative liability in Q3 2014. Excluding this non-cash derivative liability, the company's adjusted net loss was $7 million in Q3 2015 compared to $3.3 million for Q3 2014.
The Salt Lake City-based firm's R&D spending more than doubled to $2.9 million from $1.4 million in the year-ago period due to increased clinical and regulatory activities related to the firm's Staph ID/R Blood Culture and Shiga Toxin Direct tests and ongoing pipeline development. Great Basin's SG&A expenses tripled to $3.3 million from $1.1 million year over year due to increases in sales commissions, increased business activities, and costs of operating as a public company.
In the quarter, Nasdaq notified the firm that its minimum market value fell short of the requirement to continue listing on the exchange, and the firm said at the time that it was considering its options.
The firm also submitted a Staphylococcus panel and a molecular Shiga Toxin assay to the US Food and Drug Administration for 510(k) review in the quarter.
Great Basin ended the quarter with 143 US customers and 64 evaluations scheduled or in progress, compared to 115 customers and 46 evaluations in the previous quarter. It finished the quarter with $7.3 million in cash.