GenMark expects to grow 50% YoY, despite revenue uncertainties

theflyonthewall.com

"Our core business continues to exceed our expectations, with new customers, increasing placements of new analyzers and expanded menu utilization," stated GenMark's President & CEO Hany Massarany. "As previously communicated, we remained prudently cautious regarding the future revenue contribution from the pharmacogenomics sector, including our single largest customer. In light of the recent developments which introduced additional uncertainty regarding this customer, we have taken a more conservative outlook and reduced our revenue expectations for the remainder of the year," Massarany further stated. "Nevertheless, we believe the significant growth rates we are experiencing in our core business strengthen our position and support year-over-year growth of about 50%, resulting in approximately $30 million of annual revenue. Furthermore, we continue to make excellent progress toward the development of our NexGen sample-to-answer system, which we believe will fuel significant growth and our future success as a global leader in molecular diagnostics."

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