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Great Basin Scientific, Inc. (GBSN) Building Presence in Molecular Diagnostics Market through Commercialization of Cost-Effective Technologies
Great Basin Scientific is a molecular diagnostics company developing, manufacturing and commercializing breakthrough chip-based technologies that enable cost-effective, reliable infectious disease testing. By focusing on affordability and ease-of-use, the company is working to make molecular testing available to every patient, providing the means for greatly reduced misdiagnoses while significantly limiting the spread of dangerous infectious diseases.
In the first quarter of 2015, Great Basin successfully leveraged the marketability of its innovative product portfolio to realize strong financial growth. The company’s revenue for the three month period was $458,730, which represented a 31.4 percent year-over-year improvement. This performance was attributable to Great Basin’s tremendous progress in expanding upon its established customer base. As of the end of the quarter, the company reported just over 100 U.S. customers, which was a year-over-year increase of more than 42 percent.
The company has taken considerable steps toward building on this financial growth in recent weeks, highlighted by the commercial launch of its Group B Streptococcus (GBS) test in July. Early adopters of Great Basin’s new product – which received U.S. Food and Drug Administration clearance in April – have hailed the test’s ease-of-use and cost savings. Shortly after its release, the company announced that more than 40 sites were in active evaluation or scheduled to evaluate the sample-to-result test, further demonstrating the immense marketability of Great Basin’s groundbreaking technology.
“Initial response to our GBS test has exceeded our expectations,” Ryan Ashton, chief executive officer of Great Basin, stated in a news release. “We believe this speaks to an unmet need in the market that Great Basin addresses by delivering simplified workflow at appropriate cost [with] the sensitivity, specificity and speed of molecular testing that our lab customers demand.”
According to industry reports, the global molecular diagnostics market is expected to grow at a compound annual growth rate of 9.7 percent from 2013 to 2018, climbing to nearly $8 billion by the end of the period. For Great Basin, this market performance should provide a platform upon which to promote strong financial growth.
For more information, visit www.gbscience.com
