GNMK drop to $10..cc @ 4:45..GenMark Diagnostics, Inc. (Nasdaq:GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today updated its annual revenue guidance for the year ending December 31, 2013. As a result of additional uncertainties relating to the future revenue contribution from its largest customer, together with persisting reimbursement and other challenges affecting the emerging pharmacogenomics market sector, the Company is updating its annual revenue guidance to approximately $30 million from its original estimate of approximately $35 million.
"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.”
INVESTOR CONFERENCE CALL
GenMark will hold a conference call to discuss today’s announcement at 4:45PM EDT today. The conference call and webcast can be accessed live through the Company's website under the Investor Relations section and will be archived for future reference. To listen to the conference call, please dial (877) 312-5847 (US/Canada) or (253) 237-1154 (International) and use the conference ID number 97857118 approximately five minutes prior to the start time.
