GenMark Diagnostics Inc. (NASDAQ: GNMK) shares shot up early on Wednesday after the company provided an update on its quarterly numbers and where it stands with its coronavirus test.
Testing for the coronavirus has become a lucrative field. A couple of other companies specifically dealing with the testing aspect are Quest Diagnostics Inc. (NYSE: DGX), Co-Diagnostics Inc. (NASDAQ: CODX) and Becton, Dickinson and Co. (NYSE: BDX). Their stocks have seen solid gains since they entered the coronavirus test business.
For the first quarter, GenMark expects to see total revenues of $38.7 million, representing an increase of approximately 80% over the first quarter of 2019. Revenues from its ePlex are expected to be roughly $34.3 million, an increase of 119% year over year. Also, the average annuity per analyzer is expected to be $214,000, up 29%.
Overall, COVID-19 has had a positive impact on GenMark’s first-quarter placements and revenue. Approximately 80% of gross placements this quarter included interest in COVID-19 testing. SARS-CoV-2 consumable revenue accounted for about 5% of total ePlex revenue.
During this quarter, the company also received FDA Emergency Use Authorization for its ePlex SARS-CoV2 Test.
Scott Mendel, interim president and chief executive, commented:
GenMark is honored to play an important role in fighting the COVID-19 global pandemic. Our sample-to-answer test enables healthcare providers to determine if a patient has COVID-19 in under two hours and is a critical diagnostic solution for hospitals. I’m extremely proud of our team’s hard work throughout this crisis as we continue to work at maximum capacity to provide our ePlex SARS-CoV-2 test and Respiratory Pathogen panel.
The stock was last seen up about 20% at $5.38 a share, in a 52-week range of $3.36 to $8.17. The consensus price target is $10.00.
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