Exhibit 99.1

Great Basin Scientific Reports First Quarter 2017 Results

Company continues to reduce operating expenses and cash burn

 

First quarter revenue increased 14% year-over-year

 

30% reduction in first quarter total operating expenses compared to fourth quarter

 

First quarter net income was $21.5 million; non-GAAP net loss improved 27% from the fourth quarter

 

Stool Bacterial Pathogens Panel under evaluation at over 40 customer sites ahead of anticipated FDA clearance

 

Salt Lake City, May 22, 2017

– Great Basin Scientific, Inc. (OTCQB: GBSN), a molecular diagnostic company, today reported operating results for the first quarter ended March 31, 2017.

 

“We are very pleased with the improvements we made in the first quarter of 2017, as we move from the high-investment menu expansion plan of 2016 to a leaner, growth-focused strategy for 2017,” said Ryan Ashton, co-founder and chief executive officer of Great Basin. “During the first quarter, we recorded revenues from a product suite that included five assays compared to only two assays a year ago. We also shipped and recorded modest revenues for our Stool Bacterial Pathogens Panel (SBPP) on a discounted Investigational Use Only (IUO) basis during the quarter. This was ahead of anticipated U.S. Food and Drug Administrative (FDA) clearance, which we continue to expect to receive in mid-2017.”

 

“The cost-management programs initiated in late 2016 continued to post results in terms of improved operational efficiencies,” Ashton continued. “We are pleased to have reported significant decreases in total operating expenses. We also reported net income for GAAP purposes, and, more importantly, a decrease in non-GAAP net loss for the first quarter of 2017. We expect the restructuring and cost reduction plan we implemented and announced in mid-February will be more fully reflected in our second quarter results, and we continue to work on reducing expenses and refocusing spending toward revenue growth. Further, we believe our simplified capital structure will allow us to substantially reduce our financing, legal and accounting costs, reducing our G&A expenses substantially and have set the third quarter of 2017 as a target for total operating expenses at or below $4.0 million.”

 

 

 


The following information was filed by Great Basin Scientific, Inc. (GBSN) on Monday, May 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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