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Genmark Diagnostics, Inc. (GNMK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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GNMK Quarterly Reports

Genmark Diagnostics, Inc.

CIK: 1487371 Ticker: GNMK

Exhibit 99.1

May 4, 2020

GenMark Diagnostics Reports First Quarter 2020 Results

CARLSBAD, Calif - GenMark Diagnostics, Inc. ("GenMark" or the "Company") (Nasdaq: GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today announced financial results for the quarter ended March 31, 2020.

First Quarter 2020 Financial Highlights
Total revenue of $38.7 million, an increase of 80% over the first quarter of 2019
ePlex revenue of $34.3 million, an increase of approximately 119% over the first quarter of 2019
Gross margin of 42%, compared to 27% in the first quarter of 2019

Recent Operational Highlights
Placed 54 net new ePlex analyzers in the first quarter of 2020, expanding the global installed base to 581 as of March 31, 2020
Increased average annuity per ePlex analyzer to approximately $214,000, up 29% versus the first quarter of 2019
Granted Emergency Use Authorization (EUA) for ePlex COVID-19 test on March 19th
Awarded $749,000 in BARDA funding to develop ePlex RP2 Panel
Appointed Scott Mendel as CEO, effective May 2, 2020

“Our 2020 key priorities of strong revenue growth, margin expansion, and technology development remain intact despite the COVID-19 pandemic,” said Scott Mendel, President and Chief Executive Officer. “We made significant strides on all fronts during the first quarter by delivering molecular diagnostic solutions that enable better patient outcomes for critically ill patients.”

First Quarter Financial Results
Revenue was $38.7 million in the first quarter of 2020, an increase of 80% versus $21.5 million in the first quarter of 2019.

Gross profit was $16.2 million, or approximately 42% of revenue, compared with $5.9 million, or 27% of revenue in the same period of 2019.

Operating expenses for the first quarter of 2020 were $21.2 million compared to $16.8 million in the same period of 2019. Approximately $4.6 million of this increase resulted from nonrecurring charges associated with organizational changes including the departure of the former CEO.

Loss per share was $0.12 for the first quarter of 2020, compared to a $0.21 loss per share in the first quarter of 2019. Loss per share for the first quarter of 2020 after non-recurring charges was $0.04 compared to $0.21 in the first quarter of 2019.

Cash and investments were $47.1 million as of March 31, 2020.

Guidance for Full Year 2020
GenMark is increasing total revenue expectations for the full year 2020 to $120 to $130 million.

The Company now expects global ePlex placements to range from 175 to 200 net new analyzers with an annuity per analyzer remaining at $130,000 to $135,000.

Gross margin guidance is increasing to the 38% to 40% range. Operating expense expectations continue to be approximately $65 million to $70 million. Cash usage in operations is projected to be in the range of $5 million to $10 million.

Webcast and Conference Call Information
GenMark will be hosting a conference call to discuss first quarter results in further detail on Monday, May 4, 2020 starting at 4:30 p.m. ET. The conference call will be concurrently webcast. The link to the webcast will be available on the GenMark Diagnostics, Inc. website at www.genmarkdx.com 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 2190875 approximately five minutes prior to the start time.




The following information was filed by Genmark Diagnostics, Inc. (GNMK) on Monday, May 4, 2020 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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Inside Genmark Diagnostics, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Statement Of Stockholders' Equity
Condensed Consolidated Financial Statement Details
Condensed Consolidated Financial Statement Details (Tables)
Condensed Consolidated Financial Statement Details - Accrued Warranty (Details)
Condensed Consolidated Financial Statement Details - Inventories (Details)
Condensed Consolidated Financial Statement Details - Property And Equipment, Net (Details)
Equity (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets, Net
Intangible Assets, Net (Tables)
Intangible Assets, Net - Components Of Gross And Net Intangible Asset Balances (Details)
Intangible Assets, Net - Future Amortization Expense (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Future Minimum Lease Payments (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Marketable Securities
Marketable Securities (Details)
Marketable Securities (Tables)
Net Loss Per Common Share
Net Loss Per Common Share (Details)
Net Loss Per Common Share (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Accounts Receivable (Details)
Organization And Basis Of Presentation - Additional Information (Details Textual)
Organization And Basis Of Presentation - Cash And Cash Equivalents (Details)
Organization And Basis Of Presentation - Property And Equipment (Details)
Organization And Basis Of Presentation - Recent Accounting Pronouncements (Details)
Organization And Basis Of Presentation - Revenue Disaggregation (Details)
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Stockholders' Equity (Details)
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Subsequent Events (Details)

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Genmark Diagnostics, Inc. provided additional information to their SEC Filing as exhibits

Ticker: GNMK
CIK: 1487371
Form Type: 10-Q Quarterly Report
Accession Number: 0001487371-20-000136
Submitted to the SEC: Mon May 04 2020 5:09:32 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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