Stock Alert: GenMark Diagnostics Spikes 30%

(RTTNews) - Shares of GenMark Diagnostics Inc. (GNMK) are currently trading up 30% on Tuesday morning trade. The molecular diagnostics solutions provider reported fourth-quarter loss that narrowed from last year, while revenues surged 40%. GenMark Diagnostics also announced initial global shipments of ePlex RUO test kits designed for coronavirus detection.

Fourth-quarter revenues increased to 40% to $27.2 million, fueled by ePlex growth of 58% from last year. Net loss for the fourth quarter was $10.3 million or $0.17 per share, compared to $11.6 million or $0.21 per share loss last year.

Looking ahead into 2020, the company expects revenues of $100 million to $110 million, representing year-over-year growth of 19% at the midpoint, with expected ePlex revenue growth in the mid 30% range. On an earnings call, CEO Scott Mendel said, "Today, we announced our recent development and initial research use only shipments of ePlex test kits designed for the SARS coronavirus 2 detection. Well, not on our scheduled roadmap, we quickly assembled the team and in less than one month they designed, manufactured, and shipped initial tests to customers for validation of our test design." GNMK is currently trading at $4.57, up $1.06 or 30.20%, on the Nasdaq.