GenMark Diagnostics reported impressive financial results for Q1 2020, achieving $38.7 million in total revenue, up 80% from Q1 2019. ePlex revenue rose 119%, reaching $34.3 million. Gross margin increased to 42%, compared to 27% last year. The company expanded its global installed base of ePlex analyzers to 581 and increased average annuity per analyzer to $214,000. Recent achievements include receiving Emergency Use Authorization for the ePlex COVID-19 test and securing $749,000 in BARDA funding. The company raised its 2020 revenue guidance to $120 to $130 million.
GenMark Diagnostics (NASDAQ: GNMK) has appointed Scott Mendel as President and CEO, effective immediately. Mendel, who has been interim CEO since February 2020, brings extensive experience from his previous roles as Chief Operating Officer and Chief Financial Officer. Kevin O'Boyle, Chairman of the Board, expressed confidence in Mendel’s leadership capabilities, particularly in navigating challenges and prioritizing the company’s future success. GenMark specializes in multiplex molecular diagnostic solutions aimed at improving patient care and reducing healthcare costs.