GenMark Diagnostics Sees 80% Revenue Boost in First Quarter

COVID-19 has been tough on companies across many different industries but the current pandemic has shined a spotlight on what was previously a quieter corner of medtech: molecular diagnostics. And for the companies in that sector that have stepped up and responded to the crisis with tests to detect SARS-CoV-2 test, the virus that causes COVID-19, those efforts are paying off. On Tuesday, Carlsbad, CA-based GenMark Diagnostics, a provider of automated, multiplex molecular diagnostic testing systems, preannounced first-quarter revenue of about $38.7 million, representing an increase of about 80% over the first quarter of 2019. On March 18 FDA awarded an emergency use authorization for GenMark's ePlex SARS-CoV-2 test and GenMark said consumable revenue from that test accounted for roughly 5% of the company's total ePlex revenue in the quarter. The SARS-CoV-2 test also was a key factor in the company placing 54 ePlex analyzers during the quarter a 48% jump compared to the number of the devices placed during the first quarter of 2019. “GenMark is honored to play an important role in fighting the COVID-19 global pandemic,” said Scott Mendel, GenMark's, interim president and CEO. "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 teamâ€&...
Source: MDDI - Category: Medical Devices Authors: Tags: COVID-19 Business Source Type: news