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GenMark reports bigger 3Q loss on one-time charge

Thu, 11/10/2011 - 11:45am
The Associated Press

GenMark Diagnostics Inc. reported a larger third-quarter loss Wednesday after taking a one-time charge related to manufacturing issues.

GenMark makes molecular tests for cystic fibrosis genotypes, and tests that determine if a patient is at high risk for blood clots or has an allergy to the blood thinner warfarin.

The company said it lost $6.3 million, or 31 cents per share. A year ago, when it had fewer shares on the market, GenMark lost $4.9 million, or 42 cents per share. Revenue nearly doubled to $1.3 million.

Analysts expected a loss of 32 cents per share and revenue of $1.3 million, according to FactSet.

During the quarter GenMark took an inventory charge of $421,000, or 2 cents per share, to write off the value of assay production lots that didn't meet its standards. The charge also covered inefficiencies that were related to the relocation of its manufacturing operations to Carlsbad from Pasadena, Calif.

GenMark said reagent sales rose to $1.2 million from $656,000, while instrument and other revenue rose to $110,000 from $28,000.

GenMark shares fell 16 cents, or 3.1 percent, to close at $5.03.

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