GenMark Diagnostics Inc. (NASDAQ: GNMK) shares shot up early on Wednesday after the company provided an update on its quarterly numbers and where it stands with its coronavirus test.
Testing for the coronavirus has become a lucrative field. A couple of other companies specifically dealing with the testing aspect are Quest Diagnostics Inc. (NYSE: DGX), Co-Diagnostics Inc. (NASDAQ: CODX) and Becton, Dickinson and Co. (NYSE: BDX). Their stocks have seen solid gains since they entered the coronavirus test business.
For the first quarter, GenMark expects to see total revenues of $38.7 million, representing an increase of approximately 80% over the first quarter of 2019. Revenues from its ePlex are expected to be roughly $34.3 million, an increase of 119% year over year. Also, the average annuity per analyzer is expected to be $214,000, up 29%.
Overall, COVID-19 has had a positive impact on GenMark’s first-quarter placements and revenue. Approximately 80% of gross placements this quarter included interest in COVID-19 testing. SARS-CoV-2 consumable revenue accounted for about 5% of total ePlex revenue.
During this quarter, the company also received FDA Emergency Use Authorization for its ePlex SARS-CoV2 Test.
Scott Mendel, interim president and chief executive, commented:
GenMark is honored to play an important role in fighting the COVID-19 global pandemic. 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 team’s hard work throughout this crisis as we continue to work at maximum capacity to provide our ePlex SARS-CoV-2 test and Respiratory Pathogen panel.
The stock was last seen up about 20% at $5.38 a share, in a 52-week range of $3.36 to $8.17. The consensus price target is $10.00.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.