GenMark Diagnostics Slash FY 13 Revenue Guidance, Shares Tumble in Afterhours Trading (GNMK)
Shares of GenMark Diagnostics Inc. (NASDAQ: GNMK) fell sharply in afterhours trading on Monday after the molecular diagnostics company downwardly revised its full-year revenue guidance, ending December 2013.
Speaking to analysts over the downward revision, GenMark’s Chief Executive, Hany Massarany said in a stamen “We remained prudently cautious regarding the future revenue contribution from the pharmacogenomics sector, including our single largest customer,” said Chief Executive Hany Massarany.
“In light of the recent developments which introduced additional uncertainty regarding this customer, we have taken a more conservative outlook and reduced our revenue expectations for the remainder of the year,” added Massarany.
For the full fiscal year, the Carlsbad, California-based Company anticipates revenue of about $30 million compared to its earlier projection for $35 million. Analysts surveyed by Thomson Reuters had most recently forecasted revenue of $35.11 million.
However, the Company highlighted that it core business continued to exceed its expectations.
In May, the Company said that its fiscal first quarter loss contracted as revenue rose sharply from the year-earlier quarter, aided by jump in the number of systems placed at customer sites, increase in test menus and higher number of tests sales.
GenMark’s shares fell 4.74% in extended trading hours to $10.45 after falling 8.35% in regular trading on Monday.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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