Stock Alert: GenMark Diagnostics Trading 15% Higher On Higher Revenue Expectations

(RTTNews) - Shares of GenMark Diagnostics, Inc. (GNMK) are climbing more than 15% Wednesday morning after the molecular diagnostics company said it expects second-quarter revenue to increase 118% year-over-year at $40.1 million, better than the consensus estimate of analysts polled by Thomson Reuters of $31.39 million. The stock touched a new high of $18.38 this morning.

Testing for COVID 19 positively impacted the company's second-quarter placements and revenue, as about 90% of gross placements included interest in COVID-19 testing, GenMark said.

Gross margin for the second quarter is expected to be approximately 38% to 39%, compared to 36% in the second quarter of 2019.

"Strong COVID-19 demand continued to drive additional ePlex placements, which provides the foundation for future recurring testing revenues across our broader menu," said Scott Mendel, President and Chief Executive Officer.