Revenues for the quarter ending
Gross profit for the quarter ending
Operating expenses increased
Loss per share was
The Company ended the first quarter of 2012 with
"We continued to execute strongly on our growth strategy during the
first quarter of 2012," commented
INVESTOR CONFERENCE CALL
GenMark will hold a conference call to discuss first quarter 2012
results and the outlook for 2012 at
ABOUT GENMARK
SAFE HARBOR STATEMENT
This press release includes forward-looking statements regarding events,
trends and business prospects, which may affect our future operating
results and financial position. Such statements, including, but not
limited to, those regarding continued growth in sales of our diagnostic
tests, the expansion of our diagnostic test menu, the development and
functionality of our products and the continued development of our
technology, are all subject to risks and uncertainties that could cause
our actual performance, operating results and financial position to
differ materially. Some of these risks and uncertainties include, but
are not limited to, risks related to our history of operating losses,
our ability to successfully commercialize our products, the need for
further financing and our ability to access the necessary additional
capital for our business, inherent risk and uncertainty in the
protection intellectual property rights, ability to maintain gross
margins, regulatory uncertainties regarding approval or clearance for
our products, as well as other risks and uncertainties described under
the "Risk Factors" in our public filings with the
|
|
||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (In thousands, except par value) | ||||||||||
| As of | As of | |||||||||
|
|
|
|||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 23,801 | $ | 25,320 | ||||||
| Short- term investments | — | 5,000 | ||||||||
|
Accounts receivable—net of allowance of |
1,055 | 1,098 | ||||||||
| Inventories | 2,094 | 2,168 | ||||||||
| Other current assets | 135 | 322 | ||||||||
| Total current assets | 27,085 | 33,908 | ||||||||
| Property and equipment—net | 3,417 | 2,836 | ||||||||
| Intangible assets—net | 1,722 | 1,362 | ||||||||
| Other long-term assets | 102 | 80 | ||||||||
| Total assets | $ | 32,326 | $ | 38,186 | ||||||
| Current liabilities | ||||||||||
| Accounts payable | $ | 1,698 | $ | 1,201 | ||||||
| Accrued compensation | 1,107 | 1,521 | ||||||||
| Current portion of long-term debt | 1,015 | 1,000 | ||||||||
| Other current liabilities | 1,562 | 2,659 | ||||||||
| Total current liabilities | 5,382 | 6,381 | ||||||||
| Long-term liabilities | ||||||||||
| Long-term debt, net of current portion | 410 | 583 | ||||||||
| Other non-current liabilities | 726 | 588 | ||||||||
| Total liabilities | 6,518 | 7,552 | ||||||||
| Stockholders' equity | ||||||||||
|
Common stock, |
2 | 2 | ||||||||
|
Preferred stock, |
— | — | ||||||||
| Additional paid-in capital | 200,263 | 199,531 | ||||||||
| Accumulated deficit | (174,021 | ) | (168,463 | ) | ||||||
| Accumulated other comprehensive loss | (436 | ) | (436 | ) | ||||||
| Total stockholders' equity | 25,808 | 30,634 | ||||||||
| Total liabilities and stockholders' equity | $ | 32,326 | $ | 38,186 | ||||||
|
|
||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| Three Months ended March 31, | ||||||||||
| 2012 | 2011 | |||||||||
| Revenue | ||||||||||
| Product revenue | $ | 2,120 | $ | 693 | ||||||
| License and other revenue | 39 | 65 | ||||||||
| Total revenue | 2,159 | 758 | ||||||||
| Cost of sales | 1,687 | 1,501 | ||||||||
| Gross profit (loss) | 472 | (743 | ) | |||||||
| Operating expenses | ||||||||||
| Research and development | 1,949 | 2,564 | ||||||||
| Sales and marketing | 1,418 | 1,219 | ||||||||
| General and administrative | 2,587 | 2,123 | ||||||||
| Total operating expenses | 5,954 | 5,906 | ||||||||
| Loss from operations | (5,482 | ) | (6,649 | ) | ||||||
| Other (expense) income, net | (44 | ) | 18 | |||||||
| Loss before income taxes | (5,526 | ) | (6,631 | ) | ||||||
| Provision for income taxes | (32 | ) | (11 | ) | ||||||
| Net loss | $ | (5,558 | ) | $ | (6,642 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.28 | ) | $ | (0.56 | ) | ||||
| Weighted average number of shares outstanding | 20,094 | 11,771 | ||||||||
|
Consolidated Statements of Comprehensive Loss For the Three
Months ended |
||||||||||
| Net loss | $ | (5,558 | ) | $ | (6,642 | ) | ||||
| Foreign currency translation adjustment | - | - | ||||||||
| Comprehensive loss | $ | (5,558 | ) | $ | (6,642 | ) | ||||
|
|
|||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
|
Three Months ended March 31, |
|||||||||||
| 2012 | 2011 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net loss | $ | (5,558 | ) | $ | (6,642 | ) | |||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation and amortization | 264 | 289 | |||||||||
| Share-based compensation | 506 | 475 | |||||||||
| Change in allowance for doubtful accounts | (28 | ) | (48 | ) | |||||||
| Provision for excess and obsolete inventory | (636 | ) | (1 | ) | |||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 72 | (37 | ) | ||||||||
| Inventories | 757 | 26 | |||||||||
| Other current assets | 165 | 1,811 | |||||||||
| Accounts payable | (112 | ) | 668 | ||||||||
| Accrued compensation | (188 | ) | (152 | ) | |||||||
| Accrued and other current liabilities | (738 | ) | 521 | ||||||||
| Net cash used in operating activities | (5,496 | ) | (3,090 | ) | |||||||
| Cash flows from investing activities | |||||||||||
| Proceeds of sale of investments | 5,000 | — | |||||||||
| Purchases of intellectual property licenses | (739 | ) | — | ||||||||
| Purchases of property and equipment | (17 | ) | (185 | ) | |||||||
| Net cash used in investing activities | 4,244 | (185 | ) | ||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds of borrowings | — | 2,000 | |||||||||
| Principal repayments of borrowings | (267 | ) | — | ||||||||
| Net cash provided by financing activities | (267 | ) | 2,000 | ||||||||
| Net increase (decrease) in cash and cash equivalents | (1,519 | ) | (1,275 | ) | |||||||
| Cash and cash equivalents—Beginning of period | 25,320 | 18,329 | |||||||||
| Cash and cash equivalents—End of period | $ | 23,801 | $ | 17,054 | |||||||
Chief Financial
Officer
760-448-4318
Source:
News Provided by Acquire Media
