GenMark Diagnostics, Inc. (GNMK) on Monday lowered its full year 2013 revenue outlook, citing additional uncertainties relating to the future revenue contribution from its largest customer, together with persisting reimbursement and other challenges affecting the emerging pharmacogenomics market sector.
The company said it now expects full year 2013 revenue to be about $30 million, down from its original estimate of about $35 million.
Analysts polled by Thomson Reuters expect the company to post revenue of $35.11 million for the full year 2013.
GenMark's President & CEO Hany Massarany said,. "As previously communicated, we remained prudently cautious regarding the future revenue contribution from the pharmacogenomics sector, including our single largest customer. 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. Nevertheless, we believe the significant growth rates we are experiencing in our core business strengthen our position and support year-over-year growth of about 50%, resulting in approximately $30 million of annual revenue."
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