GenMark Diagnostics, Inc (GNMK) Expected to Post Quarterly Sales of $15.60 Million
Wall Street brokerages expect that GenMark Diagnostics, Inc (NASDAQ:GNMK) will announce $15.60 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for GenMark Diagnostics’ earnings, with the highest sales estimate coming in at $15.76 million and the lowest estimate coming in at $15.44 million. GenMark Diagnostics posted sales of $14.89 million in the same quarter last year, which indicates a positive year over year growth rate of 4.8%. The company is expected to report its next earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that GenMark Diagnostics will report full-year sales of $15.60 million for the current year, with estimates ranging from $51.17 million to $52.25 million. For the next year, analysts forecast that the company will post sales of $75.70 million per share, with estimates ranging from $67.27 million to $89.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow GenMark Diagnostics.
GenMark Diagnostics (NASDAQ:GNMK) last released its quarterly earnings results on Thursday, November 2nd. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.02). The firm had revenue of $11.60 million during the quarter, compared to analysts’ expectations of $14.56 million. GenMark Diagnostics had a negative return on equity of 100.33% and a negative net margin of 116.76%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.27) earnings per share.
Several brokerages recently issued reports on GNMK. Zacks Investment Research upgraded GenMark Diagnostics from a “sell” rating to a “hold” rating in a research report on Monday, December 11th. BTIG Research set a $11.00 price objective on GenMark Diagnostics and gave the company a “buy” rating in a research report on Monday, November 20th. Cowen reiterated a “buy” rating and issued a $10.00 price objective on shares of GenMark Diagnostics in a research report on Friday, November 3rd. Raymond James Financial reiterated a “market perform” rating on shares of GenMark Diagnostics in a research report on Friday, November 3rd. Finally, Needham & Company LLC decreased their price objective on GenMark Diagnostics from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $11.80.
In other GenMark Diagnostics news, SVP Eric Stier sold 2,750 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $9.60, for a total transaction of $26,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hany Massarany sold 8,252 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $4.74, for a total value of $39,114.48. Following the transaction, the insider now directly owns 362,957 shares of the company’s stock, valued at approximately $1,720,416.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,157 shares of company stock valued at $119,278. Insiders own 7.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of GenMark Diagnostics by 10.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,169,476 shares of the medical equipment provider’s stock worth $25,664,000 after purchasing an additional 212,795 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of GenMark Diagnostics by 15.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,097,767 shares of the medical equipment provider’s stock worth $48,476,000 after purchasing an additional 559,629 shares in the last quarter. Federated Investors Inc. PA raised its stake in shares of GenMark Diagnostics by 62,991.5% during the 2nd quarter. Federated Investors Inc. PA now owns 200,000 shares of the medical equipment provider’s stock worth $2,366,000 after purchasing an additional 199,683 shares in the last quarter. State Street Corp raised its stake in shares of GenMark Diagnostics by 9.4% during the 2nd quarter. State Street Corp now owns 888,727 shares of the medical equipment provider’s stock worth $10,515,000 after purchasing an additional 76,010 shares in the last quarter. Finally, Marshall Wace North America L.P. raised its stake in shares of GenMark Diagnostics by 1,787.6% during the 2nd quarter. Marshall Wace North America L.P. now owns 544,020 shares of the medical equipment provider’s stock worth $6,528,000 after purchasing an additional 515,200 shares in the last quarter.
GenMark Diagnostics (GNMK) opened at $4.24 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.77 and a current ratio of 2.97. GenMark Diagnostics has a 52 week low of $3.63 and a 52 week high of $13.67.
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About GenMark Diagnostics
GenMark Diagnostics, Inc is a molecular diagnostics company. The Company is focused on developing and commercializing multiplex molecular tests that aid in the diagnosis of complex medical conditions. It develops and commercializes multiplex molecular tests based on its eSensor electrochemical detection technology.
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