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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GenMark Diagnostics Inc | NASDAQ:GNMK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.05 | 23.92 | 24.39 | 0 | 01:00:00 |
Date of Report (Date of earliest event reported): May 5, 2015 |
GENMARK DIAGNOSTICS, INC. |
(Exact name of registrant as specified in its charter) Commission File Number: 001-34753 |
Delaware | 27-2053069 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
5964 La Place Court Carlsbad, California |
(Address of principal executive offices, including zip code) |
760-448-4300 |
(Registrant’s telephone number, including area code) |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | The following exhibit is furnished with this Current Report: |
Exhibit No. | Description |
99.1 | Press release dated May 5, 2015. |
GENMARK DIAGNOSTICS, INC. | ||
Date: | May 5, 2015 | /s/ Eric Stier |
Eric Stier | ||
Senior Vice President, General Counsel and Secretary | ||
Exhibit No. | Description | |
99.1 | Press release dated May 5, 2015 |
March 31, 2015 | December 31, 2014 | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 36,913 | $ | 36,855 | |||
Marketable Securities | 34,041 | 33,651 | |||||
Accounts receivable - net of allowances of $2,702 and $2,702, respectively | 4,444 | 4,889 | |||||
Inventories | 2,148 | 2,137 | |||||
Prepaid expenses and other current assets | 770 | 575 | |||||
Total current assets | 78,316 | 78,107 | |||||
Property and equipment, net | 11,354 | 11,052 | |||||
Intangible assets, net | 1,806 | 1,870 | |||||
Restricted cash | 758 | 758 | |||||
Other long-term assets | 115 | 183 | |||||
Total assets | $ | 92,349 | $ | 91,970 | |||
Current liabilities | |||||||
Accounts payable | $ | 3,390 | $ | 3,468 | |||
Accrued compensation | 3,388 | 5,172 | |||||
Loan payable | — | — | |||||
Other current liabilities | 2,832 | 3,653 | |||||
Total current liabilities | 9,610 | 12,293 | |||||
Long-term liabilities | |||||||
Deferred rent | 1,402 | 1,445 | |||||
Long term debt | 9,502 | — | |||||
Other non-current liabilities | 249 | 208 | |||||
Total liabilities | 20,763 | 13,946 | |||||
Stockholders’ equity | |||||||
Preferred stock, $0.0001 par value; 5,000 authorized, none issued | — | — | |||||
Common stock, $0.0001 par value; 100,000 authorized; 42,128 and 41,859 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 4 | 4 | |||||
Additional paid-in capital | 343,925 | 340,502 | |||||
Accumulated deficit | (272,341) | (262,472) | |||||
Accumulated other comprehensive loss | (2) | (10) | |||||
Total stockholders’ equity | 71,586 | 78,024 | |||||
Total liabilities and stockholders’ equity | $ | 92,349 | $ | 91,970 |
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Revenue | |||||||
Product revenue | $ | 10,012 | $ | 7,866 | |||
License and other revenue | 95 | 47 | |||||
Total revenue | 10,107 | 7,913 | |||||
Cost of revenue | 3,991 | 3,591 | |||||
Gross profit | 6,116 | 4,322 | |||||
Operating expenses | |||||||
Sales and marketing | 3,693 | 2,979 | |||||
General and administrative | 3,671 | 2,933 | |||||
Research and development | 8,779 | 7,270 | |||||
Total operating expenses | 16,143 | 13,182 | |||||
Loss from operations | (10,027) | (8,860) | |||||
Other income (expense) | |||||||
Interest income | 36 | 86 | |||||
Interest expense | (73 | ) | (1 | ) | |||
Other income (expense) | 217 | (2 | ) | ||||
Total other income (expense) | 180 | 83 | |||||
Loss before provision for income taxes | (9,847) | (8,777) | |||||
Provision for income taxes | 22 | 6 | |||||
Net loss | $ | (9,869 | ) | $ | (8,783 | ) | |
Net loss per share, basic and diluted | $ | (0.24 | ) | $ | (0.21 | ) | |
Weighted average number of shares outstanding, basic and diluted | 41,774 | 41,079 | |||||
Other comprehensive loss | |||||||
Net loss | $ | (9,869 | ) | $ | (8,783 | ) | |
Foreign currency translation adjustments | 9 | — | |||||
Net unrealized gains (losses) on available-for-sale investments, net of tax | (17) | 12 | |||||
Comprehensive loss | $ | (9,877 | ) | $ | (8,771 | ) |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating activities | |||||||
Net loss | $ | (9,869 | ) | $ | (8,783 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 797 | 574 | |||||
Amortization of premiums on investments | 73 | 198 | |||||
Amortization of deferred debt issuance costs | 49 | — | |||||
Gain on sale of investment in preferred stock | (223 | ) | — | ||||
Stock-based compensation | 2,339 | 1,389 | |||||
Non-cash inventory adjustments | 402 | 219 | |||||
Other non-cash adjustments | 20 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 445 | 283 | |||||
Inventories | (366 | ) | 169 | ||||
Prepaid expenses and other assets | (216 | ) | 107 | ||||
Accounts payable | (775 | ) | (449 | ) | |||
Accrued compensation | (919 | ) | 10 | ||||
Other liabilities | (22 | ) | (101 | ) | |||
Net cash used in operating activities | (8,265 | ) | (6,384 | ) | |||
Investing activities | |||||||
Change in restricted cash | — | — | |||||
Purchase of available-for-sale securities | (14,797 | ) | (13,039 | ) | |||
Payments for intellectual property licenses | (550 | ) | — | ||||
Purchases of property and equipment | (411 | ) | (1,149 | ) | |||
Proceeds from sales of marketable securities and preferred stock | 223 | 5,499 | |||||
Maturities of short-term investments | 14,350 | 7,250 | |||||
Net cash used in investing activities | (1,185 | ) | (1,439 | ) | |||
Financing activities | |||||||
Principal repayment of borrowings | (5 | ) | (42 | ) | |||
Proceeds from borrowings | 10,000 | — | |||||
Costs associated with debt issuance | (700 | ) | — | ||||
Proceeds from stock option exercises | 222 | 25 | |||||
Net cash provided by (used in) financing activities | 9,517 | (17 | ) | ||||
Effect of exchange rate changes on cash | (9 | ) | — | ||||
Net decrease in cash and cash equivalents | 58 | (7,840 | ) | ||||
Cash and cash equivalents at beginning of period | 36,855 | 35,723 | |||||
Cash and cash equivalents at end of period | $ | 36,913 | $ | 27,883 | |||
Non-cash investing and financing activities | |||||||
Transfer of systems from property and equipment into inventory | $ | 48 | $ | 54 | |||
Property and equipment costs incurred but not paid included in accounts payable | $ | 818 | $ | 1,022 | |||
Supplemental cash flow disclosures | |||||||
Cash paid for income taxes, net | $ | 17 | $ | 8 | |||
Cash received for interest | $ | 109 | $ | 284 | |||
Cash paid for interest | $ | 73 | $ | 1 |
1 Year GenMark Diagnostics Chart |
1 Month GenMark Diagnostics Chart |
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