Great Basin Scientific is a molecular diagnostics company
developing, manufacturing and commercializing breakthrough chip-based
technologies that enable cost-effective, reliable infectious disease testing.
By focusing on affordability and ease-of-use, the company is working to make
molecular testing available to every patient, providing the means for greatly
reduced misdiagnoses while significantly limiting the spread of dangerous
infectious diseases.
In the first quarter of 2015, Great Basin successfully leveraged
the marketability of its innovative product portfolio to realize strong
financial growth. The company’s revenue for the three month period was
$458,730, which represented a 31.4 percent year-over-year improvement. This
performance was attributable to Great Basin’s tremendous progress in expanding
upon its established customer base. As of the end of the quarter, the company
reported just over 100 U.S. customers, which was a year-over-year increase of
more than 42 percent.
The company has taken considerable steps toward building on
this financial growth in recent weeks, highlighted by the commercial launch of
its Group B Streptococcus (GBS) test in July. Early adopters of Great Basin’s
new product – which received U.S. Food and Drug Administration clearance in
April – have hailed the test’s ease-of-use and cost savings. Shortly after its
release, the company announced that more than 40 sites were in active
evaluation or scheduled to evaluate the sample-to-result test, further
demonstrating the immense marketability of Great Basin’s groundbreaking
technology.
“Initial response to our GBS test has exceeded our
expectations,” Ryan Ashton, chief executive officer of Great Basin, stated in a
news release. “We believe this speaks to an unmet need in the market that Great
Basin addresses by delivering simplified workflow at appropriate cost [with]
the sensitivity, specificity and speed of molecular testing that our lab
customers demand.”
According to industry reports, the global molecular
diagnostics market is expected to grow at a compound annual growth rate of 9.7
percent from 2013 to 2018, climbing to nearly $8 billion by the end of the
period. For Great Basin, this market performance should provide a platform upon
which to promote strong financial growth.
For more information, visit www.gbscience.com
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