Great Basin Scientific Inc (NASDAQ:GBSN) Reports 2Q2015 Financial Results, Revenues Increase 33.4%

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Great Basin Scientific Inc (NASDAQ:GBSN) was a massive mover during Friday’s trading session. The stock surged by close to 18% on the back of 2 times the average volumes. It is important to state that the stock has been in a strong downtrend and has underperformed the broader indices. The stock is seeing some form of buying interest after forming a base near $0.05, which is a huge positive. The stock has been able to move above its 50 day moving average considered to be a bullish sign. The relative strength index has given a buy signal indicative of the inherent strength.

GBSN

Great Basin Scientific Inc (NASDAQ:GBSN) has announced financial results for the recently concluded 3Q2015. As per the reports, the quarterly revenues touched $545,934, 33.4% higher than the same three-month period last year.

Financial Insights

At the end of the September quarter, Great Basin had 143 customers in U.S. who regularly contributed to revenue generation. The adoption of company’s Group B Strep Assay continued during the quarter. In total, it added about 87 customers evaluating or using the test.

According to Ryan Ashton, CEO & President, it’s good to report financial results and the overall progress of company’s business in the September quarter. In terms of customer acquisition, Great Basin grew at a whopping rate of 24%, something that it had never achieved in the past. Its growth was led by two major factors – adoption of Group B Strep assay and excellent customer base. Along with 143 customers, Great Basin also had 64 evaluations either scheduled or in-progress as compared to previous quarter’s 46 evaluations.

Company’s operating expenses increased from $2.5 million to $6.2 million over the past one year. When it comes to research and development expenses, it touched $2.9 million level against the $1.5 million level during the same period in the previous year. The primary reason for this increment was increased regulatory and clinical activities regarding Shiga Toxin and Staph ID/R Blood Culture Direct tests, as well as a few on-going developments.

Selling and marketing expenses for the September quarter increased to $1.5 million from last year’s $1 million, whereas the general and administration expenses accounted for $1.8 million against last year’s $1.2 million.

Loss from operating activities was $6.7 million in 3Q2015 against last year’s $3 million. Net income for the quarter was $13.1 million against the net loss of $17.2 million in 3Q2014. Great Basin looks forward to improving its financial and operational performance in the upcoming quarters.

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