Great Basin Scientific Surges on Preliminary Revenue Report

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The molecular diagnostics company Great Basin Scientific Inc. (Salt Lake City UT) traded up for the week on reported preliminary revenue results. The first quarter results for 2016 are projected to come in at $731,422, which is an increase of 59.4%.

The company also reported that its customer base of revenue generating customers grew to 222 as of March 31, 2016, an increase of 119.8% over first quarter last year.

Ryan Ashton, CEO of Great Basin, included this statement in the press release:

“We are extremely pleased with the company’s execution over the last 12 months, including our ability to significantly grow our customer base, develop and launch new tests, and the accelerating growth in our revenues. We’re committed to building on this momentum in 2016, by advancing the development of new molecular tests and panels that will differentiate our platform and increase potential revenue per customer. We remain dedicated to executing on the fundamentals that will serve both our target market and our stockholders, and look forward to sharing these plans during our Business Update call this afternoon.”

Great Basin is working on a molecular diagnostic system that can offer results on infectious disease testing in 90 minutes or less. This allows medical personnel to make decisions about treatment that much faster.

The company develops and manufactures test kits and analyzers for a patented molecular diagnostic system used in single pathogen tests. Great Basin provides a medical diagnostic test for the detection of Clostridium difficile, a gram-positive bacteria that causes diarrhea and other intestinal disorders.

Shares of Great Basin jumped 15% over the week to $4.43.

Monday, April 18, 2016 / Vol. 24 / No. 15