Great Basin Scientific Inc (NASDAQ:GBSN) -0.011 (-9.09%)
Great Basin Scientific Inc News Update:
On November 16, Great Basin Scientific, Inc. (GBSN), stated financial results for the third quarter ended September 30, 2015.
Great Basin Scientific’s Third Quarter 2015 Results
Total revenues for the third quarter of 2015 were $545,934, contrast to $409,390 for the same period in 2014, representing an improvement of 33.4%. Continued growth in Great Basin’s customer base in addition to adoption of its Group B Strep assay drove the year-over-year improvement.
Great Basin ended the third quarter with 143 U.S. customers and 64 evaluations either in-progress or planned, contrast to 115 customers and 46 evaluations during the second quarter ending June 30, 2015, representing an improvement of 24% and 39%, respectively.
Operating expenses were $6.2 million in the third quarter of 2015, as contrast to $2.5 million in the third quarter of 2014. Research and development expenses raised by $1.5 million over the third quarter of 2014 to $2.9 million in the third quarter of 2015, primarily due to raised clinical and regulatory activities related to their Staph ID/R Blood Culture and Shiga Toxin Direct tests and ongoing pipeline development. Selling and marketing expenses raised by $1.0 million over the third quarter of 2014 to $1.5 million in the third quarter of 2015, reflecting improvements in sales commissions and other costs. General and administrative costs raised by $1.2 million over the third quarter of 2014 to $1.8 million in the third quarter of 2015, due to raised business activities and costs of operating as a public company.
Loss from operations was $6.7 million for the third quarter, contrast to $3.0 million for the same period of 2014. Net income was $13.1 million for the third quarter of 2015, contrast to a net loss of $17.2 million for the same period in 2014. In the third quarter of 2015, there was a non-cash gain on the change in fair value of the derivative liability in the amount of $20.0 million as contrast to a loss on the change in the fair value of the derivative liability in the amount of $13.9 million in the third quarter of 2014. Not Taking Into Account the non-cash derivative liability other income, adjusted net loss for the third quarter 2015 was $7.0 million. Not Taking Into Account the non-cash derivative liability other expense, adjusted net loss for the third quarter 2014 was $3.3 million.
Basic net income per share was $0.35 for the third quarter of 2015, contrast to basic net loss per share of $117.59 for the same period in 2014. Diluted net income per share was $0.26 for the third quarter of 2015, contrast to diluted net loss per share of $117.59 for the same period in 2014.
Great Basin Scientific, Inc., a molecular diagnostic testing company, doing business as Great Basin Corporation, develops and commercializes molecular diagnostic systems that are designed to test hospital-attained infections. The company’s platform provides C. diff test, a rapid medical diagnostic test for the detection of C. diff, a gram-positive bacteria that causes severe diarrhea and other intestinal disorders.
Shares of Great Basin Scientific Inc (NASDAQ:GBSN), declined -9.09% and is at $0.110 in the Real-Time trading session. The firm opened its current trade at $0.11. The total volume traded for the day is 65.59M shares, as compared to its average daily volume of 12.61M shares. The stock is floating in a range of $0.08 - $0.15. The stocks hold the market capitalization of $22.24M.
The mean estimate for the short-term price target for Great Basin Scientific Inc (NASDAQ:GBSN), stands at $9.69 according to 2 Analysts. The higher price target estimate for the stock has been calculated at $10.00 while the lower price target estimate is at $9.38.
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