Great Basin Scientific Inc (NASDAQ:GBSN) has announced financial results for the recently concluded 3Q2015. As per the reports, the biggest highlight of the quarter was a whopping surge of 33.4% in the overall revenues of Great Basin Scientific.
Insights of Financial Results
The revenue for the quarter was $545,934, up 33.4 percent from the revenue posted by the company during the same period last year. Great Basin has always had faith in acquiring customers that can remain with it for a long-term. It had total 143 such customers in the 3rd quarter that contributed in terms of revenues on a regular basis. Great Basin, for the first time, could manage to achieve this number.
The adoption of company’s Group B Strep Assay continued in the third quarter. Reports claim that over 87 customers used the test; 57% of total installed base.
The senior management team of Great Basin Scientific Inc’s delighted to announce financial and operational results, and hoped that the coming quarters would prove to be better than the 3Q2015. According to Ryan Ashton, CEO & President, Great Basin Scientific, it’s great to have announced the financial and business growth that the company achieved during the September quarter.
He further added that the 3rd quarter was one of the very good three-month periods. Great Basin Scientific witnessed as much as 24% increase in customer acquisition during this quarter; highest in the last one year or so.
At the end of the quarter, it had about 63 evaluations either scheduled or in pipeline compared to 46 at the end of the June quarter. Operating expenses of the company were $6.2 million, R&D expenses were $2.9 million, selling & marketing expenses were $1.5 million, and general & administrative expenses were $1.8 million.
Great Basin Scientific Inc (NASDAQ:GBSN) reported a loss of $6.7 million from operating activities against $3 million during the same period in the previous year. The net income generated during this quarter was $13.1 million compared to $17.2 million in 3Q2014. With ever improving market conditions, the management team hopes that Great Basin will perform well in the upcoming quarters.