Needham & Company maintained a Buy rating on GenMark Diagnostics (NASDAQ: GNMK), and cut the price target to $11.00 (from $13.00), following the company's 4Q earnings report. Revenue was $13.2M vs. consensus of $8.2M and GAAP EPS was ($0.21) vs. consensus of ($0.27). GNMK guided to 2016 revenue of $47-51M (vs. consensus of $48.6M).

Analyst Mike Matson commented, "GNMK's 4Q15 revenue was consistent with its 1/12/16 preannouncement while its EPS beat consensus. GNMK placed 17 XT-8 systems and its revenue grew by 34% Y/Y to $13.2M. Management now expects to launch the sampleto-answer ePlex system in Europe sometime after 1Q16 (vs. in 1Q16 previously) and submit it to the FDA shortly thereafter (vs. 2Q16 previously). For 2016, management guided to revenue of $47-51M and but did not provide system placement guidance given the ePlex launch. While the repeated ePlex delays are clearly disappointing, we reiterate our Buy rating since we continue to expect the differentiated ePlex platform to drive an expected acceleration in revenue growth once it is ultimately launched."

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Shares of GenMark Diagnostics closed at $5.11 yesterday.