Kelsy Ketchum

The company announced that its total revenues for the quarter declined 12 percent, while revenues for the full year rose 1 percent. 

The firm's Life Sciences segment saw 8 percent growth year over year, while the Diagnostics sector rose 3 percent in the quarter. 

Among potential growth opportunities, the firm's new CEO noted hospital lab M&A and STD and cancer testing.

At the JP Morgan conference, the firm's CEO said that it chose to divest its applied, food, and enterprise businesses due to innovations it achieved during the pandemic. 

The company is planning to launch a 4-in-1 prenatal screening test, a liquid biopsy test, and a minimal residual disease assay in the coming year.

Tests for other respiratory viruses, as well as sexually transmitted infections and tuberculosis, moved back into the development pipeline last year.

Both the number of mergers and acquisitions and the size of deals decreased in 2022 compared to the highs of 2021 and 2020.

The firm has commercialized its pancreatic cancer test and has its sights set on an ovarian cancer test launching in 2023. 

As initial public offerings and mergers and acquisitions declined in 2022, diagnostics firms found it harder to get funding for R&D and commercialization efforts. 

The firm is developing a platform to determine adaptive immunity to a variety of diseases, including COVID-19 and influenza A.