The maker of IVD tests for kidney disease also reported a net loss of $35.4 million, or $.49 per share, for the 12 months ended June 30.

The US DOJ said MD Labs and its cofounders admitted that between 2015 and 2019, they regularly billed federal healthcare programs for medically unnecessary urine drug testing.

The firm's services revenues for Q3 rose 23 percent, and test volume for its ConfirmMDx assay rose 5 percent, but volume for its SelectMDx test fell 1 percent.

Revenues were $2.77 billion, down from $2.79 billion in the third quarter last year and beating the consensus Wall Street estimate of $2.45 billion.

The firm now expects sales to grow between 4 percent and 7 percent in 2021, up from a previous estimate of neutral to mid-single-digit percent growth.

The CDx guides options for the first-line treatment of adult patients with HER2-negative advanced or metastatic gastric, gastroesophageal junction, or esophageal cancers.

The firm's revenues were driven by almost a 30 percent increase in the diagnostics segment and almost a 25 percent increase in life sciences.

The test detects the nucleocapsid antigen in nasal or nasopharyngeal samples and returns results in approximately 15 minutes.

The company said it intends to use the net proceeds to pay a portion of the cash consideration for its pending acquisition of clinical research services provider PPD.

The firm continued to see strong growth in COVID-19 testing sales and recovery in its base business.