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Progenity Projects 2021 Revenue Growth of Up to 30 Percent

NEW YORK – Women's health diagnostic company Progenity announced on Wednesday that it expects revenue for full-year 2021 to be between $130 million and $145 million, a growth rate of up to 30 percent.

The San Diego-based firm also said it expects core molecular testing revenue to be between $115 million and $125 million and SARS-CoV-2 revenue to be between $15 million and $20 million. Core molecular testing volumes for the Innatal, Preparent, and Riscover tests are expected to be between 290,000 and 310,000 in total, and SARS-CoV-2 volumes will likely be between 275,000 and 300,000 tests.

The firm said it expects SG&A costs to be between $150 million and $160 million, with R&D costs between $50 million and $55 million.

"We expect that we will return to strong, sustained revenue and volume growth in 2021 led by expansion of our core product lines and additional testing capacity for SARS-CoV-2 test services," CEO and Cofounder Harry Stylli said in a statement. "We also remain on track to complete the clinical validation of our preeclampsia rule out test, Preecludia, by mid-year and to prepare for launch in the second half of the year."

In Thursday afternoon trading on the Nasdaq, Progenity's stock price had fallen nearly 6 percent to $5.42.