financial estimates

The firm's Diagnostics segment revenues shot up 46 percent while its Discovery & Analytical Solutions segment revenues retreated 10 percent.

The firm's various COVID-19 molecular test offerings offset declines in core laboratory and point-of-care segments.

The firm said it expects FDA clearance for its Acuitas AMR Gene Panel, although it has been delayed due to the agency's extended review timelines.

While down 6 percent year-over-year, the estimate beats analysts estimates of $1.5 billion and reflects a stronger-than-expected rebound in test volumes.

The better-than-expected sales growth reflects "very significant demand" for COVID-19 testing products, tempered by weaker customer demand in other product areas.

The firm expects organic revenue growth of approximately 11 percent at constant exchange rates compared to the second quarter last year.

The company said that it expects to post molecular diagnostics revenues of about $65 million, up more than 100 percent compared to Q2 2019.

The firm anticipates that Q2 2020 revenues associated with its ePlex tests would increase by about 195 percent compared to Q2 2019.

The firm's revenues were stronger than expected, due primarily to demand for its COVID-19 molecular diagnostic and rapid immunoassay products.

The FDA recently revoked an EUA for Chembio's DPP COVID-19 IgM/IgG system, but the firm said that outside the US, it continues to ship the test and pursue additional opportunities.