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Of the 28 companies in the index, 27 firms saw their stock prices increase, while one firm's share price decreased slightly.

The company said that despite the uptick, the COVID-19 pandemic has negatively affected orders for its Cologuard colorectal cancer screening test.

The company's revenue was largely attributed to its Acuitas AMR Gene Panel and Acuitas Lighthouse informatics platform.

The company noted a slowdown in demand in instrument-oriented businesses toward the end of the first quarter due to the COVID-19 pandemic.

The company is withdrawing its previous financial guidance for 2020, saying that it cannot predict the extent or duration of the impact of the COVID-19 pandemic.

Preliminary Q1 revenues and EPS benefitted from product sales for COVID-19 testing and significantly exceeded previously issued guidance.

Clinical test volume at the company is expected to grow 7 percent year over year but decreased significantly at the end of March due to the COVID-19 pandemic.

The company said the COVID-19 pandemic and resulting stay-at-home orders have led to a slowdown in testing service volumes in recent weeks.

The company said that as the COVID-19 pandemic spread throughout the world, it saw a "significant reduction in customer activity" by late March.

The company said the revenue increase is driven primarily by growth in the life science segment due to high demand for SARS-CoV-2 molecular products.

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