financial estimates

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.

The Lexington, Massachusetts-based company has launched a two-hour SARS-CoV-2 test on its fully-automated instrument, the T2Dx.

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.