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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.
The company withdrew its 2020 revenue guidance and said it expects to report revenues of more than $63 million in the quarter ended March 31.
The firm licensed the assay for detecting SARS-CoV-2 from Hackensack Meridian Health and will adapt it for the T2Dx instrument.
The firm reported quarterly revenues of $8.4 million and large increases in the number of billable tests delivered in the quarter and over the full year.
The firm said it saw "significant deterioration" in February due to "ongoing and protracted" disruptions resulting from the novel coronavirus and an extended Lunar New Year holiday.
The company said it continues to see the global tuberculosis market expanding, and it is investing in both commercial resources and R&D.