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The firm estimated that its total revenue in the quarter was $25.9 million to $26.9 million with only $16.9 million coming from products and services.
Quest is buying Shiel from Fresenius Medical Care, and it lowered its expected third quarter revenues by 1.5 percent and its EPS by $.10 on recent natural disasters.
During an earnings call, company executives discussed plans to grow reimbursement of new tests, stabilize pricing, and save costs through a number of projects.
The company is expecting $14.3 million in Q2 revenues, a 157 percent increase over the same quarter last year.
The investment bank, which maintained its $60 price target for the company's stock, said it is looking for signs of revenue acceleration.
The company also said it has closed a new $25 million debt facility, and will use the proceeds to retire outstanding debt and bolster the launch of AlloSure.
The company also reported it completed 244,000 Cologuard tests during 2016, a 134 percent increase from 2015.
The company said it expects revenues of $52 million to $53 million for the quarter, compared to analysts' average estimate of $63.1 million.
The company said it expects a 1 percent increase in 2016 revenues, but noted that the results were adversely affected by certain competitive pressures in Q4, among other problems.
The release clarifies issues related to the timing of revenue recognition for transactions outside the US.