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The company expects Q1 revenues to be in the range of $30.5 million to $31.5 million compared to $29.5 million in the year ago period, due to an increase in its testing volume.
The revenues are in line with analysts' average estimate, but due to the COVID-19 pandemic, it suspended its 2020 guidance.
The firm noted a disruption in global business in late March, as customers closed or restricted access to their facilities in an attempt to slow the spread of the coronavirus.
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.
The company said that contact between its sales reps and clinicians began to decline in March due to the COVID-19 pandemic, affecting mainly SelectMDx volumes.
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.
Starting late March and into its fiscal fourth quarter, social distancing guidelines began significantly impacting test volume trends, the company said.
Approximately 80 percent of gross product placements in the quarter were associated with interest in COVID-19 testing, the firm said