financial results

Of the 28 companies in the index, 21 firms saw their stock prices increase, while seven firms' share price decreased. 

The decline was attributed to SARS-CoV-2's impact on sales of Trinity's infectious disease and diabetes products, as well as its autoimmune testing services.

For the three months ended April 30, the firm's revenues were $1.24 billion, flat with $1.24 billion in Q2 2019 but beating Wall Street analysts' average estimate of $1.21 billion.

Since the Salt Lake City-based company launched its SARS-CoV-2 test in March, it has recorded COVID-19-related test and equipment sales of over $18 million.

Revenues rose to $1.2 million on OVA1 test volumes of 3,654, up 58 percent from Q1 2019, as the company maintained growth despite the SARS-CoV-2 pandemic.

Novacyt said that the growing demand for its SARS-CoV-2 test, which was launched in late January, has significantly exceeded its expectations.

The firm's revenues fell to $2.2 million from $3.2 million in the same period the year before, missing the consensus Wall Street estimate of $3.0 million.

The company was able to increase its total revenue and test revenues despite accessioning fewer samples and fewer billable samples during the quarter.

The firm withdrew its 2020 revenue guidance and missed Wall Street estimates for both revenues and earnings.

The company recently received Medicare coverage for the DetermaRx assay that it brought to market through its acquisition of Razor Genomics late last year.