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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.
The skin cancer diagnostics company said it delivered 42 percent more DecisionDx-Melanoma test results in Q1 2020 than in the previous year's first quarter.
The firm said that it delivered 27,126 flagship Avise CTD tests, including Avise Lupus, during the recently completed quarter, a 13 percent year-over-year increase.
Increased revenues in the company's life science segment due to demand for its COVID-19-related products drove Meridian's overall growth.
The company turned its first-ever quarterly profit after a series of asset sales and cutbacks in money-losing molecular tests.
The firm recently announced a collaboration with Sweden’s Karolinska Institute to test COVID-19 pneumonia patients for bacterial co-infections.