financial results

The firm saw 120 percent growth in the BioFire FilmArray product line driven by strong demand for a respiratory panel which can detect SARS-CoV-2.

The revenue increase was driven by significant growth in the conglomerate's life sciences segment.

Revenues were $2.79 billion for Q3, up from $1.96 billion in the third quarter last year and beating the consensus Wall Street estimate of $2.73 billion.

The company reported net income of $1.93 billion, or $4.84 per share, compared to $760 million, or $1.89 per share, for the year-ago quarter.

The firm's variety of COVID-19 molecular and immunoassay test offerings offset declines in the point-of-care segment.

For the three months ended Sept. 30, the Belgian molecular diagnostic firm's revenues fell to $4.5 million from $4.7 million in Q3 2019.

For the three months ended June 30, the firm reported revenues of $5.4 million, down from $6.3 million in the year-ago quarter and missing the consensus Wall Street estimate of $5.9 million.