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Although the firm said it refocused its business strategy to address the need for COVID-19 tests in Q1, product sales fell 14 percent year over year.

Of the 28 companies in the index, 27 firms saw their stock prices increase, while one firm's share price decreased slightly.

The company reported $38.4 million in total revenues for the quarter and said testing services revenues rose 46 percent year over year.

Customer site shutdowns, particularly in the last several weeks of the quarter, negatively impacted sales by about 3 percent, the firm said.

In parallel with the release of its financial results, Hologic announced that it plans to launch a new Aptima molecular assay to detect the SARS-CoV-2 virus that will run on its Panther system.

For full-year 2019, the company reported total revenues of €1.1 million, down 27 percent year over year mainly due to a decrease in licensing revenue from China.

Overall revenues were $2.82 billion, up from $2.79 billion in Q1 2019, but organic revenues were down 2 percent due largely to the COVID-19 pandemic.

Data amassed by analytics firm Diaceutics suggests fewer patients are coming into healthcare facilities and missing the chance for diagnosis, molecular testing, and treatment.

NeoGenomics noted that test volumes had been disrupted by the COVID-19 pandemic, leading to reduced growth in the company.

In Q1, the US represented more than 40 percent of new Idylla instrument placements, but growth stalled due to COVID-19.

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