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The company, headquartered in Rostock, Germany, reported €15.2 million ($16.4 million) in revenues for Q4, with growth driven by its pharmaceutical business.

For the three months ended Dec. 31, 2019, the firm's revenues fell to $4.1 million from $5.8 million in 2018, widely missing the analysts' average estimate of $10.8 million.

The firm is looking into options for partnerships to bring a COVID-19 serology test to market, which could leverage its large installed base of instruments.

Total revenues fell to $1.82 billion from $1.89 billion in Q1 2019 as the company saw test volumes drop significantly in the face of the COVID-19 pandemic.

Q1 revenues totaled $6.23 billion, up from $6.13 billion in Q1 2019 and beating the consensus analyst estimate of $6.17 billion.

Emergency testing related to the SARS-CoV-2 pandemic strongly increased, but routine testing declined due to fewer regular health checks.

Revenues for the fiscal year totaled £16.6 million ($20.7 million), up from £8.9 million during FY 2018.

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 company is working to develop another lab-based serology test to detect IgM antibodies in people who have already had the virus.

First quarter revenue growth was driven by "unprecedented demand" for molecular biology products for use in COVID-19 testing.