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The company reported $29.4 million in revenues for the quarter and a net loss of $31.3 million, while the number of clinical tests increased to 11,627.

Despite lower than expected NGS instrument sales, Illumina expects continued growth in the oncology market as reimbursement increases. 

The company touted the recent spate of positive payor coverage decisions it has seen for its ConfirmMDx and SelectMDx prostate cancer tests.

The firm brought in total revenues of $177.5 million in the first quarter, compared to $183.5 million in Q1 2016, beating the consensus Wall Street estimate.

T2 and Allergan will develop a novel diagnostic panel for the detection of Gram-negative bacterial species and antibiotic resistance in patients with bacterial infections.

The firm said that it delivered more than 29,990 test results in the third quarter of 2016 compared to 27,820 results delivered in Q3 2015.

The company attributed the increase to gains in its molecular business, including $7.4 million in revenues from Nanosphere, which Luminex acquired in June.

The firm said that molecular product sales were up 103 percent, driven by the launch of the Solana Group A Strep assay earlier this year.

CEO David King said that the acquisition of Sequenom positions LabCorp as a leader in NIPT, women's health, and reproductive genetics.

The company attributed the uptick in revenues to a 100 percent increase in the number of Cologuard colon cancer tests it completed during the quarter.

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