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Though its overall diagnostics revenues fell year over year, its molecular diagnostics business had a strong quarter with sales growth of 29 percent.
The revenues are in line with analysts' average estimate, but due to the COVID-19 pandemic, it suspended its 2020 guidance.
Quest's management, including CEO Steve Rusckowski, will take temporary pay cuts, while rank-and-file employees may be furloughed or have their overtime reduced.
Preliminary Q1 revenues and EPS benefitted from product sales for COVID-19 testing and significantly exceeded previously issued guidance.
The company said that contact between its sales reps and clinicians began to decline in March due to the COVID-19 pandemic, affecting mainly SelectMDx volumes.
Approximately 80 percent of gross product placements in the quarter were associated with interest in COVID-19 testing, the firm said
The company said that its preliminary revenues are expected to be down almost 8 percent year over year due to the pandemic.
Luminex said that its Q1 molecular diagnostics revenues are anticipated to rise more than 25 percent year over year, driven by SARS-CoV-2 test sales.
Of the 28 companies in the 360 Index, six companies' share prices increased while the share values of 22 declined month over month.
The company is also developing two SARS-CoV-2 tests, including a rapid point-of-care test that is expected to be fully developed within the next two months.