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The company delivered 4,621 billable tests during Q1, and billable testing volume was the highest in a quarter in Fulgent's history.

The company was spun out of Siemens earlier this year via a €4.2 billion initial public offering on the Frankfurt Stock Exchange.

The revenue increase was driven in part by increased sales of the company's OraQuick HIV testing products, including its HIV self-test.

The firm reported $52.8 million in revenues, up from $26.3 million during the same period last year and beat the average Wall Street revenue estimate of $44.9 million.

Although revenues from the firm's global diagnostics business were down 6 percent year over year, molecular diagnostic product revenues were up 6 percent.

On an adjusted basis and at constant exchange rates, Q1 revenues grew 6 percent year over year, led by 9 percent growth in molecular diagnostics.

Test volume and revenues increased in the US, especially in prostate cancer. Meanwhile, international test volume was down but corresponding revenue increased.

The company recognized $20 million in Q1 revenues and grew its testing volume by 18 percent.

In 2018, the company expects to place between 140 and 170 new ePlex analyzers, and an annuity per ePlex in the $100,000 to $120,000 range.

The company said it also saw record cash collections in the quarter despite challenges caused by regulatory change.