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Interleukin said the reduction in revenues resulted from lower contract research revenue and fewer kits returned for processing related to a promotional product bundle program.

The firm said that certain financial statements stretching back to 2013 are unreliable because of misconduct at Standard Diagnostics, its South Korean subsidiary.

The company attributed the decline in part to nonrecurring sales of its Unyvero molecular diagnostic system to partners for clinical trials and regulatory clearances.

The firm, which is the target of several lawsuits connected with its IPO, said 452 GPS Cancer Tests were ordered during the quarter. 

The decline reflects the absence of $1.6 million in non-recurring licensing revenue the company received in the year-ago quarter.

The company posted an 11 percent year-over-year decline in OVA1 sales but more than doubled its average revenue per test, to $301 from $143 in Q4 2015.

Of the $295 million to $305 million in revenues expected in 2017, Luminex executives said that around $45 million should come from automated MDx sales.

The firm also said that its HTG EdgeSeq technology has been adapted for use with the Qiagen GeneReader NGS System after technical feasibility testing.

Its CEO said the firm has a clear path to achieving profitability, and that a big-data and artificial intelligence initiative will further expand its margins.

The firm announced a 14 percent drop year-over-year in fourth quarter revenues and plans to reduce personnel and other costs to support development of a precision drug it has licensed.

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