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financial results

The release of the financial results comes just days after molecular diagnostics firm Invitae announced it will acquire CombiMatrix.

The company credited its molecular diagnostics and international businesses as drivers of new growth.

The company reported $35.0 million in revenues, driven by higher adoption of its molecular information solutions. 

Total revenue for the quarter was $85.5 million compared to $82 million in Q2 2016, while net loss shrank to $2.7 million or $.08 per share.

The company's year over year revenue growth was driven by continued growth in both its tuberculosis and tick-borne disease testing franchises.

Going forward, the company will focus more on the global commercialization of its ePlex system and menu expansion.

Among its business highlights for the quarter, the firm established coverage for the Afirma genomic sequencing classifier by all major insurance plans.

The Australian molecular diagnostics firm received 265 test samples during the quarter, including 140 tests issued to Ohio State University as part of an agreement.  

Qiagen's revenues grew 6 percent at constant exchange rates to $349.0 million, besting the average Wall Street estimate of $346.6 million.

The firm said that immunoassays had 19 years in a row of double-digit growth, driven in part by an automated workflow approach to achieving lab efficiencies. 

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