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Molecular and point-of-care test revenues are showing promising growth in global diagnostics markets, but immunochemistry tests dominate overall.
The company said the revenue increase was driven by strong growth in its ConfirmMDx prostate cancer test and the launch of its SelectMDx liquid biopsy test.
The firm reported $3.5 million in revenue for the three months ended Dec. 31, 2016, and $12.9 million for the full year.
In a conference call to discuss the firm's fourth-quarter and full-year earnings, senior management highlighted recent developments and outlined expectations for 2017.
The company issued preliminary guidance for 2017 of $260 million to $275 million in revenues and adjusted EPS of between $.17 and $.22.
The company said it completed 82,000 Cologuard tests during the quarter, a 114 percent growth in test volume during the three-month period.
The company beat the consensus Wall Street estimate for the fourth quarter on the bottom line but missed the estimate on the top line.
The firm's diagnostics revenues grew 8 percent year over year, and it beat the consensus Wall Street estimates on the top and bottom lines.
The company expects Medicare coverage for its test to extend to intermediate prostate cancer patients this year, and it believes new data will help drive increased adoption.
The company said its product revenues rose during the fourth quarter thanks to an increase in T2Candida panel sales due to increased patient testing.