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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.

Invitae reported $9.2 million in fourth quarter revenues compared to $3.2 million in the year-ago period, beating the consensus Wall Street estimate of $8.8 million.

The firm said the revenue growth was driven by a return to sequential growth in hereditary cancer testing revenue and sales of GeneSight.

The firm reported that revenues for Nanosphere, which Luminex acquired in 2016, were up 39 percent year-over-year.

The firm said it continues to see strong growth in BD Max, and has plans to launch an extended enteric bacterial panel in the US later this year.

The firm reported continued strength for MDx product sales across its women's health business and an overall return to growth in international sales.

On an adjusted basis and at constant exchange rates, Qiagen's Q4 revenues grew 8 percent year over year.

MDx product sales for diagnosing and monitoring hepatitis and HIV load, and screening HPV, grew 7 percent year over year.

For full year 2016, the company reported 8 percent revenue growth and net income of $2.02 billion.