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The firm brought in total revenues of $177.5 million in the first quarter, compared to $183.5 million in Q1 2016, beating the consensus Wall Street estimate.
T2 and Allergan will develop a novel diagnostic panel for the detection of Gram-negative bacterial species and antibiotic resistance in patients with bacterial infections.
The firm said that it delivered more than 29,990 test results in the third quarter of 2016 compared to 27,820 results delivered in Q3 2015.
The company attributed the increase to gains in its molecular business, including $7.4 million in revenues from Nanosphere, which Luminex acquired in June.
The firm said that molecular product sales were up 103 percent, driven by the launch of the Solana Group A Strep assay earlier this year.
CEO David King said that the acquisition of Sequenom positions LabCorp as a leader in NIPT, women's health, and reproductive genetics.
The company attributed the uptick in revenues to a 100 percent increase in the number of Cologuard colon cancer tests it completed during the quarter.
The revenue growth was driven by clinical genetic testing volume, which benefitted from the inclusion of the 2015 acquisition of Clarient.
The firm said that business agreements with IBM, Ancestry, and others will help it stay on track in meeting commitments for the year.
Professional, molecular, and tissue diagnostics sales continued to grow during the first three quarters, while diabetes care sales remained in decline.