financial results

For the three months ended Sept. 30, the firm said that total revenues fell to $1.2 million from $1.3 in the year-ago quarter with OVA1 volumes essentially flat.

Despite the dramatic growth in overall testing revenue, the company's core oncology testing revenue dropped significantly quarter-over-quarter.

The company beat the consensus Wall Street estimate on the top line but narrowly missed it on the bottom line. 

The firm said that overall cartridge volumes in Q3 were back at pre-pandemic levels, and that it is on track to achieve targeted 30 percent growth for full-year 2020.

A negative preliminary decision regarding reimbursement for the company's flagship colon cancer screening test in the US remains an issue for the company.

The firm beat the consensus Wall Street estimate on the top line but fell short of the estimate on the bottom line.

The firm attributed lower year-over-year Q3 testing volumes to COVID-19 impacts and a decrease in average reimbursement per test.

Development revenues for the Seattle-based firm ticked up 5 percent to $15.0 million in Q3, partially offset by a 3 percent dip in sequencing revenues.

For the three months ended Sept. 30, the firm reported revenues of $1.8 million compared to $5.4 million in the same period the year before.

The company has been relentless in scaling its capabilities to offer COVID-19 testing solutions in the face of the coronavirus pandemic.