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Bio-Techne CEO Chuck Kummeth said the firm is busy integrating the acquired Exosome Diagnostics business and preparing it for accelerated growth.
The firm beat analysts' revenue expectations for the quarter while its net loss was in line with predictions.
The firm said genomic testing volume rose 23 percent year over year, and raised its revenue guidance for full-year 2018.
MicroMedic's CellDetect assay detects early-stage urothelial bladder cancer in about 20 minutes using a unique plant-based dye.
The decision, issued by Medicare Administrative Contractor Palmetto GBA, is effective Dec. 10 and provides coverage of the test for about 25,000 Medicare patients.
Through the Alnylam Act program, patients suspected of having the rare disease or with a family history of the illness will receive testing at no cost.
The test can detect over 1,000 pathogens — including bacteria, DNA viruses, fungi, mold, and protozoa — from microbial cell-free DNA in a single blood draw.
The approach could allow doctors to more accurately and more easily identify which patients are free from cancer after radiation treatment.
The investment bank downgraded LabCorp's shares to a Hold rating from Buy and lowered the target price on the stock to $162 from $195.
The firm earlier this week announced a public offering of up to $25 million of its common stock, but today it said that it would not proceed due to market conditions.