The firm said revenues fell because of delayed shipments of HIV self-tests and ongoing softness in the consumer genomics markets.
The San Francisco-based medical genetics firm generated $53.5 million in revenues in the second quarter, beating analysts' consensus estimate of $50.7 million.
The company sold nearly twice as many tests as in Q2 last year, with clinical test revenue more than doubling and total revenue reaching $54 million for the quarter.
Oxford Immunotec beat analysts' consensus estimates on the top and bottom lines as its second quarter net loss last year swung to a profit this year.
The CMS ruling follows the release of data showing strong performance of the test, including its ability to detect bloodstream pathogens missed by blood culture.
Revenues were in line with Wall Street estimates, and revenue growth represented strength across all three of the firm's business segments.
Driving the revenue increase was a 187 percent year-over-year rise in the number of billable tests the company delivered during the quarter.
The company posted Q2 revenues of $13.5 million, up from $8.6 million in Q2 2018 and above the consensus Wall Street estimate of $11.5 million.
As regulatory changes and technical advances reshape the clinical lab, directors are seeing a shift in responsibilities and the expertise required for the job.
The Carlsbad, California-based molecular diagnostics firms reported $18.4 million in revenues, up from 14.9 million in Q2 of 2018.