The embattled company saw its net loss narrow during the first quarter, in part due to a new policy of giving away fewer nonreimbursed GPS Cancer and Liquid GPA molecular test orders than in the past.
The liquid biopsy firm beat analyst estimates on the top and bottom lines and raised full-year revenue guidance to $145 to $150 million.
The company plans to take a tiered approach to assay development, targeting its first test to 10 viruses commonly detected in transplant patients.
The company's first quarter revenues were driven by sales of its noninvasive prenatal screening and carrier screening tests.
The revenue increase was driven primarily by an increase in the sale of consumable test kits, and the firm added 75 commercially contracted instruments during Q1.
The company posted Q1 revenues of $12.3 million, up from $7.5 million in Q1 2018 and above the consensus Wall Street estimate of $10.2 million.
Take2 Health plans to launch an nasopharyngeal carcinoma early detection test in the next several months in Hong Kong and southern China.
The company logged total Q1 revenues of $14.8 million, above its previous guidance of a revenue range of $13.4 million to $14.1 million.
The direct-to-consumer at-home health testing firm intends to use the funds to expands its platform development and supply logistics in North America.
Flu test sales were the second-highest for a quarter in the firm's history but were still $17.4 million lower than the year-ago quarter due to a much less intense flu season.
The company saw $1.0 million in revenues for the quarter, including $976,000 from commercial testing, and attributed the growth to its pathology partnership initiative.
The firm has three clinical trials in progress to validate the clinical utility of products it soon intends to submit for regulatory clearances to the FDA.
The test relies on a signature that Almac developed for stratifying breast cancer patients, but which, as the researchers showed, can be used in other cancers as well.
The revenue increase was driven by a jump in sales of products including the company's flagship Epi proColon blood-based colorectal cancer screening test.
For the three months ended March 31, the firm generated $40.6 million in revenues, missing the consensus Wall Street estimate of $47.2 million.
The firm reported total revenues of $216.6 million in Q3 2019 compared to $183.1 million a year ago, but it fell short of the consensus Wall Street estimate was $217.5 million.
The company's total revenue for the three months ended March 31 was $108.8 million compared to $92.6 million in the first quarter of 2018, exceeding analyst expectations.
The firm said it has multiple point-of-care tests available in Brazil and anticipates soon fulfilling an order for its dengue, chikungunya, and Zika tests.
The test uses machine learning algorithms to assess predictive biomarkers and electronic health record information to identify progressive kidney disease.
The firm said that it placed about 50 sample-to-answer molecular systems under contract during Q1, and it had about 625 active sample-to-answer product customers.