The company reported revenues of $222.5 million, down from $254.9 million in Q1 2018, and below the consensus Wall Street estimate of $241.3 million.
While the impact on participants' bottom lines remains to be seen, some lab company leaders said they expect to see other payors explore similar plans.
A study of 10 commercial labs offering NIPT in the US found that none followed all recommendations for reporting results and informing patients and providers.
The company's revenues in the quarter rose to $221.9 million from $161.0 million in Q4 2017, but it missed the consensus Wall Street estimate of $245.3 million.
BioReference Laboratories — which is already an in-network lab with Horizon BCBS — said that the preferred lab status includes its GeneDx subsidiary.
BioReference Lab's GenPath division will notify treating oncologists when a genomic alteration is detected that matches an NCI-MATCH treatment arm.
The company's net loss for the quarter decreased to $6.2 million, or $.01 per share, compared to a net loss of $16.9 million, or $.04 per share, a year ago.
Seventeen organizations don't support the Diagnostic Accuracy and Innovation Act as written and would like lawmakers to advance a CLIA-centric framework.
Service revenues were down 8 percent year over year, product revenues grew 26 percent, and revenues from the transfer of intellectual property inched up less than 1 percent.