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News items for the in vitro diagnostics industry for the week of Nov. 23, 2020.
According to some analysts, the selloff in IVD company shares may be an overreaction, and SARS-CoV-2-related testing will be needed for some time in the future.
Fluidigm tallied $39.9 million in revenues compared to $26.5 million a year ago, and well above analysts' consensus estimate of $32.5 million.
The US Department of Health and Human Services (HHS) said that it would use Fluidigm's saliva-based molecular SARS-CoV-2 test as part of a federal surge testing program.
The company's Advanta Dx SARS-CoV-2 RT-PCR assay received Emergency Use Authorization from the US Food and Drug Administration in August.
Funding for Fluidigm's assay through NIH's RADx program was increased by approximately $22 million for a total contract value of up to about $34 million.
News items for the in vitro diagnostics industry for the week of Sept. 21, 2020.
The company's contract with the NIH offered $12 million total and after initial test verification, Fluidigm will receive approximately $11 million.
While the market ditched shares of many other diagnostics firms, analysts said the reaction was overblown, particularly in the case of Quidel and molecular diagnostics players.
Fluidigm's Advanta Dx SARS-CoV-2 RT-PCR assay is an extraction-free saliva-based test to detect nucleic acid from the SARS-CoV-2 virus.