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Piper Sandler analyst Steven Mah noted that Ortho's installed base of more than 20,000 instruments provide it with 93 percent recurring revenue.
The firm offered 15,870,000 shares of its common stock, including 2,070,000 shares sold pursuant to the full exercise of the underwriters' option.
Of the 32 companies in the index, 27 firms saw their stock prices increase, while 5 saw their share prices decline.
Exact Sciences discussed newly released data and its plans for Cologuard, while Luminex provided details about its warning letter from the FDA.
Qiagen discussed what's in store after a failed bid by Thermo Fisher Scientific, and COVID-19 remained a hot topic on the second day of the virtual conference.
Last year, the company processed more than 1 million tests, most of them for its reproductive health business, but interest in Prospera and Signatera is growing.
Hologic said the acquisition of Biotheranostics will give it a company that operates in markets that are adjacent and complementary to its own.
Among firms presenting on the first day, Roche provided insights into its COVID-19 testing business, and Guardant said it plans to launch a comprehensive tissue sequencing assay.
The company anticipates total revenues of $3.9 billion for 2020, including $1 billion from its COVID-19-related business.
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.