The company said the decrease was partially due to the impact on its clinical services business unit from the adoption of new revenues recognition standards.
The firm said revenues from its precision oncology business increased 98 percent in Q4, driven by higher testing volume and increased revenue per test.
The investment bank said it is encouraged by the company's strong pipeline and position among its competitors but sees further upside for its stock.
The company said it will use the proceeds to develop new liquid biopsy tests to predict drug response in cancer patients.
The China-based company said that it now has 11 products that have been CE marked, and has applied for additional CE certification for other tests.
The technology behind Mammoth's platform bears a striking resemblance to the CRISPR-based SHERLOCK platform developed by researchers at the Broad Institute.
As part of a collaboration with Freenome, Institut Curie will look for correlations between circulating biomarkers and human response to cancer immunotherapies.
The latest version of the nucleic acid detection platform uses three CRISPR enzymes, making it more sensitive and capable of smaller quantitative measurements.
The company expects to be able to offer at least one test commercially by the end of this year or early next, with research now starting on two others.
Promega's technology will be part of a larger portfolio of research products aimed at supporting oncology drug and clinical trial development.