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The firm's revenue decrease was largely driven by a decline in testing volumes due to the COVID-19 pandemic, it said.
The company said it expects core molecular testing revenue between $115 million and $125 million and SARS-CoV-2 revenue between $15 million and $20 million.
The company performed 84,067 total tests in Q3 but missed the analysts' average estimates on the top and bottom lines.
The investment bank projects medium-term revenue growth in the low teens, thanks to new test launches and expanded payor contracts for the company.
The company, which went public in June, has had to deal with issues with the US DOJ, and some private insurers. Its CEO's tenure at Sequenom was also marred by a scandal.
During the second quarter, the company performed 75,017 tests for noninvasive prenatal testing, carrier screening, and SARS-CoV-2.
The coverage comes after the women's health diagnostics firm went public last month, seeking up to $100 million in the offering.
Along with predicting preeclampsia, the Delfia Xpress sFlt-1 kit can be used to help diagnose the condition in the second and third trimesters of pregnancy.
The urine-based test, which was already available in several markets, does not require any specialized instrumentation and produces results in less than three minutes.
The companies plan to explore opportunities to use Thermo Fisher's LC-MS instrumentation to develop tools to determine the risk for adverse pregnancy outcomes.