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NEW YORK— Genomic testing firm Veracyte reported after the close of the market on Thursday that its second quarter 2020 revenues fell 31 percent year over year on a sharp decline in testing revenues.

For the three months ended June 30, the South San Francisco, California-based molecular diagnostics firm reported total revenues of $20.7 million compared to $30.1 million in Q2 2019. It narrowly beat the analysts' average estimate of $20.6 million.

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Antibody testing is expected to play an important role in the management of the COVID-19 pandemic. 


As worldwide COVID-19 cases continue to rise, there is a significant need to increase testing and population surveillance capacity.

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As cases of COVID-19 continued to grow this spring and summer in the US, so too did the number of Emergency Use Authorizations from the FDA for clinical diagnostic tests aimed at detecting current and past infections.