NEW YORK (GenomeWeb) – Quidel reported after the close of the market on Wednesday that its third quarter revenues rose 3 percent year over year.

For the three months ended Sept. 30, revenues increased to $50.9 million from $49.3 million in Q3 2016, beating the average analyst expectation for revenues of $50.3 million.

In the prior-year quarter, Quidel received a final milestone-based cash payment of $3.8 million dollars from the Bill and Melinda Gates Foundation. Excluding that amount, revenues increased by 12 percent and were driven by immunoassay sales, the firm said.