The firm plans to use the cash to support commercial expansion of its NIPT to all US states and fund R&D for future diagnostic tests, including liquid biopsies.
The company processed more than 200,000 tests during the quarter, an increase of 20 percent compared to the 167,000 tests it processed in Q3 of last year.
The company beat analyst estimates on the top and bottom line, driven by sales of its Panorama noninvasive prenatal and Horizon carrier screening tests.
ArcherDx plans to keep its research and development efforts in its current facility and move its clinical and commercial testing operations to Baby Gene's CLIA lab.
Run by the daughter of a renowned genetic oncologist, CancerIQ is expanding and raising money as it rolls out its testing management and clinical decision support technology.
The investment bank called Genomic Health a leader in diagnostic testing and said Invitae will benefit from growth trends in the genetic testing sector.
During the quarter, the number of billable tests delivered rose to 5,700, and the CEO said that recent investments in the firm were showing a positive impact.
Cooper took a $24.4 million impairment charge in the second quarter on the intangible assets it acquired in 2016 from carrier screening firm Recombine.
The firm reported selling more billable tests in Q1 than any previous quarter and said that it is starting to see momentum in new initiatives, such as carrier screening.
