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The company also projected full year 2020 revenue of between $84 million and 86 million and said that its instrument install base grew 34 percent over the year.

Despite the Q4 revenue increase, sales for FY2020 dropped 13 percent year over year to $5.2 million.

The firm also provided preliminary revenues of $950 million for Q4 and reinstated guidance of $3.79 billion to $3.88 billion for 2021.

The Seattle-based firm expects product and service revenues of $35.7 million in the fourth quarter and $111.4 million in Fiscal Year 2020.

The firm also said that it placed 35 Sequel II/IIe Systems in Q4 2020, bringing its total installed base to 203 as of the end of the year.

The firm said the increase in revenues was partly driven by a 9 percent increase in screening revenues.

CareDx expects fourth quarter revenues of $58.4 million to $58.6 million, an increase of approximately 63 percent compared to $35.8 million in Q4 2019.

The company's preliminary annual revenues beat the consensus Wall Street estimate of $274.9 million.

The company also said that organic revenues in the quarter are expected to improve 63 percent, while EPS is expected to be at least $2.88.

Growth was driven by demand in its life science segment, particularly for COVID-19-related products, while the diagnostics segment saw uneven improvement.

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