financial guidance

The increased forecast is the result of continuing COVID-19 testing volumes along with recovery in its breast and skeletal business, Hologic said.

The California-based genetic testing firm said its new lab will be able to process 20,000 tests per day and will initially focus on COVID-19 testing.

The firm reissued its full-year guidance and said it expects to sell 60 instruments in the US  for the remainder of the year.

The company said it broadened the scope of its life science products to include COVID-19 reagents used by manufacturers to develop rapid antigen tests.

GenMark has two SARS-CoV-2 tests that have received FDA Emergency Use Authorization, including a respiratory panel that tests for 21 pathogens.

The firm delivered record revenue and the most profitable quarter in its history as a result of the increased demand for its products.

For the three months ended July 3, the Washington DC-based conglomerate recorded $5.30 billion in total sales compared to $4.44 billion in the year-ago period.

The firm's various COVID-19 molecular test offerings offset declines in core laboratory and point-of-care segments.