financial results

The better-than-expected sales growth reflects "very significant demand" for COVID-19 testing products, tempered by weaker customer demand in other product areas.

The index outperformed the Dow Jones, the Nasdaq, and the Nasdaq Biotechnology Index in the first half of the year.

The GenomeWeb Index rose more than 2 percent in June, but the increase was subdued compared to the index's 9 percent climb in May and 18 percent hike in April.

For the three months ended March 31, the firm reported revenues of $9.2 million, up from $6.0 million in the year-ago quarter and beating the consensus Wall Street estimate of $8.9 million.

For the three months ended March 31, Rutherford, New Jersey-based Cancer Genetics posted revenues of $1.4 million versus $1.8 million in Q1 2019. 

Because of coronavirus-related shutdowns of customer labs, the San Diego-based firm saw decreased revenues in all geographic regions, especially outside the US.

The Rostock, Germany-based company reported €12.1 million ($13.6 million) in revenues, missing the average analyst estimate of $14.7 million.

Despite higher revenues, the bioinformatics company's net loss grew by 38 percent during the quarter due to rising expenses.

The company said clinical services revenues and diagnostic testing volumes fell during the quarter due to the negative impact of the COVID-19 pandemic.

The GenomeWeb Index rose more than 9 percent in May, following an 18 percent climb in April, a marked contrast to its negative performance in February and March.