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Revenues have begun to recover in Q3, driven by a ramp in SARS-CoV-2 testing, and the firm now expects full-year 2020 revenues to exceed its prior guidance.
The company's revenues for the first half of the year were up over 900 percent on strong sales of its PCR-based SARS-CoV-2 test and related products.
Biocartis noted that it has suspended its partnership with Exact Sciences to develop the Idylla IVD Oncotype Dx Breast Recurrence Score test project due to the pandemic.
For the second quarter, sales for its clinical applications jumped nearly 14 percent, while industrial applications fell 7 percent year over year.
The index underperformed the Dow Jones, the Nasdaq, and the Nasdaq Biotechnology Index, which all rose in August.
The company said billable volume for its ConfirmMDx prostate cancer test fell 12 percent year over year, and volumes for its SelectMDx test fell 48 percent.
The cell analysis firm, which went public in July, saw service revenues fall 63 percent, offset by 17 percent growth in product revenues.
For the three months ended July 31,the firm's revenues contracted to $1.26 billion from $1.27 billion in Q3 2019, beating Wall Street analysts' average estimate of $1.21 billion.
The gene editing and gene modulation technologies firm attributed the decline to the impact of the SARS-CoV-2 pandemic on its research reagents business.
News items for the week of August 10, 2020.
President Donald Trump might not approve the stricter standards the US Food and Drug Administration is developing for authorizing a SARS-CoV-2 vaccine, according to Politico.
Wired reports that Oxitec has now developed a genetically modified fall armyworm.
A large genetic study finds SARS-CoV-2 viruses with a certain variant are spreading more than others, according to the Washington Post.
In Nature this week: sister-chromatid-sensitive chromosome conformation capture approach, and more.