The company attributed the uptick in revenues to a 100 percent increase in the number of Cologuard colon cancer tests it completed during the quarter.
The colon cancer test is now available through Tricare for 9.4 million active duty, reserve, and National Guard personnel, as well as veterans and their dependents.
Coming off a nearly 9 percent rise in July, the GenomeWeb Index fell more than 2 percent in August, mimicking the Nasdaq Biotechnology Index, which fell 3 percent.
The move follows the inclusion of Cologuard in the US Preventive Services Task Force's updated colorectal cancer screening recommendations.
The new coverage decisions follow updated recommendations from the US Preventive Services Task Force on colorectal cancer screening.
A month after Brexit fears pushed the GenomeWeb Index down half a percent, companies rallied on news of an acquisition and better than expected Q2 performances.
The molecular diagnostics company said it will use the proceeds to continue commercializing its Cologuard colorectal cancer test, and to develop new products.
The company said it completed about 54,000 Cologuard tests in Q2, and that the cumulative number of physicians ordering the test since its launch has risen to 41,000.
The GenomeWeb Index fell half a percent in June, underperforming the Dow Jones Industrial Average, but far outpacing the Nasdaq and Nasdaq Biotech Index.
Biomedical research projects are generating a ton of data that still needs to be analyzed, NPR reports.
Theranos is retiring some of its board members, including Henry Kissinger and George Shultz, Business Insider reports.
The heads of 29 scientific societies and some 2,300 researchers call on President-elect Donald Trump to rely on and support science in two separate letters.
In Science this week: genetically modified flu virus could be key to new live vaccines, and more.