Luminex

While the market ditched shares of many other diagnostics firms, analysts said the reaction was overblown, particularly in the case of Quidel and molecular diagnostics players.

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

The company said that it expects to post molecular diagnostics revenues of about $65 million, up more than 100 percent compared to Q2 2019.

The firm said in an SEC document that it received an FDA warning letter in connection with the agency's requirements for its Verigene SP instrument.

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.

The firm anticipates using the proceeds for working capital and general corporate purposes, and to pay the net cost of convertible-note hedge transactions.

The firm's first quarter molecular diagnostics revenues were up 28 percent over Q1 2019 to $45.2 million.

Seegene said Monday that the Health Canada approval will enable hospitals and licensed labs there to run the assay immediately for high-volume testing.