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The test runs on the company's Solana instrument, which can process up to 12 patient samples in a 45-minute run.
The test uses the helicase-dependent amplification technology that underpins Quidel's AmpliVue line of molecular assays.
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.
Sales of the firm's infectious disease and women's health products were credited with driving the year-over-year increase in revenues.
The rapid molecular test showed 98 percent sensitivity and 97 percent specificity on more than 1,000 throat swabs prospectively collected at four US sites.
New products and a more normal 2016-17 flu season could accelerate revenues for Quidel, the investment bank said.
Infectious disease product revenues fell 25 percent year over year, while women's health and gastrointestinal sales were flat.
The firm also reported a 7 percent increase in full-year revenues, slightly ahead of the consensus analysts' estimate.
The firm's preliminary revenues were lower than expected and led to analyst downgrades and a drop in early trade.
The bank downgraded Quidel's shares to market perform and trimmed its Q4 revenue forecast due to a mild flu season.
Kelvin Droegemeier, the director of the White House Office of Science and Technology Policy, is the new acting director of the US National Science Foundation.
An opinion piece at the Guardian discusses the state of SARS-CoV-2 testing in the UK.
Wired reports the University of California, Berkeley's Innovative Genomics Institute has transformed itself into a diagnostic lab to run SARS-CoV-2 tests.
In Nature this week: direct-capture Perturb-seq approach for combinatorial single-cell CRISPR screens, potential uses of genome-editing in breeding crops, and more.