Though COVID-19 testing declines continue to negatively affect lab industry profits, the latest figures suggest the worst may be over.
Yet, despite these declines, Q1 was neither as bad as expected nor totally devoid of positive signs for the future.
Though Q4 earnings in the lab industry took a beating as predicted, the earnings picture wasn’t nearly as bleak as many had feared.
Drying COVID-19 testing demand drove revenues down, but not as much as expected.
A decline in COVID-19 testing demand, along with a challenging economy, made for a difficult quarter for diagnostics companies.