The investment bank said that the company's recent organic growth is sustainable and noted consumer momentum and traction with advanced tests.

A special shareholder meeting is scheduled for next week to vote on the agreement to be acquired by Blackstone and TPG.

The test can be used to detect HDV infection, a particularly dangerous coinfection that can occur with hepatitis B virus.

Medicare lab spending totaled $8.4 billion in 2024, up 5 percent year over year, with $3.6 billion of that spent on genetic testing, an increase of 20 percent over 2023.

The firm attributed the increase in part to life sciences and diagnostics revenue that was better than expected.

The test detects Borrelia bacteria directly from skin interstitial fluid samples from people with signs of tick bites or erythema migrans.

The company is the first commercial lab in the US to agree to implement the system, which it will begin using in the first quarter of the year.

The approach uses an iteration of the SHERLOCK technology exclusively licensed to OraSure Technologies' subsidiary, Sherlock Biosciences.

Meridian Bioscience subsidiary Magellan Diagnostics was previously ordered to pay $42 million for selling the tests.

The firm attributed the increase in part to life sciences and diagnostics revenue that was better than expected.