Lab capacity has not increased as much as hoped. Photo: Kena Betancur/Getty Images

Commercial labs are in a precarious financial position, as the overwhelming demand for coronavirus tests is not close to making up the revenue of other tests that aren't being ordered.

Why it matters: Commercial labs are anchoring coronavirus testing, and testing remains paramount to mitigating the spread of the coronavirus.

By the numbers: The U.S. is testing about 150,000 people a day, but that testing capacity has barely expanded in April.

  • Hospitals have partially stymied the effort to increase capacity, Nature reported.
  • Large commercial labs, like Quest Diagnostics, also have major backlogs that have slowed test results.

What they're saying: The surging coronavirus demand is pinching them at a time when other revenue is drying up.

  • "During the last two weeks of March, volumes declined in excess of 40% inclusive of COVID-19 testing," Quest said in a financial filing.
  • The second quarter, which runs from April through June, will be "the worst quarter in lab history," analysts at Robert W. Baird & Co. said in an investor note.
  • Labs continue to call for their own bailout so they can ramp up testing. They didn't get one in the most recent stimulus package.

Yes, but: Labs won other sought-after policies, like deferred Medicare cuts, and billions of lab dollars have been squandered on stock buybacks.

  • Quest has repurchased $3.1 billion of its own stock since 2013, and LabCorp's stock buybacks have totaled $1.5 billion since 2015. Both companies also have a combined $2 billion remaining for stock buybacks.

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Updated 40 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.