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LabCorp's (LH) Pixel Kit Gets EUA for Over-the-Counter Use
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Laboratory Corporation of America or LabCorp (LH - Free Report) continues to grab headlines with its COVID-19 support-led updates. Following a series of coronavirus test launches and clinical R&D solutions for researchers and sponsors, the company announced the receipt of FDA’s Emergency Use Authorization (EUA) for its Pixel by LabCorp for over-the-counter use.
With the latest development, this COVID-19 Test Home Collection Kit has become the first available over-the-counter kit that requires no prescription. At present, this test is available through the Pixel by LabCorp website. With the latest EUA, LabCorp will be able to potentially distribute the kit through retail channels.
This approval is expected to increase access to LabCorp’s COVID-19 testing, thereby broadening its customer base.
How Does Pixel Work?
With this kit, customers will be able to self-collect their sample in the privacy of their own home in order to minimize transmission of the virus. They will then send the sample for processing at LabCorp.
The test results are securely delivered via the Pixel by LabCorp portal. For users, who have tested positive, there will be a healthcare provider for counsel and assistance.
A Well-Timed Development
At this stage when there has been a rapid increase in coronavirus cases, the EUA is expected to ease out the testing part of the procedure, thereby helping to speed up and simplify surgery or treatment-related actions. This is expected to see huge market acceptance.
COVID-19-led Progress
In terms of COVID-19 developments, LabCorp was the first commercial lab to launch PCR testing on Mar 5, just after the FDA liberalized the rules around Emergency Use Authorization (EUA) for testing. Since then, LabCorp has rapidly expanded both, capacity and accessibility for testing.
Till the time of the third-quarter earnings release, the company had performed approximately 22 million COVID-19 tests, which represented about 19 million PCR tests and over 3 million antibody tests. LabCorp is currently performing COVID-19 testing in more than 20 laboratories across the United States and its capacity is more than 210,000 PCR tests and over 300,000 antibody tests per day. In October, the company performed approximately 120,000 COVID-19 PCR tests per day with an average time to result of about 1 day.
In the third quarter, it also launched a series of innovations in this field. It became the first laboratory to offer a combined test for respiratory infections, including COVID-19, RSV and flu. The combined test will help quickly and accurately determine appropriate treatment during the flu season. In July, the company received an EUA to utilize a matrix pools testing method, which tests multiple patient samples at once and requires fewer supplies. It also received an EUA for a new heat extraction technology that improves the speed and the efficiency of PCR testing and reduces the reliance on certain reagents.
Price Performance
Shares of the company have gained 20.9% in the past year compared with the industry’s rise of 15.3%.
Zacks Rank & Other Stocks to Consider
Currently, LabCorp carries a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and ResMed Inc. (RMD - Free Report) .
Thermo Fisher’s long-term earnings growth rate is estimated at 18%. It currently carries a Zacks Rank #2 (Buy).
ResMed’s long-term earnings growth rate is estimated at 14.5%. The company presently carries a Zacks Rank #2.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Shutterstock
LabCorp's (LH) Pixel Kit Gets EUA for Over-the-Counter Use
Laboratory Corporation of America or LabCorp (LH - Free Report) continues to grab headlines with its COVID-19 support-led updates. Following a series of coronavirus test launches and clinical R&D solutions for researchers and sponsors, the company announced the receipt of FDA’s Emergency Use Authorization (EUA) for its Pixel by LabCorp for over-the-counter use.
With the latest development, this COVID-19 Test Home Collection Kit has become the first available over-the-counter kit that requires no prescription. At present, this test is available through the Pixel by LabCorp website. With the latest EUA, LabCorp will be able to potentially distribute the kit through retail channels.
This approval is expected to increase access to LabCorp’s COVID-19 testing, thereby broadening its customer base.
How Does Pixel Work?
With this kit, customers will be able to self-collect their sample in the privacy of their own home in order to minimize transmission of the virus. They will then send the sample for processing at LabCorp.
The test results are securely delivered via the Pixel by LabCorp portal. For users, who have tested positive, there will be a healthcare provider for counsel and assistance.
A Well-Timed Development
At this stage when there has been a rapid increase in coronavirus cases, the EUA is expected to ease out the testing part of the procedure, thereby helping to speed up and simplify surgery or treatment-related actions. This is expected to see huge market acceptance.
COVID-19-led Progress
In terms of COVID-19 developments, LabCorp was the first commercial lab to launch PCR testing on Mar 5, just after the FDA liberalized the rules around Emergency Use Authorization (EUA) for testing. Since then, LabCorp has rapidly expanded both, capacity and accessibility for testing.
Till the time of the third-quarter earnings release, the company had performed approximately 22 million COVID-19 tests, which represented about 19 million PCR tests and over 3 million antibody tests. LabCorp is currently performing COVID-19 testing in more than 20 laboratories across the United States and its capacity is more than 210,000 PCR tests and over 300,000 antibody tests per day. In October, the company performed approximately 120,000 COVID-19 PCR tests per day with an average time to result of about 1 day.
In the third quarter, it also launched a series of innovations in this field. It became the first laboratory to offer a combined test for respiratory infections, including COVID-19, RSV and flu. The combined test will help quickly and accurately determine appropriate treatment during the flu season. In July, the company received an EUA to utilize a matrix pools testing method, which tests multiple patient samples at once and requires fewer supplies. It also received an EUA for a new heat extraction technology that improves the speed and the efficiency of PCR testing and reduces the reliance on certain reagents.
Price Performance
Shares of the company have gained 20.9% in the past year compared with the industry’s rise of 15.3%.
Zacks Rank & Other Stocks to Consider
Currently, LabCorp carries a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and ResMed Inc. (RMD - Free Report) .
Hologic’s long-term earnings growth rate is estimated at 17.4%. The company presently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher’s long-term earnings growth rate is estimated at 18%. It currently carries a Zacks Rank #2 (Buy).
ResMed’s long-term earnings growth rate is estimated at 14.5%. The company presently carries a Zacks Rank #2.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>