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OPKO Health's (OPK) BioReference Starts Fan Testing Program

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OPKO Health Inc.’s (OPK - Free Report) BioReference Laboratories, Inc. and Buffalo Bills, 2020 American Football Conference (AFC) East Division Champions recently inked a deal to provide testing for fans for AFC Division Wild Card playoff game. Per management, BioReference Laboratories remains a leading provider of COVID-19 Polymerase chain reaction (PCR) testing services. It is worth mentioning that OPKO Health has built a specific expertise in offering testing with reasonable turnaround times with respect to COVID-19 response efforts.

Notably, OPKO Health’s BioReference platform is the third largest full-service clinical laboratory and operates in five highly specialized laboratory divisions that have been generating robust revenues lately.

This announcement is likely to provide a boost to the company’s Diagnostics segment.

More on the News

BioReference, New York State and the Bills are focused in creating a safe environment wherein fans can enjoy the playoff game without any worries and hassles. BioReference — National Football League’s (NFL) testing partner — has been offering safety for players, coaches and staff the entire season.

In order to attend the game, fans need to get a negative COVID-19 PCR laboratory based test result within 72 hours of the game through BioReference.

BioReference has been in the forefront when it comes to offering tailor-made large scale COVID-19 screening programs to organizations and municipalities throughout the United States. Fan testing, in fact, is the next step in ensuring the safety of Americans while they attend and enjoy live sporting and entertainment events.

Market Prospects

Per a report published on Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, witnessing a CAGR of 9% between 2020 and 2027. Factors like technological advancements in molecular diagnostics and the rising prevalence of infectious diseases are likely to drive the market.

Hence, the latest development is a well-timed one for OPKO Health.

Notable Developments

In October 2020, BioReference announced that it has started accepting specimens for a new multiplex COVID-19 and influenza test, which can be utilized by healthcare providers, clinics and health systems across the United States. This test will help in the diagnosis of COVID-19 and Influenza A or B (flu).

In the same month, BioReference announced the commencement of its COVID-19 testing program for New York City schools throughout the entire 2020-2021 school year. This initiative will help in creating a safer school environment.

Price Performance

Shares of the Zacks Rank #3 (Hold) company have gained 165.1% in a year’s time, compared with the industry’s growth of 24.4%.

Stocks to Consider

Some better-ranked stocks from the broader medical space are Merit Medical Systems, Inc. (MMSI - Free Report) , Patterson Companies, Inc. (PDCO - Free Report) and McKesson Corporation (MCK - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Merit Medical has a projected long-term earnings growth rate of 12.6%.

Patterson Companies has an estimated long-term earnings growth rate of 9.6%.

McKesson has a projected long-term earnings growth rate of 6.6%.

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>