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OPKO Health's (OPK) BioReference Extends Digital Health Access

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OPKO Health Inc.’s (OPK - Free Report) BioReference Laboratories, Inc. unveils Scarlet Health — an in-home, fully-integrated digital platform — that ensures access to on-demand diagnostic services.

The launch is likely to provide a boost to the company’s Diagnostics segment.

Scarlet Health at a Glance

Scarlet Health is a fully-integrated digital platform proving healthcare services to patients at the comfort of their homes. The platform has been designed to provide convenient, secure and safe healthcare services.

Scarlet Healthcare redefines healthcare by creating digitally enabled consumer-centric approach and provide access to wide array of tests — from COVID-19 to chronic conditions.

Significance of the Launch

Scarlet Healthcare provides an innovative and flexible alternative to conventional patient service centres for collection of test specimen.

The new technology enables healthcare providers to secure vital diagnostic information about patients consistently and easily for faster diagnosis. Patients will obtain real-time updates and relevant information, as how to plan for the visit or track the arrival of healthcare professionals.

The new technology improves and accelerates patient-centered health care, utilizing similar on-demand services that patients can use from the comfort of their homes. With this innovation, BioReference can revolutionize delivery of healthcare services by bridging the gap between telemedicine and traditional health care.

Industry Prospects

Per a report by Global Market Insights, global digital health market was worth $106 billion in 2019 and is anticipated to reach $634.9 billion by 2026 at a CAGR of 28.5%. Increasing number of smartphone users across the globe is driving market growth. Furthermore, rise in COVID-19 cases across the globe has increased the adoption of digital health technologies and will boost the digital health industry growth.

Notable Developments

In October 2020, OPKO Health’s BioReference Laboratories introduced COVID-19 molecular testing program for New York City schools throughout 2020-2021 school year to ensure a safer environment.  Additionally, BioReference is collecting specimens from principals, teachers, administration and students from more than 950 schools across New York City.

In the same month, BioReference Laboratories 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).  This test enables healthcare providers for rapid diagnosis and offer surveillance for flu and COVID-19, while conserving critical testing samples.

Price Performance

Share of the company have surged 196% in a year’s time compared with industry’s growth of 25%.

Zacks Rank and Key Picks

Currently, OPKO Health carries a Zacks Rank # 3 (Hold).

Some better-ranked stocks from the medical space include Cantel Medical Corp. (CMD - Free Report) , Hologic, Inc. (HOLX - Free Report) , Alphatec Holdings, Inc. (ATEC - Free Report) . While Cantel Medical and Hologic sport a Zacks Rank# 1 (Strong Buy), Alphatec carries a Zacks Rank # 2 (Buy). You can see the complete list of Zacks #1 Rank stocks here.

Cantel Medical has a projected long-term earnings growth rate of 19%

Hologic has a projected long-term earnings growth rate of 17.4%

Alphatec has an estimated long-term earnings growth rate of 39.1%

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