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BD (BDX) Partners With Retailers for At-Home COVID-19 Test

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Becton, Dickinson and Company (BDX - Free Report) , also popularly known as BD, recently announced that the BD Veritor At-Home COVID-19 Test can now be purchased through several retail partners. These retail partners include Everly Health, Southeastern Grocers (parent company of Fresco y Más, Harveys Supermarket and Winn-Dixie stores. Apart from this, the test is available for purchase on Amazon.com.

It is worth mentioning that the BD Veritor At-Home COVID-19 Test has not been cleared or approved by the FDA but has received Emergency Use Authorization (EUA) only for identifying proteins from SARS-CoV-2 and not for any other viruses or pathogens. Interestingly, this test is the first at-home COVID-19 test to utilize a smartphone camera and app to capture and elucidate results, thereby removing the human subjectivity in other visually read at-home antigen tests.

This announcement is likely to provide a boost to BD Life Sciences business.

Few Words on the Retail Partners

Everly Health provides tests to businesses, government agencies and consumers via their subsidiaries — Everlywell and Everly Health Solutions. Per management at Everly Health, the introduction of the BD Veritor At-Home COVID-19 Test on its site and platform will now enable the company to provide organizations the capability to send rapid at-home tests to their members and keep track of the results on a single all-inclusive platform.

Fresco y Más, Harveys Supermarket and Winn-Dixie stores currently provides tests to consumers in all in-store pharmacy departments at more than 230 grocery store locations. By collaborating with BD, these stores will play a crucial role in curbing the spread of the virus and safeguarding their communities.

More on the News

Per management at BD Life Sciences, trustworthy and widely available testing continues to be one of the most crucial measures to curb the spread of COVID-19. Rapid test results will lend support to decision making by healthcare providers.

Zacks Investment ResearchImage Source: Zacks Investment Research

Partnering with aforementioned retailers and distributors is likely to provide a further boost to efforts in combatting the pandemic through wide access to at-home tests.

Market Prospects

Per a report by Data Bridge Market Research published on GlobeNewswire, the global at-home testing kits market is expected to reach $8,154.74 million by 2028, witnessing a CAGR of 5.3% between 2021 and 2028. Factors like growing health awareness among people, as well as convenience and rapid results are likely to drive the market. Hence, this announcement is well-timed for BD.

Recent Developments

This month, BD completed the acquisition of privately held Scanwell Health Inc. However, the terms of the transaction were not disclosed. Following the closure of the buyout, Scanwell is expected to become the foundational digital platform upon which BD plans to develop at-home diagnostic tests for various infectious diseases, including COVID-19/influenza A+B, group A strep, and an additional menu for detecting infections and managing chronic diseases.

Again, this month, BD announced that it has expanded the BD COR System to include a new MX instrument for high-throughput molecular testing for infectious diseases.

Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 0.3% in the past year compared with the industry’s growth of 15.5%.

Stocks to Consider

Some better-ranked stocks in the broader medical space include Thermo Fisher Scientific Inc. (TMO - Free Report) , McKesson Corporation (MCK - Free Report) and NextGen Healthcare, Inc. (NXGN - Free Report) .

Thermo Fisher surpassed earnings estimates in each of the trailing four quarters, the average surprise being 9.02%. The company currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Thermo Fisher’s long-term earnings growth rate is estimated at 14%. The company’s earnings yield of 3.7% compares favorably with the industry’s (3.6%).

McKesson beat earnings estimates in each of the trailing four quarters, the average surprise being 19.9%. The company currently carries a Zacks Rank #2.

McKesson’s long-term earnings growth rate is estimated at 8.9%. The company’s earnings yield of 9.9% compares favorably with the industry’s 3.2%.

NextGen Healthcare surpassed earnings estimates in each of the trailing four quarters, the average surprise being 16%. The company currently carries a Zacks Rank of 2.

NextGen Healthcare’s long-term earnings growth rate is estimated at 8.5%. The company’s earnings yield of 5.9% compares favorably with the industry’s (4.1%).