Laboratory Corporation of America Holdings ( LH Quick Quote LH - Free Report) , known as LabCorp, recently launched the Labcorp Clinical Decision Support (CDS) interpretative test report for its Stinging Insect Component-Specific IgE Test. LabCorp is the only reference laboratory that conducts stinging insect (venom) component testing. Venom component testing can distinguish species-specific sensitization and cross-reactivity, fine-tune venom diagnosis and help physicians determine the most suitable and cost-effective treatment plans for patients.
The Stinging Insect Component-Specific IgE Test offers allergen test interpretation and treatment suggestions. With the launch of the novel interpretative report, the company expects to provide a more effective venom therapy in case of systemic or anaphylactic reaction to insect stings, which carries the risk of a severe and potentially life-threatening reaction.
Per management, the latest launch underscores LabCorp’s commitment to deliver clinical expertise and value to providers and patients by detecting specific insect species for therapy and providing guidance on successful venom immunotherapy.
New Launch to Guide Enhanced Treatment for Insect Stings
Venom allergy can be successfully treated with venom-specific immunotherapy (VIT). VIT is also advantageous in protecting against future reactions and reducing side effects and treatment costs. In this regard, the Stinging Insect Component-Specific IgE Testing from LabCorp helps determine the specific venom the patient is allergic, while providing a more accurate diagnosis to support venom immunotherapy.
In addition, the newly-launched Labcorp CDS interpretative venom allergy report builds on the prior reporting to provide report interpretation. The interpretative test report leverages current Allergy Practice Parameters, sponsored by the American Academy of Allergy, Asthma and Immunology and the American College of Allergy, Asthma and Immunology, to offer treatment suggestions. It presents a comprehensive insight to physicians on diagnostic marker interpretation, treatment suggestions and guidance for managing venom and stinging insect therapy.
Industry Prospects Per a report by MarketsandMarkets, the allergy diagnostics market is expected to see a CAGR of 11.1% from 2021 to 2026. The increasing environmental pollution levels, rising prevalence of allergic diseases and growing funds for allergy diagnostics can be attributable to market growth. Image Source: Zacks Investment Research
Given the market prospects, LabCorp’s latest launch to support treatment decisions for allergic reactions to venomous stings seems opportune.
Other Developments in the Testing Space
This month, LabCorp launched the Neurofilament Light Chain (NfL) blood test to facilitate the detection and verification of the signs of neurodegenerative disease. The new NfL test aids in diagnosing neuronal injury resulting from brain injury, such as concussion or from diseases like multiple sclerosis, Alzheimer’s and Parkinson’s. Management believes the wide availability of LabCorp’s new NfL test will support neurologists with a tool that allows for rapid diagnoses, enhanced treatment decisions and improved patient care.
LabCorp also announced its plans to initiate monkeypox testing. This test will be done using the U.S. Centers for Disease Control and Prevention’s (CDC) orthopoxvirus test, which detects all non-smallpox-related orthopoxviruses, including monkeypox. According to LabCorp, this effort is part of the CDC’s commitment to quickly increase monkeypox testing access and capacity in every community during the ongoing outbreak.
Share Price Performance
The stock has underperformed its
industry in the past year. It has declined 11.2% compared with the industry’s 10.5% fall. Zacks Rank and Key Picks
Currently, LabCorp carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space that investors can consider are
AMN Healthcare Services, Inc. ( AMN Quick Quote AMN - Free Report) , Merck & Co., Inc. ( MRK Quick Quote MRK - Free Report) and Patterson Companies, Inc. ( PDCO Quick Quote PDCO - Free Report) .
AMN Healthcare has a long-term earnings growth rate of 1.1%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.6%, on average. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has gained 22.4% against the industry’s 31.3% fall.
Merck has a long-term earnings growth rate of 10.1%. The company surpassed earnings estimates in the trailing three quarters and missed in one, delivering a surprise of 13.4%, on average. It currently carries a Zacks Rank #1.
Merck has underperformed its industry in the past year. MRK has gained 19.1% against the industry’s 22.4% growth.
Patterson Companies has an estimated long-term growth rate of 9.6%. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 16.5%.It currently flaunts a Zacks Rank #2 (Buy).
Patterson Companies has outperformed its industry in the past year. PDCO has lost 1.4% compared with the industry’s 10.6% fall in the past year.