Becton, Dickinson and Company ( BDX - Free Report) , also known as BD, along with BioGX Inc recently announced the submission of emergency use authorization (EUA) requests to the FDA for diagnostic tests. Notably, the tests, if authorized, would increase the potential capacity for COVID-19 (coronavirus) screening by 1,000 per day.
For investors’ notice, BioGX develops molecular products and provides customized manufacturing services.
More on the Development
The aforesaid tests will be run on the coveted BD MAX molecular diagnostic platform, which is already in use in nearly every state across the United States. The fully-automated platform minimizes chances of human error, thereby increasing the speed of testing. Thus, it would enable rapid screenings of COVID-19 patients.
Further, on Mar 11, the company along with CerTest Biotec announced the receipt of CE mark for the VIASURE SARS-CoV-2 real time test adapted for the BD MAX System. The test is now available in all clinical laboratories.
These developments are expected to ramp up BD MAX sales, thereby instilling investors’ optimism in the company. In fact, BD has seen more than 20% growth in BD MAX revenues of late.
VIDEO Coronavirus Keeps MedTech Players on Toes
The COVID-19 pandemic has been wreaking havoc over the past month. Notably, the United States has witnessed 4,743 cases so far, while the death toll is 93.
Given the backdrop, U.S. MedTech players are trying every possible way to combat the pandemic.
For instance, Thermo Fisher Scientific (
TMO - Free Report) recently announced that the FDA has issued EUA for its diagnostic test that can be used immediately by laboratories across the United States for detecting COVID-19.
Moreover, QIAGEN (
QGEN - Free Report) has announced that it will develop a QIAstat-Dx test kit to differentiate the novel SARS-CoV-2 coronavirus from 21 other serious respiratory infections and will receive advanced development support from the U.S. Department of Health and Human Services' office. The company is also in the process of shipping QIAstat-Dx testing kits to public health institutions in other regions, including Europe, South-East Asia and the Middle East. Price Performance
Over the past year, the Zacks Rank #4 (Sell) company has lost 8.8% compared with the
industry’s 17.7% decline. A Key Pick
A better-ranked company in the broader medical sector is Stryker Corporation (
SYK - Free Report) .
Stryker’s long-term earnings growth is expected at 10.1%. The stock has a Zacks Rank #2 (Buy). You can see
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