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OPKO's BioReference Laboratories Widens COVID-19 Testing (Revised)

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OPKO Health, Inc. (OPK - Free Report) recently announced that its subsidiary — BioReference Laboratories — has collaborated with the City of Detroit to provide coronavirus (COVID-19) testing.

Notably, BioReference Laboratories will provide testing at drive-through locations for residents of the city by appointment.

Notably, BioReference Laboratories provides detection, diagnosis, evaluation, monitoring and treatment of diseases. Consequently, the latest move is likely to bolster OPKO’s foothold in the global infectious disease diagnostics market.

Benefits of Offering COVID-19 Testing

It is encouraging to note that given the widespread COVID-19 outbreak, OPKO’s BioReference Laboratories is currently accepting specimens for COVID-19 testing from healthcare providers, clinics and health systems throughout the United States.

Residents of the City of Detroit are expected to gain immensely from this testing amid the coronavirus-induced crisis. Apart from offering increased access to testing, BioReference Laboratories will be supporting the first responders in the city who have been waiting to get tested.

This is yet another example of BioReference Laboratories helping local governments around the United States when it comes to providing COVID-19 testing. Earlier, BioReference Laboratories collaborated with the state of New Jersey to provide COVID-19 testing across the state.

Coronavirus Outbreak and Its Impact

The coronavirus disease, which was first detected in central China in December, has turned into a full-blown pandemic, and its panoptic impact has left most of the world rattled and shocked. In fact, there has been at least 43,000 cases in the United States with deaths going up to at least 500.

Amid this crisis, some key players have made significant progress with regards to testing in order to check the spread of pandemic.

For example, Becton, Dickinson and Company (BDX - Free Report) , also known as BD, together with CerTestBiotec, recently announced the receipt of CE mark for the VIASURE SARS-CoV-2 real time test adapted for the BD MAX System. Thus, the polymerase chain reaction (PCR) test, utilized for detecting COVID-19, is now available to clinical laboratories.

Also, Abbott Laboratories (ABT - Free Report) announced the receipt of the Emergency Use Authorization (EUA) from the FDA to use its molecular test RealTime SARS-CoV-2 EUA to detect the novel coronavirus (COVID-19). Notably, the test will run on the company’s m2000 RealTime System.Abbott is on track to ship 150,000 RealTime SARS-CoV-2 EUA tests to existing customers in the United States. At the same time, the company will coordinate with health systems and government authorities to supply additional m2000 systems per requirement.

Market Prospects

A report by MarketsandMarkets estimates the global infectious disease diagnostics market to reach a worth of $19.35 billion in 2022, witnessing a CAGR of 5.6%.

Hence, the latest development has been a well-timed one for OPKO.

A Key Pick

A better-ranked stock from the broader medical space is The Cooper Companies, Inc. (COO - Free Report) , which currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Cooper Companies has a projected long-term earnings growth rate of 10.8%.

(We are reissuing this article to correct a mistake. The original article, issued on March 24, 2020, should no longer be relied upon).