Laboratory Corporation of America Holdings LH or LabCorp is grabbing headlines with its latest COVID-19 support. Following back-to-back launches of coronavirus antibody test and clinical R&D solutions for researchers and sponsors, this time the company has come up with At-Home COVID-19 Test Collection Service.
On Jul 1, this service received Emergency Use Authorization (EUA) from the FDA.
The company claims this to be the first digital COVID-19 service that physicians can use to remotely test patients before any surgery or procedure. To use this service, the doctor can directly order the LabCorp At-Home COVID-19 test collection kit through a digital interface. This kit will then be sent directly to the patient, who will perform the sample collection using a nasal swab and send it back to LabCorp via FedEx.
The test results will then be provided to the doctor’s electronic medical record and the patient’s LabCorp Patient Portal. According to LabCorp, this entire procedure will ensure seamless data processing for both the doctor and the patient.
Initially, LabCorp is piloting the service with select providers only. However, it plans to make the service available to more health systems, hospitals and surgical centers in the coming weeks.
A Well-Timed Launch
At present, the entire healthcare system of the nation is jeopardized by the virus attack. This is leading to deferral of appointments, screenings and surgeries, putting the life of seriously-ill patients at increased threat. At this stage, the launch of LabCorp At-Home Service is expected to ease out the testing part of the procedure, thereby helping to speed up and simplify surgery or treatment-related actions.
Considering the increasing number of coronavirus cases of late, the latest launch within LabCorp’s Covance Drug Development Business is expected to see huge market acceptance.
LabCorp’s COVID-19 Developments
Last week, LabCorp’s Covance Drug Development business came up with the Xcellerate COVID-19 solution. This new clinical solution has been developed taking into consideration the crisis being faced by researchers and sponsors to continue their ongoing clinical studies amid the pandemic. This solution runs on the company’s Xcellerate platform. According to LabCorp, this is a comprehensive approach to reinitiate ongoing research and start new studies while providing patient safety and better-quality study delivery.
In June, the company launched its neutralizing antibody test to assess the capacity of antibodies in patient plasma to inhibit the SARS-CoV-2 virus that is responsible for COVID-19. According to the company, the result of this neutralizing antibody test can be used for the development of COVID-19 vaccines and the screening of convalescent plasma for prophylactic and therapeutic use. This test will be available to biopharmaceutical companies, hospitals, blood banks and other plasma-screening facilities.
Further in June, LabCorp’s Covance came up with a website aimed at connecting patients with all COVID-19 clinical trials. Named as COVID-19 Clinical Trial Connect, this website helps all novel coronavirus patients acquire adequate information related to suitable clinical trials run by Covance on behalf of a biopharmaceutical company, as well as those listed on clinicaltrials.gov.
LabCorp is also working with companies like Adaptive Biotechnologies and Microsoft to focus on immune response to the virus. Separately, it is also working with Pacific Bioscience on unique research programs on virus characteristics that can support patient treatment decisions.
Year to date, shares of LabCorp have improved 2.4% versus the industry’s 0.7% fall.
Zacks Rank & Other Key Picks
Currently, LabCorp sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the broader medical space are Quest Diagnostics Incorporated DGX, Abbott Laboratories ABT and QIAGEN N.V. QGEN.
Quest Diagnostics’ long-term earnings growth rate is projected at 7.6%. It currently carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
Abbott’s long-term earnings growth rate is estimated at 8.6%. The company presently carries a Zacks Rank #2 (Buy).
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Quest Diagnostics Incorporated (DGX) : Free Stock Analysis Report
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