OPKO Health, Inc. (NASDAQ:OPK) recently announced that its subsidiary — BioReference Laboratories — has collaborated with the state of New Jersey to provide coronavirus (COVID-19) testing across the state.
Notably, BioReference Laboratories will initially provide testing for facilities at Burlington, Essex, Hudson, Ocean and Union Counties.
For investors’ notice, BioReference Laboratories provides the detection, diagnosis, evaluation, monitoring and treatment of diseases. Hence, the latest move is likely to boost OPKO’s foothold in the global infectious disease diagnostics market.
More on the News
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.
Moreover, BioReference Laboratories also awaits an emergency use authorization (EUA) for its COVID-19 test from the FDA.
Market Prospects
A report by MarketsandMarkets projects the global infectious disease diagnostics market to reach a worth of $19.35 billion in 2022, at a CAGR of 5.6%.
Hence, the latest development has been a well-timed one for OPKO.
COVID-19 Wreaks Havoc
The COVID-19 pandemic has devastated the world. Notably, the United States is currently witnessing 35,070 cases, with the death toll rising to 458.
Given this grim backdrop, U.S. MedTech players are trying to ramp up testing to check the spread of the pandemic.
For instance, Becton, Dickinson and Company (NYSE:BDX) has recently announced the submission of EUA requests to the FDA for diagnostic tests. Notably, the tests, if authorized, would increase the potential capacity for COVID-19 screening by 1,000 per day. That’s not all. The company has also announced the receipt of the CE mark for the VIASURE SARS-CoV-2 real-time test adapted for the BD MAX System. Notably, the test, used to detect COVID-19, is now available to clinical laboratories.
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Further, PRAH Health Sciences (NASDAQ:PRAH) recently announced the commercial availability of the COVID-19 Monitoring Program, a mobile app that allows employers, payers, providers and health systems to track the health and wellbeing of individuals.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have plunged 44.4% compared with the industry’s 24.9% decline.
A Key Pick
A better-ranked stock in the broader medical space is Stryker Corporation (NYSE:SYK) .
Stryker’s long-term earnings growth is expected at 10.1%. The stock currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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