SAN DIEGO - QuidelOrtho Corporation (NASDAQ:QDEL), a leader in diagnostic healthcare solutions, has announced the introduction of the ARK™ Fentanyl II Assay, designed to enhance opioid testing capabilities in hospitals and emergency rooms.
This new assay, compatible with the company's Vitros® XT 7600 and 5600 Integrated Systems and the Vitros® 4600 Chemistry System, aims to provide rapid on-site fentanyl testing results in less than 10 minutes, facilitating immediate clinical decisions.
The urgency for improved opioid testing is underscored by data from the Centers for Disease Control and Prevention (CDC), which indicates a tripling in fentanyl overdose deaths from 2016 to 2021. States such as California, Florida, New York, Pennsylvania, and Ohio have been particularly affected, prompting regulatory changes that mandate fentanyl testing in drugs-of-abuse test panels.
The ARK™ Fentanyl II Assay detects norfentanyl, the primary metabolite of fentanyl, which is not identified by standard drug screenings. This innovation aims to reduce false negatives and streamline laboratory operations by integrating fentanyl testing with existing protocols, thus consolidating the drugs-of-abuse panel into a single system.
Lily Li, senior director of medical and clinical affairs at QuidelOrtho, emphasized the importance of rapid drugs-of-abuse detection in the context of the escalating opioid crisis. She stated that the assay could be a critical tool in saving lives by allowing for quicker interventions.
In emergency departments, accurate drug testing is vital for directing patients to appropriate treatment programs. Standard tests often miss synthetic opioids like fentanyl, which can lead to missed opportunities for administering life-saving treatments such as naloxone, an opioid overdose reversal medication.
Dr. Zachary Dezman, an emergency department physician in Baltimore and Assistant Professor with the University of Maryland School of Medicine, highlighted the need for medicine to evolve in response to changing substance use patterns, underscoring the importance of detecting issues in order to treat them effectively.
This news is based on a press release statement issued by QuidelOrtho Corporation.
InvestingPro Insights
In light of QuidelOrtho Corporation's (NASDAQ:QDEL) recent announcement of their ARK™ Fentanyl II Assay, investors may be curious about the company's financial health and market position. According to real-time data from InvestingPro, QuidelOrtho's market capitalization stands at approximately $2.98 billion USD, reflecting the scale of its operations within the diagnostic healthcare solutions sector.
Despite the innovative strides in product development, QuidelOrtho has experienced a decline in revenue over the last twelve months as of Q1 2023, with a decrease of 8.21%. This is coupled with a significant drop in price over the last three months, with a total return of -40.25%. This trend is in line with the company's performance over the last year, which saw a decrease in year-to-date price total return of -41.18%.
InvestingPro Tips suggest that while QuidelOrtho has been trading near its 52-week low, analysts predict the company will be profitable this year. This projection aligns with the company's strategic moves to expand its product offerings in response to public health needs. Additionally, the high shareholder yield indicates that QuidelOrtho is returning value to its investors, despite not paying a dividend.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are 6 more tips available, which can provide deeper insights into QuidelOrtho's financial outlook and performance metrics. To access these tips and more, visit https://www.investing.com/pro/QDEL and don't forget to use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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