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BD (BDX) Receives EUA for New Coronavirus Detection Test
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Becton, Dickinson and Company (BDX - Free Report) , also known as BD, recently announced that it has received Emergency Use Authorization (EUA) from the FDA for an additional molecular diagnostic test for COVID-19 that can present results within a time frame of two to three hours. Notably, the test has also been CE marked to the In Vitro Diagnostics medical devices (IVD) Directive (98/79/EC).
The test offers additional testing capacity for COVID-19 in the United States and other countries that consider the CE Mark to test patients and health care workers.
Notably, the test will run on the BD MAX System, which is a molecular diagnostic platform that is already being used by hundreds of laboratories in almost every state across the country. Each unit has the capacity of analyzing hundreds of samples daily.
BD’s Lifesciences segment is likely to receive a boost with the introduction of this test.
Significance of BD’s New Test Amid COVID-19 Crisis
BD’s new test is an addition to the other tests already available on the BD MAX System on account of collaborations with BioGX and CerTest. The new test is based on the same viral Ribonucleic Acid (RNA) targeting sequences and real-time polymerase chain reaction (PCR) identification method as developed by the U.S. Centers for Disease Control and Prevention (CDC).
The test will bolster availability of these much-required tests globally. The company remains committed toward building a full portfolio of testing options so that health care workers have option to choose and access the correct test according to the situation.
Other Developments
BD has been focused in its fight against coronavirus.
In this month, BD, in collaboration with BioGX Inc., a molecular diagnostic company, announced that it has received EUA from the FDA for a new diagnostic test that will help hospitals to screen for COVID-19 on site and obtain results in under three hours.
Further, the company collaborated with BioMedomics to launch a new point-of-care test that can detect antibodies in blood to confirm current or past exposure to coronavirus within 15 minutes. This test is another addition to the long line of diagnostic tools for the coronavirus, which can be utilized in community health settings such as urgent care clinics, thereby limiting the exposure between patients and healthcare workers.
Market Prospects
Per a report published on Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, witnessing a CAGR of 9% between 2020 and 2027. Factors like technological advancements in molecular diagnostics and the rising prevalence of infectious diseases are likely to drive the market.
Hence, the latest development has been a well-timed one for BD.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have gained 0.8% against the industry’s decline of 17.2%.
McKesson has an estimated long-term earnings growth rate of 6.1%.
Merit Medical has an estimated long-term earnings growth rate of 12.1%.
Aurora Cannabis has a projected long-term earnings growth rate of 29.8%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
BD (BDX) Receives EUA for New Coronavirus Detection Test
Becton, Dickinson and Company (BDX - Free Report) , also known as BD, recently announced that it has received Emergency Use Authorization (EUA) from the FDA for an additional molecular diagnostic test for COVID-19 that can present results within a time frame of two to three hours. Notably, the test has also been CE marked to the In Vitro Diagnostics medical devices (IVD) Directive (98/79/EC).
The test offers additional testing capacity for COVID-19 in the United States and other countries that consider the CE Mark to test patients and health care workers.
Notably, the test will run on the BD MAX System, which is a molecular diagnostic platform that is already being used by hundreds of laboratories in almost every state across the country. Each unit has the capacity of analyzing hundreds of samples daily.
BD’s Lifesciences segment is likely to receive a boost with the introduction of this test.
Significance of BD’s New Test Amid COVID-19 Crisis
BD’s new test is an addition to the other tests already available on the BD MAX System on account of collaborations with BioGX and CerTest. The new test is based on the same viral Ribonucleic Acid (RNA) targeting sequences and real-time polymerase chain reaction (PCR) identification method as developed by the U.S. Centers for Disease Control and Prevention (CDC).
The test will bolster availability of these much-required tests globally. The company remains committed toward building a full portfolio of testing options so that health care workers have option to choose and access the correct test according to the situation.
Other Developments
BD has been focused in its fight against coronavirus.
In this month, BD, in collaboration with BioGX Inc., a molecular diagnostic company, announced that it has received EUA from the FDA for a new diagnostic test that will help hospitals to screen for COVID-19 on site and obtain results in under three hours.
Further, the company collaborated with BioMedomics to launch a new point-of-care test that can detect antibodies in blood to confirm current or past exposure to coronavirus within 15 minutes. This test is another addition to the long line of diagnostic tools for the coronavirus, which can be utilized in community health settings such as urgent care clinics, thereby limiting the exposure between patients and healthcare workers.
Market Prospects
Per a report published on Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, witnessing a CAGR of 9% between 2020 and 2027. Factors like technological advancements in molecular diagnostics and the rising prevalence of infectious diseases are likely to drive the market.
Hence, the latest development has been a well-timed one for BD.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have gained 0.8% against the industry’s decline of 17.2%.
Key Picks
Some better-ranked stocks from the broader medical space include McKesson Corporation (MCK - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Aurora Cannabis Inc. (ACB - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
McKesson has an estimated long-term earnings growth rate of 6.1%.
Merit Medical has an estimated long-term earnings growth rate of 12.1%.
Aurora Cannabis has a projected long-term earnings growth rate of 29.8%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>