BD (BDX), ImageMover Partner for Rapid Antigen Test Reporting
Becton, Dickinson and Company BDX, popularly known as BD, recently collaborated with ImageMover to provide a companion mobile app that will aid in a smoother running of SARS-CoV-2 antigen testing results done on the BD Veritor Plus System at regular testing locations (schools and businesses). Notably, the ImageMover app is readily available for BD Veritor Plus System customers. It is worth mentioning that the BD Veritor Plus System for Rapid Detection of SARS-CoV-2 Assay has received the FDA’s Emergency Use Authorization (“EUA”) for being used by accredited laboratories.
For investors’ note, ImageMover is a software platform that helps in the automation and simplification of the process of collection and management of medical data. The addition of the ImageMover app on the BD Veritor Plus System enables seamless and secure data sharing when it comes to everyday testing locations with the absence of a healthcare technology platform.
This collaboration will help in facilitating test results for streamlined reporting, thereby resulting in substantially lower manual documentation.
The latest development is expected to be a meaningful addition to BD’s fight against the global pandemic, thus boosting the company’s Life Sciences business worldwide.
More on the News
Apart from resolving a significant burden of reporting associated with ‘return to normal’ testing, the app further enhances the advantages of using a digitally read test like the BD Veritor Plus System. Hence, novice testers will benefit from the simplicity offered by the BD Veritor Plus System.
The partnership will allow non-acute organizations to automatically submit test results to public health authorities through ImageMover’s highly secure mobile solution dedicated for point-of-care COVID-19 test administration and result management.
It is to be noted that BD has been on the frontlines of the COVID-19 response by offering innovative solutions for immunology research, molecular- and antigen-based diagnostics, devices that help in therapeutics and injection devices for vaccine administration. And this collaboration, further strengthens the company’s commitment toward the fight against the pandemic.
Recent Collaboration
In February, BD partnered with Scanwell Health — a leader in smartphone-enabled at-home medical tests, to develop an at-home rapid test for SARS-CoV-2 by utilizing a BD antigen test and the Scanwell Health mobile app. Per BD’s management, this collaboration to develop an at-home lateral flow rapid antigen test is a complementary solution to its BD Veritor system.
Industry Prospects
Per a report published on Research And Markets, the global rapid test kit market was valued at $23.44 billion in 2020 and is expected to witness a CAGR of approximately 8.1% by 2026. Factors like the unrelenting spread of the pandemic and growing prevalence of various infectious diseases are expected to drive the market.
Given the market potential, the partnership seems to have been timed well.
Price Performance
Shares of the company have gained 4.7% in the past year compared to the industry’s growth of 33%.
Zacks Rank & Key Picks
Currently, BD carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Hologic, Inc. HOLX, IDEXX Laboratories, Inc. IDXX and Abbott Laboratories ABT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is estimated at 15.8%.
Abbott’s long-term earnings growth rate is estimated at 14.1%.
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