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Corning (GLW) Gets $15M for COVID-19 Testing Support Products

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Zacks Equity Research
·3 min read
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Corning Incorporated GLW has secured $15 million contract from the U.S. Department of Defense in coordination with the Department of Health and Human Services. This investment is for the domestic production of robotic pipette tips that are used to support diagnostic testing for COVID-19.

Corning is a leader in life sciences laboratory products, cell culture solutions, bioprocess vessels and specialty surfaces. It has been a trusted supplier to the healthcare and pharmaceutical industries since introducing PYREX glass in 1915.

This development is the latest example of Corning’s ongoing role in the pandemic response. On Jun 9, the company announced that it will receive $204 million from the Biomedical Advanced Research and Development Authority. Per the agreement, it is significantly expanding its domestic manufacturing capacity of Valor Glass vials to help support the vaccination and treatment of millions of patients.

Funded by the Health Care Enhancement Act, the new award will allow Corning Life Sciences to add incremental domestic production capacity. Robotic tips are used in drug discovery and screening, cell culture and polymerase chain reaction testing applications. Corning is focused on supporting the U.S. government in its effort to expand domestic manufacturing of diagnostic products.  

The company holds a leadership position in each of the markets addressed by its five Market-Access Platforms. Corning’s markets include optical communications, mobile consumer electronics, display, automotive and life sciences.

The company is poised to benefit from improving demand and commercialization of its innovations. Its capabilities are becoming increasingly vital to diverse industries. Corning operates on a strong financial foundation that positions it for long-term growth.

In particular, the Specialty Materials segment is benefiting from demand for premium glasses, glass-ceramic products and strength in products for the IT and wearable markets. However, macroeconomic challenges due to the pandemic persist.

Corning’s shares have gained 41.2% in the past six months compared with 41% growth of the industry. The company delivered a trailing four-quarter earnings surprise of 40.7%, on average.


The stock currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader industry are Plantronics PLT, United States Cellular USM and NIC EGOV, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Plantronics delivered a trailing four-quarter earnings surprise of 568.2%, on average.

U.S. Cellular delivered a trailing four-quarter earnings surprise of 231.1%, on average.

NIC delivered a trailing four-quarter earnings surprise of 27.5%, on average. The company’s earnings beat the Zacks Consensus Estimate in two of the last four quarters.

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