CVS Health (CVS) Extends COVID-19 Antibody Testing Nationwide
CVS Health CVS recently announced that its COVID-19 antibody testing is now available across the country at MinuteClinic locations. Notably, MinuteClinic is the retail medical clinic of CVS Health that is available in almost 1,100 locations within select CVS Pharmacy stores available in Washington, D.C. and other 33 states.
Per CVS Health management, the company has seen steady interest in affordable COVID-19 antibody testing after launching the testing service at all clinic locations in Massachusetts and Texas and successfully piloting the antibody test offering at more than 100 MinuteClinic locations earlier this year. However, COVID-19 antibody testing is not yet available in MinuteClinic locations in the state of Nevada but will be available soon.
With the extension of this testing nationwide, CVS Health aims to boost access to COVID-19 testing offerings and is expected to see huge market adoption.
COVID-19 Antibody Testing at a Glance
The point-of-care test detects previous exposure to COVID-19 and the results are available within 15 minutes. Notably, the antibody test is not intended to detect a current infection. The test costs $38 and payment is due at the time of service, which can be made via cash or credit, debit and health savings account/flexible spending account cards.
The MinuteClinic care team will carry out the antibody test by collecting blood sample using a finger stick method. The care team will further review the results with the patient.
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Availability of COVID-19 antibody testing at MinuteClinic extends CVS Health's overall commitment to offer convenient and affordable access to COVID-19 testing. The antibody test will also be offered in select CVS Pharmacy locations all over the country in the coming weeks.
Currently, CVS Health also offers COVID-19 diagnostic testing using molecular- or antigen-based tests to detect an active infection at more than 4,800 CVS Pharmacy locations, 1,000 of which provide rapid-result testing. Notably, more than 15 million COVID-19 diagnostic tests have been administered by the company to date.
Industry Prospects
Per a research by ReportLinker, the antibody testing market was valued at $6,415.90 million in 2019 and is projected to reach $10,740.69 million by 2027, at a CAGR of 6.7%.
Given the market potential, CVS Health’s efforts to broaden market footprint seem to have been timed well.
Developments in CVS Health COVID-19 Initiative
In April 2021, CVS Health announced that the company has surpassed 10 million COVID-19 vaccine doses administered through its participation in the Pharmacy Partnership for Long-Term Care Program and Federal Retail Pharmacy Program.
In February 2021, CVS Health announced its community-based strategy to tackle possible inequities related to COVID-19 vaccine access in vulnerable communities, with a particular focus on Black and Hispanic populations. The strategy — which is aimed at increasing COVID-19 vaccination rates — includes proactive patient outreach, community-based partnerships and vaccine clinics, along with robust education-focused marketing.
Price Performance
Shares of the company have gained 25.3% in a year’s time compared with the industry’s growth of 32.1%.
Zacks Rank and Key Picks
Currently, CVS Health carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are InMode Ltd. INMD, Owens & Minor, Inc. OMI and Envista Holdings Corporation NVST, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of Zacks #1 Rank stocks here.
InMode has a projected long-term earnings growth rate of 12.4%.
Owens & Minor has a projected long-term earnings growth rate of 15%.
Envista Holdings has an expected long-term earnings growth rate of 24%.
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