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CVS Health (CVS) Extends COVID-19 Testing in Massachusetts

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Zacks Equity Research
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CVS Health Corporation CVS recently announced that its COVID-19 antibody testing is now available in all MinuteClinic locations in MA. Notably, there are nearly 60 MinuteClinic locations in the state.

For investors’ note, MinuteClinic is the retail medical clinic of CVS Health that is available in almost 1,100 locations within select CVS Pharmacy stores available in WA, D.C. and other 33 states.

With the extension of this testing program, CVS Health aims to increase access to COVID-19 testing options and is expected to see huge market adoption.

COVID-19 Antibody Testing at a Glance

The point-of-care test detects for previous exposure to COVID-19 and results are available within 15 minutes. Antibodies can build up in as few as 14 days after infection, but the test is not intended to diagnose a current infection.

The MinuteClinic provider will carry out the antibody test by collecting blood sample using a finger stick method. The provider will further review the results with the patient.

COVID-19 antibody testing 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.

More in the News

CVS Health currently offers COVID-19 testing in more than 4,800 CVS Pharmacy locations. With the availability of COVID-19 antibody testing at MinuteClinic in MA, CVS Health is extending its commitment to provide access to COVID-19 testing. The company is also planning to further expand this service in the coming weeks.

With increasing interest in affordable COVID-19 antibody testing, MinuteClinic enables patients to access this service easily by providing testing facilities at convenient locations, and extended evening and weekend hours with high-quality and evidence-based clinical care.

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%. Rising number of COVID-19 cases worldwide, increasing prevalence of chronic diseases and growing geriatric population are the key factors driving the market.

Given the market potential, efforts to broaden market footprint seem to have been timed well.

Recent Developments

In March 2021, CVS Health nearly doubled the number of states where CVS Pharmacy locations are offering COVID-19 vaccines to eligible populations through the Federal Retail Pharmacy Program. Notably, the company is administering vaccines in nearly 1,200 stores across 29 states.

In February 2021, CVS Health build 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 31.3% in a year’s time compared with the industry’s 27.2% rally.

Zacks Rank and Key Picks

Currently, CVS Health carries a Zacks Rank #4 (Sell).

Some better-ranked stocks from the broader medical space include Abbott Laboratories ABT, BioRad Laboratories, Inc. BIO and HillRom Holdings, Inc. HRC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.

Abbott Laboratories has a projected long-term earnings growth rate of 14%.

BioRad has a projected long-term earnings growth rate of 7%.

HillRom has an estimated long-term earnings growth rate of 7%.

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