LabCorp's (LH) Pixel Home Collection Kit Now in WBA Stores
Laboratory Corporation of America Holdings or LabCorp LH recently extended its alliance with Walgreens WBA to increase access of its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit. Per the deal, this home collection kit is now available at 6,000 Walgreens stores nationwide and can also be accessed through Walgreens collaborations with on-demand delivery services DoorDash and Instacart.
According to LabCorp, this will help increase COVID-19 testing access in communities across the United States, especially in underserved areas.
Pixel by Labcorp COVID-19 PCR Test Home Collection Kit can be purchased at the pharmacy counter without a prescription. It can also be ordered through DoorDash and Instacart. Pixel by Labcorp will also be available on Pixel by Labcorp and Walgreens Find Care, a digital health platform available on the Walgreens app and at Walgreens.com.
According to LabCorp, the on-demand delivery option is useful for individuals showing symptoms of COVID-19 infection and who want to be tested without potentially infecting others. It would also be helpful when people do not have the flexibility to leave their home but need access to testing.
A Few Words on Pixel by LabCorp
This COVID-19 Test Home Collection Kit is the first available over-the-counter kit that requires no prescription. With this kit, customers are able to self-collect their sample in the privacy of their own home in order to minimize transmission of the virus. They then send the sample for processing at LabCorp.
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The test results are securely delivered via the Pixel by LabCorp portal. For users, who have tested positive, there will be a healthcare provider for counselling and assistance.
In May, the company received FDA’s Emergency Use Authorization (EUA) for expanded use of its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit for children and adolescents aged 2-17.Late May onward, parents and guardians can request a kit for children 2 years of age and order directly through www.pixel.labcorp.com. Following the receipt of this request, a kit will be shipped to the individual’s home via FedEx.
LabCorp's COVID-Related Updates
In terms of COVID-19 developments, LabCorp was the first commercial lab to launch PCR testing. Through 2020, the company developed six EUA COVID-19 tests and performed approximately 35 million tests. It has helped to bring multiple treatments and vaccines to market in record time. LabCorp was also one of the initial players to market, neutralizing antibody tests that are important in the development of COVID-19 vaccines.
In January 2021, as a major development, LabCorp has been awarded a contract from the Centers for Disease Control and Prevention (CDC) to provide genomic sequencing of samples of SARS-CoV-2. This sequencing will aid the CDC in its goal of conducting a large-scale longitudinal genomic survey of the virus using a random set of samples collected from across the United States.
Price Performance
Shares of the company have gained 48.7% in the past year compared with the industry’s rise of 26.4%.
Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST and IDEXX Laboratories, Inc. IDXX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
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