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LabCorp's (LH) Pixel Kit Gets EUA for Younger Population

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Laboratory Corporation of America Holdings or LabCorp LH recently made a major breakthrough in the field of COVID-19 home PCR testing. The company has received the 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.

With this, LabCorp claims to be the first major commercial laboratory to offer a COVID-19 PCR Test Home Collection Kit for children and teenagers.

Notably, last December, the company first time received EUA for its Pixel by LabCorp for over-the-counter use in people of 18 years of age and above.

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.

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.

Late May onward, parents and guardians can request a kit for children 2 years of age and older directly through www.pixel.labcorp.com. Following the receipt of this request, a kit will be shipped to the individual’s home via FedEx.

Currently, for people 18 and over, the Pixel by Labcorp COVID-19 PCR Test Home Collection Kit is available in over 6,000 pharmacies nationwide.

A Well-Timed Development

The latest inclusion of the younger population will broaden Pixel by LabCorp’s customer base to a significant extent.

The EUA is expected to ease out the complexity related to the testing part of the younger population, thereby helping to speed up and simplify surgery or treatment-related actions. This is expected to see huge market acceptance.

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 60.1% in the past year compared with the industry’s rise of 28.5%.

Zacks Rank & Stocks to Consider

LabCorp currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are National Vision Holdings, Inc. EYE, Owens & Minor, Inc. OMI and Envista Holdings Corporation NVST. While Owens & Minor sports a Zacks Rank #1 (Strong Buy), Envista Holdings and National Vision carry a Zacks Rank 2 (Buy). You can see the complete list of Zacks #1 Rank stocks here.

Owens & Minor has a projected long-term earnings growth rate of 15%.

National Vision has a projected long-term earnings growth rate of 12%.

Envista Holdings has an estimated long-term earnings growth rate of 26%.

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