Luminex (LMNX) Receives FDA Approval for NxTAG RPP
Luminex Corporation LMNX recently announced the receipt of FDA clearance for its NxTAG Respiratory Pathogen Panel (RPP). Notably, this October, the company had gained CE-IVD mark for the multiplexing assay.
NxTAG RPP is the only respiratory assay that enables laboratories to simultaneously detect 22 respiratory pathogens in a single closed-tube system as well as accommodate the higher throughput required for responding to seasonal changes in demand.
NxTAG RPP requires only minutes of hands-on time and no upstream reagent preparation. Additionally, the innovative tube strip design offers laboratories the flexibility to manage variable sample demand by processing a single sample or up to 96 samples per run without wasting consumables or reagents.
We note that Luminex is making substantial progress with NxTAG RPP, which targets the moderate to high volume labs in the multiplex market. With the recent FDA approval, we believe the multiplexing assay will considerably boost the company’s organic growth momentum and drive greater market traction.
Luminex, of late, has been focused on expanding its assay portfolio. This October, the manufacturer of proprietary biological testing technologies received FDA approval for its ARIES System and ARIES HSV 1&2 Assay. The ARIES system will target the low-plex testing market.
We believe that by offering targeted testing on an ARIES system along with syndromic panels through the company’s xTAG and NxTAG product lines, Luminex is poised to enjoy a strategic advantage as it is the only company offering an end-to-end testing solution to laboratories.
Zacks Rank & Other Key Picks
Luminex carries a Zacks Rank #2 (Buy).
Other well placed stocks in the same sector include Masimo MASI, Steris Plc STE and Natus Medical BABY. All the stocks sport a Zacks Rank #1 (Strong Buy).
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