Quest Diagnostics Incorporated DGX recently entered into a collaboration with CLX Health to offer access to COVID-19 molecular diagnostic testing (PCR/NAAT) for people looking to attend live events nationwide or travel from the United States to destinations around the world. The testing will be available through CLX Health's TrustAssure Global Testing Platform.
It is worth mentioning that Quest Diagnostics is the first national COVID-19 molecular diagnostic testing provider to participate in the TrustAssure platform in the United States.
The latest collaboration is likely to expand Quest Diagnostics’ COVID-19 testing reach globally.
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CLX Health is a developer of cloud-based solutions which manages a COVID-19 testing ecosystem of physicians, clinics, hospitals, laboratories, and consumers with its TrustAssure Global Network.
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The TrustAssure platform helps the world's largest airlines and event venues by offering passengers access to authorized COVID testing locations globally. Many leading airlines have incorporated the TrustAssure Lab Platform to provide their customers an easy-to-use option to meet the testing requirements.
Individuals will be able to schedule appointments for molecular COVID-19 tests at select Quest Diagnostics patient service centers and more than 750 retail partner pharmacy locations across the United States through the TrustAssure Global Testing Platform. The results will be provided within 48 hours and in advance of an event or travel.
Significance of the Collaboration
Per management, as COVID-19 restrictions are lifted around the country and world, the partnership with TrustAssure will enable Quest Diagnostics to facilitate high-quality testing for individuals looking to get back to recreation and travel.
In May 2021, Quest Diagnostics, as part of its continual process of development related to COVID-19 testing services, announced that it has expanded eligibility for $0 out-of-pocket COVID-19 testing through QuestDirect. Per this plan, adults can ask for access to the company's $0 out-of-pocket COVID-19 test option for themselves as well as for four years or older children through QuestDirect.
In the last-reported first quarter of 2021, despite declining demand for Quest Diagnostics’ COVID-19 testing services, the company performed an average of 101,000 COVID-19 molecular tests per day. Overall, in the first quarter, approximately 9.1 million molecular tests and nearly 900,000 serology tests were performed, contributing nearly 21% to volume growth.
Shares of the company have gained 5.9% in a year’s time against the industry’s fall of 16.8%.
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, BellRing Brands, Inc. BRBR and Laboratory Corporation of America Holdings or LabCorp LH, 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%.
BellRing Brands has an estimated long-term earnings growth rate of 22%.
LabCorp has a projected long-term earnings growth rate of 11%.
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