Abbott Labs (ABT) announced in post-market late yesterday a new FDA Approved Covid-19 Ag Rapid Test, BinaxNOW, with 97.1% Sensitivity, and 98.5% Specificity. BinaxNOW works in conjunction with their complimentary app, NAVICA, to display the results.
President Trump is due to announce tonight the purchase of 150 Million tests for the U.S.
A healthcare worker (i.e. doctor, nurse, technician, medical assistant, or pharmacist), a nasal swab with reagent, a credit card sized card, and the free app is all that's needed.
Here's How It Works (Courtesy of Abbott.com)
The healthcare worker opens the card and lays it flat on a countertop.
Extraction reagent is added to the test card, which is about the size of a credit card.
A nasal swab is taken from the patient.
A technician inserts the swab into the test card, folds over the cover and in 15 minutes, reads the result.
People who use the app and receive a negative test result will get a temporary encrypted digital health pass via a QR code (similar to an airline boarding pass) sent to the NAVICA app. The digital pass is renewed each time a person receives a negative test result and includes the date of the latest test result submission. Organizations will be able to view and verify the information on a mobile device to help make entry into these places easier, along with hand-washing, social distancing, enhanced cleaning and mask-wearing.
Those who test positive will receive a message through the app telling them to quarantine and talk to their doctor.
Simply show this QR Code (as shown above) to provide verification of your negative test result.
Abbott also released the following statement regarding the NAVICA app and use of personal information:
"And users only share their first and last name, email address, phone number, zip code, and date of birth, which limits the sensitive identifying data being shared in the first place. Additionally, the app isn't used for contact tracing, so personal location information is not being tracked or shared."
This could be a true break-through, and enable the public to feel more secure before going back to workplaces, schools, airports, and other group settings. Watch for more price action surrounding this test, and also potential utilization of this technology towards other pathogens down the line.
For more information, click on the video or link below from Abbott Labs.
Video courtesy of Abbott.com
Disclaimer: This post represents my own opinion and is not a substitute for professional investment advice. It does not represent a solicitation to buy or sell any security. Investors should conduct their own due diligence and consult their tax and financial advisors before making any investment decisions.
Disclosure: I currently hold a position in ABT with the intention of going Long.
All product details and marketing in this post belong to Abbott Laboratories.
I wrote this post myself, and it expresses my own opinions while sometimes quoting others. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.