Abbott Labs Gets Approval for $25 Home Covid Test

The test is the 'first virtually guided service to bring rapid, reliable and affordable testing into the home,” Abbott says.
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Abbott Laboratories  (ABT) - Get Report, the healthcare product giant, announced Wednesday that its home coronavirus test has won emergency use authorization from the Food and Drug Administration and will sell for $25.

Abbott said in a statement that the test is the “first at-home, virtually guided service to bring rapid, reliable and affordable testing into the home where the result is delivered in minutes.”

Further, “Abbott and [its prescribing partner] eMed expect to deliver and administer 30 million BinaxNOW tests in the first quarter of 2021, with an additional 90 million in the second quarter.”

It’s a “15-minute antigen test with no instrument that detects the virus when people are most infectious, which is critically important in slowing the spread of the virus,” Abbott said. “The service uses Abbott's complementary NAVICA app to enable the testing process and display authenticated BinaxNOW test results verified by a trained guide.”

Abbott traded at $107.60, up 0.14%. The stock has climbed 24% year to date.

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