Fulgent Genetics (FLGT) - Get Report, a genetic-testing-solutions provider, said on Tuesday that it extended its contract to provide daily covid-19 testing to New York City public-school students throughout the 2021 school year.
Terms weren't disclosed.
The Temple City, Calif., company will provide covid-19 testing for thousands of students and employees at K-12 schools, according to its statement.
The deal, which Fulgent won through competitive bidding, is a partnership with the city's Department of Education and its Health and Hospitals division.
Test results will be available to individuals within 24 hours after the company receives and accepts specimens at one of its labs, Fulgent Genetics said.
The RT-PCR testing Fulgent will provide "is the gold-standard for covid-19 testing,” said Brandon Perthuis, chief commercial officer at Fulgent. RT-PCR is a molecular test that detects the virus's genetic material, the Food and Drug Administration explains.
The test provides the sharpest sensitivity and specificity for covid-19 testing, according to the company.
The tech company will use shallow nasal swab tests, a painless sample collection that is less invasive than the deeper nasal swab used for testing. Each student can be tested in about a minute.
The testing is managed by NYC Test and Trace Corps, a group of doctors, public-health professionals and community advocates dedicated to stopping the spread.
Fulgent Genetics previously said that starting Sept. 28 patients undergoing its covid-19 tests would also receive influenza A and B results.
The company was preparing to test hundreds of thousands of students across 1,600 locations over the following months before they returned to school over the fall.
At last check Fulgent stock was 2% higher at $47.70.