LabCorp Expands Access to Covid-19 Home Test Kit

LabCorp is expanding access to its Covid-19 home test kit beyond first responders and health-care workers to individuals nationwide who have symptoms.
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LabCorp.  (LH) - Get Report said it was expanding the availability of its coronavirus home collection test kit, offering it to individuals nationwide who have symptoms consistent with the disease. 

The tests were initially made available in April to front-line healthcare workers and first responders. The latest move expands access in line with U.S. Centers for Disease Control and Prevention guidelines, the Burlington, N.C., laboratory-services company said. 

The company says it now has more than 200,000 at-home collection test kits available and is prepared to "significantly expand capacity as required."

"Expanding access to our at-home collection test kit ... makes it possible for individuals needing testing to perform the collection without having to leave their home," Chief Executive Adam Schechter said in a statement. 

LabCorp also offers coronavius antibody blood tests that some medical researchers say could be a big part of getting Americans back to work. 

The test kit in April received emergency-use authorization from the U.S. Food and Drug Administration, though only to detect nucleic acid from coronavirus. The test is also authorized only during the pandemic. 

In late April, LabCorp reported a first-quarter net loss of $317.2 million, or $3.27 a share, compared with net income of $185.6 million, or $1.86, in the year-earlier period.

The latest adjusted earnings came to $2.37 a share, compared with the FactSet estimate of $2.15.

The latest adjusted results include a negative impact of roughly 55 cents a share due to the coronavirus outbreak.

Revenue totaled $2.82 billion, up 1.2% over the year-earlier total of $2.79 billion. Wall Street had called for revenue of $2.8 billion. 

At last check LabCorp shares were trading up 2.3% at $172.71.