Abbot, test, stock
Abbott's new COVID-19 test can deliver results in as little as 5 minutes on a compact, portable machine called the ID NOW. Its stock prices rose sharply after it announced the FDA's emergency authorization. (Photo via Abbott)

Abbott Launches 5-Minute COVID-19 Test, Sees Stock Rise

On Monday, Abbott (No. 10 on DiversityInc 2019 Top 50 Companies for Diversity) announced it had developed a test delivered on its ID NOW machine that can detect the coronavirus (COVID-19) in as little as five minutes. Shortly thereafter, its stock soared.

The Food and Drug Administration (FDA) issued emergency use authorization (EUA) for the fastest molecular point-of-care test for COVID-19. This new test can deliver positive results in as little as five minutes, and negative results in 13 minutes. The FDA’s EUAs allow the administration to quickly approve the use of previously unapproved products — or the unapproved use of previously approved products — during an emergency.

Abbott’s test, delivered on the ID NOW machine, is the second rapid point-of-care test approved recently. Last week, the life sciences conglomerate Danaher’s stocks climbed after it came out with a test that could deliver results in 45 minutes.

The ID NOW weighs 6.6 pounds and is about the size of a small toaster. Its portability will allow the COVID-19 test to be administered on the front lines where the ID NOW device is already widely in use: in doctor’s offices, hospitals and urgent care clinics. The molecular diagnostic technology the COVID-19 tests use is valued for its accuracy.

“The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus,” Abbott CEO and president Robert B. Ford said in a statement. “With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots.”

By midday Monday, Abbott’s shares were up 7.2% and the S&P 500 was up 2.6%. The average stock price soared to more than $80 a share, where it remained as of Tuesday. Healthcare developments like Abbott’s have contributed to high points in the stock market over the past few days, but as of Tuesday, the Dow was on track for its worst quarter on record.

Abbot said the test would become available within the next week to health care providers. Senior vice president of Rapid Diagnostics, Chris Scoggins said in a statement that Abbott expects to deliver 50,000 of these tests per day. Abbott is working with the FDA to deliver these tests to the hardest-hit areas.

The ID NOW platform, which many frontline medical providers already use, can also run tests to detect illnesses like certain strains of strep and the flu.

In addition to this point-of-care testing, Abbott also offers a COVID-19 test on an instrument called the m2000 RealTime System, which can run 470 COVID-19 tests in a day. This test was approved by the FDA via an EUA on March 18. Other pharmaceutical and healthcare companies also sell similar machines.

Related Story: Northwell Health’s Feinstein Institutes Teams Up with Sanofi, Regeneron Pharmaceuticals, Gilead Sciences to Test COVID-19 Treatments

Latest News

Trump commission attempts racist whitewashing of history

Trump Commission Attempts Racist Whitewashing of History; Colorado Rep. Lauren Boebert Probed for Potential Role in Capitol Insurrection; and More

Trump commission’s “1776 Report” attempts racist whitewashing of history In the highly controversial “1776 Report” released by the Trump administration yesterday, the outgoing GOP party doesn’t just try to present a nonpartisan, “patriotic” look at the nation’s history (as the President had promised the report would do) it fully rewrites…

Boeing Elects Lynne Doughtie to Board of Directors, Following Resignation of Director Caroline Kennedy

Originally published on boeing.mediaroom.com. The Boeing Company (No. 27 on The 2020 DiversityInc Top 50 Companies for Diversity list) board of directors today announced that Lynne Doughtie has been elected to the board, replacing Caroline Kennedy who has resigned following three years of dedicated service. Doughtie, 58, retired from KPMG in 2020, after serving as U.S. Chairman and…

Flint, Michigan water plant

Ex-Michigan Governor Charged for Racist Lead Poisoning of Flint Water Supply; COVID-19 Vaccines Not Increasing in Availability; Democrats Plan to Repeal Trump Rules; and More

Former Michigan Governor formally charged for poisoning thousands of predominantly Black Flint citizens with water containing lead. In 2014, when the city of Flint was forced by the state to begin taking its water supply from the Flint river rather than using water from nearby Detroit as it had for…

NYPD under suit

NYPD Sued for Years of Racial Abuse and Use of Excessive Force; Trump Administration Approves Discrimination Against LGBTQ individuals; and More

NYPD sued by Attorney General for years of racial abuse and use of excessive force. In what’s been called a “landmark lawsuit,” The New York Times has reported that New York state Attorney General Letitia James is suing the city of New York, the mayor and the NYPD’s leaders, alleging…

NBCUniversal News Group Launches NBCU Academy, Offering Training to Universities and Community Colleges

NBCUniversal News Group launched NBCU Academy, a new, innovative, multiplatform journalism training and development program for four-year university and community college students through education, on-campus training and online programming. Originally published on corporate.comcast.com. The initiative includes a curated onsite curriculum for hands-on learning experience with world-class NBCU News Group journalists,…

Kaiser

Kaiser Permanente: Committing $8.15M for Racial Equity

Originally published on about.kaiserpermanente.org. Grants to grassroots and nonprofit organizations will help address structural racism and practices that prevent communities of color from achieving good health and well-being. Kaiser Permanente (DiversityInc Hall of Fame), the nation’s largest integrated, nonprofit health system, has awarded $8.15 million to support dozens of nonprofit…