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

Three BASF Women Leaders Honored at the Manufacturing Institute’s 2021 STEP Ahead Awards

Originally published at BASF ranked No. 12 on The DiversityInc Top 50 Companies for Diversity list in 2021.   Three BASF leaders in manufacturing were among 130 women recognized nationally at The Manufacturing Institute’s ninth annual STEP Ahead Awards. Focusing on science, technology, engineering and production (STEP), the program recognizes women…

Wells Fargo Pledges $1 Million to the Thurgood Marshall College Fund for HBCU Seniors

Originally published at Wells Fargo ranked No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2021.   Wells Fargo and the Thurgood Marshall College Fund (TMCF) are teaming up to help close the graduation gap for college seniors attending Historically Black Colleges and Universities (HBCUs). The $1 million Thurgood Marshall…

Hershey Employees and Retirees in the US and Canada Pledged More Than $900,000 in 2021 To Support Nonprofit Organizations

Originally published on LinkedIn. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021.    Each year, our Season of Giving campaign encourages Hershey employees to make a difference by supporting nonprofit organizations which they find to be meaningful. Employees and retirees in…

Creating Windows and Mirrors: Hershey’s Amber Murayi on Diversity, Equity and Inclusion at the ‘World’s Top Female-Friendly Company’

Amber Murayi is the Hershey Company’s Senior Director of Enterprise Strategy & Business Model Innovation & Co-lead of the Women’s Business Resource Group. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021.    My position affords me a unique view of DEI…

Author Alice Sebold

Author Alice Sebold Apologizes for Her Role in the Wrongful Conviction of the Black Man Charged With Raping Her

In her acclaimed 1999 memoir Lucky, author Alice Sebold told the story of being raped in 1981 when she was a student at Syracuse University. The case resulted in a Black man named Anthony Broadwater being convicted and sent to prison. Sadly, Broadwater was innocent and wrongfully convicted — and…

Black renters

New Study Reveals Landlords Consistently Discriminate Against Potential Renters With Black or Hispanic ‘Sounding’ Names

In the largest study of its kind ever conducted, researchers with the National Bureau of Economic Research have uncovered what many people of color already know when hunting for an apartment or home: most landlords consistently discriminate or harbor bias against non-white individuals looking to rent their property.  Bloomberg’s Kelsey…