Please ensure Javascript is enabled for purposes of website accessibility

OPKO Health Launches Drive-Thru Coronavirus Testing in New York

By Todd Campbell - Mar 13, 2020 at 2:43PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The company says its COVID-19 test is available nationwide, and it just launched a high-capacity drive-thru service in a hard-hit New York suburb.

OPKO Health's (OPK 0.78%) BioReference Labs business unit is the latest company to develop a test for SARS-CoV-2, the coronavirus that causes COVID-19. The company announced Friday it's accepting specimens for testing from healthcare providers nationwide, and that it is working with the New York State Department of Health to create a drive-thru testing facility in New Rochelle, N.Y., a community just north of The Bronx that has been hard hit by the epidemic.

A nurse holds a test tube displaying a covid-19 label.

IMAGE SOURCE: GETTY IMAGES.

The healthcare company's drive-thru testing site will be the first of its kind on the East Coast, and is expected to be able to handle up to 200 cars per day. The company expects to have the capacity to conduct 5,000 tests daily at other testing sites in New York beginning next week, too.

Currently, more than 135,000 people have been confirmed to have COVID-19 worldwide. New York Gov. Andrew Cuomo said on Friday that his state now has 421 cases, making it the hardest hit in the U.S. That figure is expected to rise significantly as more people are tested.

The growing availability of COVID-19 screening is welcome news, given how severely the test kit shortage has hampered health officials' responses so far. Last week, BioReference Labs larger competitors, LabCorp (LH 1.71%) and Quest Diagnostics (DGX 0.84%) also began offering their in-house-developed tests nationwide.

In 2019, OPKO Health reported revenue of $902 million and a net loss of $315 million. While bigger testing companies are likely to handle most of the nation's testing, BioReference Labs will likely secure a meaningful share because of its footprint in key markets, including New York.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

OPKO Health, Inc. Stock Quote
OPKO Health, Inc.
OPK
$2.59 (0.78%) $0.02
Quest Diagnostics Incorporated Stock Quote
Quest Diagnostics Incorporated
DGX
$137.61 (0.84%) $1.15
Laboratory Corporation of America Holdings Stock Quote
Laboratory Corporation of America Holdings
LH
$240.00 (1.71%) $4.04

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
319%
 
S&P 500 Returns
112%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/30/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.