What happened
Shares of Fluidigm (FLDM +3.00%) were flying 15.3% higher as of 10:55 a.m. EST on Friday. The big jump came after the company announced that it has received the CE-IVD mark for its Advanta Dx saliva-based COVID-19 test.
So what
The "CE" in Fluidigm's CE mark stands for "European conformity" while the "IVD" stands for "in vitro diagnostics." The CE-IVD mark for Advanta Dx means that Fluidigm can now sell its saliva-based test throughout the European Union. Fluidigm has already launched its Advanta Dx test in the U.S. after receiving emergency use authorization in August.
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Advanta Dx will be one of the first saliva-based COVID-19 tests to be made available throughout Europe. Fluidigm plans to sell Advanta Dx for as little as 5 euros per test. There's a big opportunity for the company: The total European market for COVID-19 testing this year is projected to be between $5 billion and $7 billion.
The COVID-19 pandemic has provided a big boost for Fluidigm. In the third quarter, the company's sales soared 50% year over year to $39.9 million, with most of that growth driven by COVID-19 testing.
Now what
What might be the next major catalyst for the healthcare stock? Probably Fluidigm's next quarterly update. The company is scheduled to announce its fourth-quarter results after the market closes on Feb. 10, 2021.
