PerkinElmer (PKI) Launches DBS Test for Coronavirus Diagnosis

PerkinElmer, Inc. PKI recently launched a dry blood spot (DBS)-based test for SARS-CoV-2 IgG using its GSP/DELFIA platform. The platform enables processing of up to 5,000 samples per day. The finger-prick sample collection device facilitates both decentralized sample collection and high-throughput testing

Notably, the product is being commercially rolled out as a CE-IVD test and the company intends to apply for its FDA Emergency Use Authorization (EUA) soon.

This should boost the company’s Diagnostics segment.

More on the DBS Test

The DBS assay is operated on PerkinElmer’s GSP analyzer, which is a fully-automated and high-output system that enables large population testing. The GSP combined with the universal TRF (time resolved fluorescence) of the DELFIA platform is equipped to screen more than 30% of all newborn babies across 32 countries.

The traceable DBS workflow consists of five main components -- sample collection, punching, measurement on the GSP analyzer, reagents, and software, to identify anti-SARS-CoV-2 IgG antibodies. The SARS-CoV-2 IgG assay can also be run with serum or plasma samples via the company’s Victor2D platform.

DBS tests help curb costs and logistical obstacles related to collecting, transporting and processing venous blood for SARS-CoV-2 antibody testing.

Recent Developments

In June 2020, PerkinElmer’s EUROIMMUN attained FDA EUA for its EURORealTime SARS-CoV-2 assay. Clinical laboratories certified under Clinical Laboratory Improvement Amendments (CLIA) to perform high-complexity tests are allowed to immediately begin utilizing this CE-marked RT-PCR test to diagnose SARS-CoV-2, the virus causing COVID-19.

In May, the company received EUA from the FDA for EUROIMMUN’s Anti-SARS-CoV-2 ELISA (IgG) serology test. Clinical laboratories certified under CLIA can start utilizing this ELISA for the detection of antibodies of the immunoglobulin class G immediately.

Market Prospects

Per a report published on Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, at a CAGR of 9%. Hence, the latest development has been a well-timed one for PerkinElmer.

Price Performance

Over the past three months, shares of the company have gained 27.9% compared with the industry’s growth of 21.4%.

Zacks Rank and Other Key Picks

PerkinElmer currently sports a Zacks Rank #1 (Strong Buy).

A few other top-ranked stocks from the broader medical space are Laboratory Corporation of America Holdings LH, Surmodics SRDX and Quest Diagnostics DGX.

LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Surmodics’ long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2 (Buy).

Quest Diagnostics’ long-term earnings growth rate is estimated at 7.6%. It currently carries a Zacks Rank #1.

Just Released: Zacks’ 7 Best Stocks for Today

Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.

These 7 were selected because of their superior potential for immediate breakout.

See these time-sensitive tickers now >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Quest Diagnostics Incorporated (DGX) : Free Stock Analysis Report
 
PerkinElmer, Inc. (PKI) : Free Stock Analysis Report
 
Surmodics, Inc. (SRDX) : Free Stock Analysis Report
 
Laboratory Corporation of America Holdings (LH) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research