Israeli diagnostic company reports jump in share price amid COVID-19

The diagnostic company told its shareholders that it brought in over $550,000 in revenue throughout the course of the month, primarily through the sales of its diagnostic testing equipment.

By JERUSALEM POST STAFF
Coronavirus testing in Hura (photo credit: HEALTH MINISTRY)
Coronavirus testing in Hura
(photo credit: HEALTH MINISTRY)
Rehovot-based Todos Medical Ltd. reported a positive jump in its stock price due to the sales of its COVID-19 diagnostic testing kits throughout the month of July, according to Proactive Investors.
The diagnostic company told its shareholders that it brought in over $550,000 in revenue throughout the course of the month, primarily through the sales of its 3D Med ANDis auto-extraction machine and 3D Med RNA extraction reagent.
The bulk of its consumer-base lies in US laboratories, in particular Clinical Laboratory Improvement Amendments (CLIA) - who has been active in Texas, Florida, North Carolina and Pennsylvania, among others lately, as coronavirus cases have spiked in these states as of late.
“I’m pleased to report the recognition of COVID-19 test revenue and the momentum established by entering into key strategic partnerships with medtech industry leaders in the United States,” said CEO of Todos Gerald Commissiong, according to Proactive Investors.
“Our go-to-market strategy involves increasing our install base of 3D Med extraction systems that leads to ongoing reagent purchases with labs that are steadily increasing their testing capacity," he added. "From there, as our customers see the value in the quality and the speed of turnaround times for delivery, we believe they will seek to purchase additional products, including swab/viral transport media and our highly accurate qPCR test kits."
According to the report, Commissiong noted that the diagnostic company has been receiving increased orders for their "RNA auto-extraction and RT-PCR machine and all the consumables required to run RT-PCR testing."
"There is a clear focus on adding testing capacity in the US heading into the fall season,” Commissiong said in the statement, according to Proactive Investors.
"CLIA labs are looking for alternatives to existing established players in the market who are struggling to provide reliable delivery of machines and consumables for PCR testing, putting labs in a position where they cannot timely deliver for their clients," he concluded. "Being able to deliver quickly and consistently is how we are beginning to take US market share at a time when there is an increasing national focus in the US on increasing COVID testing capacity and reducing turnaround times."