LumiraDx (NASDAQ:LMDX) stock is heading higher on Wednesday morning after the company received approval for its Covid and RSV tests.
The U.K.’s Medicines and Healthcare Products Regulatory Agency (MHRA) gave its approval to the company’s test through its Coronavirus Test Device Approvals (CTDA) process. This covers both LMDX’s SARS-CoV-2 Ag Ultra & SARS-CoV-2 Ag and RSV tests.
LumiraDx notes that the timing of the approval is beneficial as it will allow it to prepare the test ahead of the upcoming cold season. The company also highlights that its two tests will help individuals determine the difference between a case of Covid-19 and RSV.
David Walton, Chief Commercial Officer at LumiraDx, said the following about the approval:
“With planning for the respiratory season already underway in some regions, we are delighted to have these tests commercially available for the NHS and other customers. By providing rapid, high sensitivity point of care tests for COVID, Flu and RSV, we hope to reduce the burden of respiratory illness, facilitate optimised clinical workflows and improve patient outcomes.”
What This Means for LMDX Stock
With this approval, LMDX is set to benefit from the cold season in the U.K. with sales of its Covid and RSV tests. That could result in better earnings for the company, which would be a boon to holders of LMDX stock.
Those traders are already excited about today’s news, with heavy trading taking place. That has more than 3 million shares of the company’s stock changing hands as of this writing. For the record, its daily average trading volume is closer to 233,000 shares.
LMDX stock is up 30% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
