Abbott Labs To Launch Point-Of-Care Test That Can Detect Coronavirus Within 5 Minutes

The FDA has approved a potential game-changing test for the novel coronavirus (COVID-19).

Late Friday, Abbott Laboratories (NYSE: ABT) announced the U.S. Food and Drug Administration issued Emergency Use Authorization for the fastest available molecular point-of-care test for the detection of novel coronavirus, which can deliver positive results in as little as five minutes and negative results in 13 minutes.

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"The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus," said Robert B. Ford, Abbott's president and chief operating officer. "With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots."

Abbott will make ID NOW COVID-19 tests available next week to health care providers in urgent care settings in the U.S., where the majority of ID NOW instruments are in use today.

Abbott's stock closed Friday's session at $74.56 per share.

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