Todos Medical sees strong sales and surging demand for its COVID-19 testing kits in the US

Todos Medical Ltd (OTCQB:TOMDF) reported strong sales of its COVID-19 testing kits during the month of July as laboratories across the US ramp up testing capacity in the wake of the coronavirus pandemic. The Israeli diagnostics company said Friday that it saw revenue of over $550,000 for the month, particularly from Clinical Laboratory Improvement Amendments (CLIA) laboratories in Florida, Illinois, North Carolina, Pennsylvania, Texas and Wisconsin, where cases of COVID-19 have recently surged. Todos distributes PCR testing kits to test for an active COVID-19 infection as well as point-of-care (POC) antibody tests. READ: Coronavirus: UK rolls out ‘game changer’ tests; govt mulls more bans; cruise industry haunted by infected passengers… In a statement, Todos told shareholder that sales were driven by 3D Med  ANDis auto-extraction machine and 3D Med RNA extraction reagent purchases by US labs ramping up reverse transcription polymerase chain reaction (RT-PCR) testing capacity.  “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 Gerald Commissiong, CEO of Todos. “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. 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.” Boosting testing capacity Commissiong added that the firm is seeing increased demand for its more comprehensive end-to-end packages such as 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 told shareholders. “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. 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.” Headquartered in Rehovot, Israel, Todos also develops diagnostic solutions to screen for a variety of cancers and neurodegenerative disorders. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas