Todos Medical sales surge 50% month-over-month in December to $4.8M on demand for its COVID-19 testing products
Todos Medical Ltd (OTCQB:TOMDF) reported December 2020 sales of $4.8 million, a 50% month-over-month surge, driven mainly by an increase in COVID-19- related reagent and supply sales from its pre-existing clients.
The company also said it expects “significant” month-over-month revenue growth for January 2021, as daily testing volumes for the majority of its COVID-19 testing clients increases on a monthly basis.
“We are now in full growth mode, with commercial proof of concept achieved with our rapidly-growing Wisconsin client who is now graciously helping the company with demonstrations of our capabilities for prospective clients operating in different markets outside of Wisconsin,” said Todos Medical CEO Gerald Commissiong in a statement.
READ: Todos Medical has developed the technological tools for early disease detection
He added: “With our main COVID-19 PCR reagents and supply business for labs very much moving in the right direction, we are working to define our launch strategy for the complementary Aditxt Score COVID-19 antibody and cellular immunity profiling test through our existing channels as a ‘must-have’ monitoring solution as COVID-19 vaccination programs gain steam nationwide.”
“Additionally, emerging opportunities to support government-backed testing programs being planned as the Biden administration implements its mandate to increase testing in schools and other constituencies nationwide will provide tailwinds for our point of care and reflex PCR testing programs.”
Todos Medical noted that it added several new clients who have requested automation packages, which the company expects to install in January 2021 and February 2021.
“Perhaps most importantly, our proprietary development-stage 3CL protease testing program is rapidly maturing and becoming increasingly important in the face of new SARS-CoV-2 strains that are beginning to evade currently-available testing methods,” Commissiong continued.
He added: “Because our 3CL protease assay measures an enzyme required for coronavirus replication, we are focused on bringing this product to market worldwide and are evaluating the best options available to do this. This novel assay will likely be critical for the foreseeable future as the market for COVID-19 testing matures and new strains force authorities to think beyond genetic testing-only strategies that are at high-risk of failure for the fast-mutating SARS-CoV-2 virus.”
The company also said that as two, potentially large COVID-19 testing clients located in Brooklyn, New York complete the installation of liquid handling automation technology it will allow them to achieve testing capacities of up to 20,000 PCR tests per day.
It added that several new client labs are beginning to order the company’s various offerings with manual pipetting processes until such time they ramp their testing volumes to above 1,000 tests per day that would justify liquid handling solutions.
Headquartered in Rehovot, Israel, with a strong US presence, Todos is an in-vitro diagnostics company focused on solutions for COVID-19 screening and diagnosis, and developing blood tests for the detection of cancer and Alzheimer’s disease.
Contact Sean at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/938093/todos-medical-sales-surge-50-month-over-month-in-december-to-48m-on-demand-for-its-covid-19-testing-products-938093.html
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