Todos Medical Ltd (OTCQB:TOMDF) announced Thursday the successful installation of automated lab equipment and the completion of training for New Jersey-based lab client Meadowlands Diagnostics.
“With the completion of automation at Meadowlands Diagnostics, we have brought two new client labs online in March and now have three fully automated laboratory clients in operation, with a fourth on the way,” said Todos CEO Gerald Commissiong in a statement.
“We have received their initial sales orders for stocking COVID testing supplies in February and expect to see sales orders from these new labs progressively increase in the second half of 2021 as they ramp up operations.”
READ: Todos strikes distribution partnership with OHC for GeneFinder COVID-19 Plus RealAMP Kit in US
“Furthermore, we believe our growing family of lab clients will provide Todos with a more diversified revenue base and greater future sales potential. As the Todos solution continues to gain traction in the space, we are confident that our future growth in this business will be fueled by adding additional laboratories seeking a cost-effective way to meet the needs of COVID testing customers in the markets they service,” Commissiong added.
Todos said its automation solution is expected to be instrumental in helping Meadowlands Diagnostics with new contracts entered into with skilled nursing facilities, ambulatory surgery centers, local schools, and first responders.
As the provider of PCR testing supplies to Meadowlands Diagnostics, Todos added that it expects to see a progressive increase in sales to this client in the second half of 2021 and into 2022 as the lab seeks to grow its PCR testing business.
By implementing the automation solution, Todos said Meadowlands Diagnostics now has a capacity of 6,000 PCR tests per day, with the potential to quickly expand to up to 12,000 PCR tests per day. Additionally, the lab could potentially increase processing capacity to in excess of 40,000 PCR tests per day through the future implementation of pooling at a 4:1 ratio.
“When we opened Meadowlands Diagnostics at the beginning of the pandemic, we quickly realized that we were unable to meet the needs of the community,” said Reginald Samuels, CEO of Meadowlands Diagnostics. “Now that we’ve partnered with Todos Medical, we have the capacity we need to be able to serve the needs of our community.”
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