Todos Medical Ltd (OTCQB:TOMDF) said on Thursday that the company saw its revenue jump to $867,000 in October, representing a 147% month-over-month increase driven by extraction reagents sales.
The diagnostic solutions comany said current weekly orders for extraction reagents have increased to over 40,000 units per week for the firm’s legacy clients.
Todos is helping its five largest contracted clients its five largest contracted clients to complete qPCR kits validations and expects those qPCR kit sales to start flowing from the end of November 2020. The firm's will soon have the capacity to run over 350,000 tests per week.
“The month of October was critical for Todos as we continued to build the infrastructure needed to support sales growth in our extraction reagents business, and began preparations for the addition of qPCR kits as a major revenue driver heading into the winter months,” said Todos Medical CEO Gerald E Commissiong.
“We've made considerable investments to help our clients automate various lab processes to improve efficiency, capacity and quality control for COVID testing. We have identified suppliers and have now sourced large quantities of vital accessories, such as manual and robotic pipette tips and qPCR plates, that are in extremely short supply in the lab services market as testing increases worldwide.”
Commissiong noted that with access to key workflow items, Todos is helping its lab clients “reach larger testing capacities" just as the US is seeing a spike in COVID-19 cases.
The compnay submitted an emergency use authorization request for its Todos-branded qPCR kits in September 2020.
“Several clients are beginning to validate our COVID qPCR assay, as well as our COVID + influenza a/b qPCR assay as demand begins to grow for this innovative product heading into flu season,” said Commissiong.
“We believe that the addition of influenza a/b will differentiate our qPCR kits from others in the market, and that several new labs will begin using Todos’ qPCR kits given its high quality and the related ready access to all the consumables and equipment needed to meet their demand.”
Todos has also begun sales through sub-distribution partners of rapid antigen and rapid antibody tests in the US that it expects will be a major driver of point-of-care testing.
“We support this type of surveillance testing, largely because asymptomatic COVID cases identified by antigen testing must be confirmed by PCR, which is likely to increase PCR testing demand as more people become used to weekly testing,” said Commissiong. “We believe rapid point-of-care tests combined with lab-based PCR testing will become the bedrock of US testing as we head into 2021.”
Todos said it is bringing on new testing technologies that will allow for monitoring of immune responses from active COVID cases, as well as newly vaccinated individuals as vaccines begin to enter the market later this year.
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