Luminex Corporation LMNX recently delivered the first of its new xMAP INTELLIFLEX Systems to several of its Life Science Research Partners. This marks a significant milestone in the company’s strategy with respect to the expansion of its xMAP Technology with new functionality to facilitate new applications.
In sync with phased rollout of the new INTELLIFLEX solution, Luminex will ship additional units to major research institutions and other partners during third-quarter 2020. By the end 2020, the company intends to fully commercialize this next generation of xMAP Technology.
This announcement is likely to strengthen Luminex’s robust product portfolio further.
xMAP INTELLIFLEX at a Glance
This new system is a modern, compact and solid version of the already successful xMAP platform and is fully compatible with the existing xMAP assay menu. The rollout of this system marks the next step in improved features and functionality on the xMAP platform that is regarded as the industry’s gold standard for multiplexing of biological tests.
Significance of xMAP INTELLIFLEX
The xMAP INTELLIFLEX, which was initially intended for research use only, can help Luminex’s partners to develop novel, high-value assays that cannot be done on existing systems in the market. This is extremely crucial for collaborations amid the pandemic in order to counter the same. The introduction of this system is likely to drive a new wave of advancement in research.
The system has a new key feature — the dual-reporter — that will enable customers to double their multiplex capabilities, thereby allowing them to get more data with less sample, while optimizing workflow.
In June, Luminex submitted an Emergency Use Authorization (EUA) request to the FDA for its xMAP SARS-CoV-2 Multi-Antigen IgG assay. The assay has been created to offer additional capacity to detect antibodies in patients who might have been exposed to or infected by SARS-CoV-2. Notably, this COVID-19 antibody test can deliver outstanding results for up to 96 samples in under three hours and has been developed to run on all xMAP platforms.
In April, Luminex announced that it has received EUA from the FDA for its ARIES SARS-CoV-2 Assay that can rapidly detect the virus causing COVID-19. This development is likely to enable hospital professionals to decide the appropriate course of treatment for patients, who might be infected with COVID-19 within about two hours. Notably, the assay runs on the FDA approved ARIES System, which is a sample-to-answer, automated, on-demand molecular diagnostic platform.
Per a report by Research and Markets, the global multiplexed diagnostics is expected to see a CAGR of 19.3% between 2018 and 2024. Rising prevalence of chronic diseases is one of the primary factors driving the market.
Hence, the latest development has been a well-timed one for Luminex.
Over the past year, shares of this Zacks Rank #1 (Strong Buy) company have gained 62.5% compared with the industry’s growth of 8.8%.
Other Stocks to Consider
Some other top-ranked stocks from the broader medical space include Quest Diagnostics Incorporated DGX, West Pharmaceutical Services, Inc. WST and Laboratory Corporation of America Holdings LH. While Quest Diagnostics sports a Zacks Rank #1, West Pharmaceutical and Laboratory Corporation carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Quest Diagnostics has an estimated long-term earnings growth rate of 7.6%.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
Laboratory Corporation has an estimated long-term earnings growth rate of 6.1%.
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