Abbott Labs is Developing a New Coronavirus Test

Abbott Labs has already launched three tests that test for coronavirus and now the healthcare company is working on a fourth.

The medical device maker has an on-site diagnostic kit that can deliver results in only minutes as well as an antibody test that can see if someone has been already infected in the past and is either asymptomatic or recovered.

The new test is a “lateral flow” blood test that could enable the mass testing of the general population.

Abbott is gearing up to ship 4 million this month of its new antibody tests said CEO Robert Ford during an earnings conference call with investors this week. The company has plans to ramp up to 20 million shipments per month, beginning in June, according to the chief executive.

“It’s clear that the demand for testing is big, it’s not going to go away,” Ford said to investors.

“This will allow us to scale up to numbers much more significant,” he said of the “lateral flow” blood test. “This falls in our ability to look at mass testing for the general population. They are on time now and they are almost there,” he commented.

He said Abbott sees its coronavirus test kits as “additional layers” of security as companies across the U.S. seek to bring their employees back to work.

The company also reported first-quarter earnings and revenue that beat Wall Street’s expectations on Thursday.

Disclaimer: We have no position in Abbott Laboratories (NYSE: ABT) and have not been compensated for this article.