XpresSpa Group, Inc’s (NASDAQ:XSPA) shares closed over 18% on Monday as the company announced it had cut the waiting time for COVID-19 tests conducted at airports from 48 hours to under 15 minutes.
What Happened: The health and wellness firm said it had inked a contract with Abbott Laboratories (NYSE:ABT) to obtain 100 ID NOW testing instruments, which would allow the testing time for COVID-19 to be cut at its locations in JFK International Airport and the Newark Liberty International Airport.
“We've already identified 60 Large Hub and Medium Hub airports and are in advanced discussions to open additional locations. Our expansion plan includes offering a range of appropriate services and treatments too,” XpressSpa Group CEO Doug Satzman said in a statement.
Why It Matters: The ID Now COVID-19 is authorized by the Food and Drug Administration under an emergency use authorization only for the detection of SARS-COV-2, the company disclosed.
In April, Detroit became the first city to roll out Abbott’s rapid coronavirus kit to test its first responders.
Price Action: XpresSpa shares closed 18.38% at $3.22 on Monday, and were unchanged in the after-hours session.