Cue Overall health (HLTH) created a name for itself with a speedy at-residence COVID-19 test, a machine with a $200 cost tag, and is out with 13 new tests this week, although none is compatible with the new machine. These at-residence kits are processed at a lab, with final results swiftly accessible on the company’s app.
Cue Chief Healthcare Officer, David Tsay, told Yahoo Finance that the enterprise is functioning on extra tests for its at-residence machine, but that these new tests address marketplace demand.
“We’re expanding the solution menu that functions with the Cue overall health monitoring technique,” Tsay stated.
That incorporates a flu test, combo flu/COVID test as effectively as an Mpox test. There are also clinical trials going on for RSV, chlamydia and gonorrhea and other sexually transmitted infections (STIs), along with strep.
Tsay stated the new tests will aid in expanding the solution line general. Lots of of the tests selected currently have some competitors in the marketplace but had been places the enterprise deemed critical, such as heart overall health, men’s and women’s overall health, metabolic overall health, and wellness.
Cue Overall health residence test
The tests can be ordered on the app or web page and include things like every little thing for the lab to course of action.
But these are also out-of-pocket charges, as conversations with overall health insurers and government payers are nonetheless in the functions. The tests start out at about $69 for a colon cancer screening and go up to $224 for a women’s overall health panel. There is also a Cue+ membership cost that reduces the cost by a couple of dollars, although the membership itself is $20 per month.
The turnaround instances for the tests final results are somewhat like the COVID-19 PCR tests that had been in higher demand for the duration of the peak of the pandemic. On a standard schedule, turnaround can be a single to two days, Tsay stated.
Lab collection kits are not new, but they saw heightened interest for the duration of the pandemic. Exactly where there was only a handful of players just before, there are now numerous — such as some of the greatest testing corporations in the nation.
“I assume what we saw in the pandemic was truly an acceleration of general societal trends currently that had been towards extra practical and accessible overall health care,” Tsay stated.
Labcorp (LH) CEO Adam Schechter told Yahoo Finance late final year that the lab testing giant noted the trend, and that at-residence collection kits add to the comfort by means of the company’s network of physical places.
“We are seeing extra and extra persons opt to do at-residence collections,” Schechter stated.
Labcorp launched its at-residence kits final year, with a wider variety of tests that price anyplace from $29 to $219.
But Schechter added that the move does not disregard physicians as aspect of the equation.
Tsay, a medically educated medical professional himself, noted the exact same.
“I assume it really is superb that customers now have an growing quantity of options to be in a position to aid them access overall health care from the comfort of their residence,” Tsay stated.
He stated that physicians will eventually advantage from the lab final results as it can quicken diagnosis and remedy operate.
“I hear from my doctor colleagues that even now, a lot of their overall health care provide is nonetheless accomplished remotely, in spite of the lifting of pandemic restrictions,” Tsay stated.
“Buyers have truly gotten employed to accessing overall health care extra straight away, and are continuing to want the comfort of getting in a position to access overall health care,” he added.
The COVID-19 test remains the company’s most thriving solution. Even as testing demand wanes, the enterprise forged a partnership with the Minnesota Division of Overall health to offer no cost Cue tests for the public.
And although the new tests do not capitalize on the test readers, which price extra than other speedy, at-residence COVID-19 tests on the marketplace, they give the brand prospective as extra than just a a single-test enterprise immediately after it went public mid-pandemic, Tsay stated.
Cue launched in 2021 at $16 per share, but it fell into and has been trading in the single digit variety because May well of final year. It is faring improved than other testing corporations that rode the pandemic wave — some other startup test makers have because declared bankruptcy.
In third quarter earnings, Cue reported income of $69.six million, a majority of which is coming from private sector customers, for its COVID-19 test.
Comply with Anjalee on Twitter @AnjKhem
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