Skip to main content
Premium Trial:

Request an Annual Quote

In Brief This Week: Quest Diagnostics, Labcorp, PerkinElmer, QuantuMDx, Immunovia, More

NEW YORK – Quest Diagnostics recently disclosed in its Form 10-K that it paid $85 million for its acquisition of the assets of clinical laboratory company Labtech. The transaction consisted of a cash consideration of $80 million and a contingent consideration of up to $5 million that will depend on the achievement of certain testing volume benchmarks.

The Secaucus, New Jersey-based company also disclosed that it paid $105 million for its acquisition of Pack Health, with up to $20 million of contingent consideration if certain revenue benchmarks are hit.

Laboratory Corporation of America recently disclosed in its Form 10-K that on Feb. 7, 2022, the company was served with a subpoena duces tecum issued by the Department of Justice in Camden, New Jersey, requiring the production of documents related to noninvasive prenatal screening tests. Burlington, North Carolina-based Labcorp said it will cooperate with the DOJ.

PerkinElmer recently disclosed in its Form 10-K that it paid a total of $6.2 billion for the acquisitions of eight businesses in 2021. They include the $5.7 billion purchase of BioLegend, the $590.9 million acquisition of Oxford Immunotec, the $267.3 million buy of Nexcelom Bioscience, and the acquisition of five other businesses for a combined $331 million.

The Waltham, Massachusetts-based company also said that during Q4 of 2021, it reduced its headcount by 31 employees related to a restructuring plan to realign resources to emphasize growth initiatives. PerkinElmer took charges related to the workforce reduction of $77,000 in its Diagnostics segment and $3.1 million in its Discovery and Analytical Solutions segment during the quarter. Additionally, it took a $150,000 charge related to the closure of excess facilities in its DAS segment in Q4.

QuantuMDx said this week that its SARS-CoV-2 RT-PCR test has been approved under the UK Health Security Agency's Medical Devices Regulations 2021, following the approval of the firm's Q-POC SARS-CoV-2 assay last month. Both tests are now available in the UK as well as in continental Europe.

Fulgent Genetics said this week that its board of directors has authorized a $250 million share repurchase program, which will be funded using working capital. The firm had approximately 30 million shares of common stock outstanding as of March 7.

Immunovia said this week that the College of American Pathologists has accredited the company in Marlborough, Massachusetts. According to Immunovia Interim CEO Philipp Mathieu, the accreditation allows the firm to seek licensure in the five remaining states where it doesn't already have a license to offer its IMMray PanCan-d pancreatic cancer test, including California and New York.

Prenosis said this week that it has received an investment of undisclosed amount from Pace Healthcare Capital, bringing its total amount of funding raised to date to more than $20 million. Based in Chicago, the firm trains machine learning algorithms on biological and clinical data to create acute disease maps and develops tools to improve patient care by providing information about treatment pathways for individual patients.

Bluejay Diagnostics this week reported a net loss of $1.5 million, or $.09 per share, for the fourth quarter of 2021 compared to a net loss of $544,025, or $.17 per share, in the year-ago quarter.

The Acton, Massachusetts-based firm went public in November and used approximately 8.5 million shares to calculate its Q4 per-share loss compared to 3.1 million shares a year ago.

During Q4, Bluejay Dx spent $455,253 on R&D compared to $419,061 a year ago. Its SG&A costs for Q4 were $917,649 compared to $162,718 in Q4 2020.

For full-year 2021, the firm had a net loss of $3.5 million, or $.41 per share, compared to a net loss of $1.2 million, or $.37 per share, in 2020. Its R&D cost grew to $1.1 million in 2021 from $527,253 a year ago, while its SG&A costs rose to $2.1 million from $669,138.

Bluejay Dx finished 2021 with $19.0 million in cash and cash equivalents.

Pathomics Health said this week that it has expanded its lab operations into Singapore, setting up clinical diagnostics and research testing facilities in that country. In 2021, the company became Qiagen’s preferred outsourcing lab for next-generation sequencing testing in Asia. The firm also said that it is collaborating with Qiagen to expand infectious disease testing, noting that the lab in Singapore will provide clinical diagnostic testing for infectious diseases using Qiagen’s QiaStat system and its respiratory syndromic pathogen panel and gastrointestinal pathogen panel, QuantiFeron for latent tuberculosis diagnosis, and the high-throughput QiaSymphony workflow for other infectious diseases. The lab is also offering GenScript’s cPass SARS-CoV-2 Neutralization Antibody Detection test.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.