G Medical, McDade to Provide Retailers with Millions of COVID-19 at-Home PCR Test Kits

Initial Purchase Order for $13 Million, Reflecting $7 Million Gross Margin, to be Delivered in Q1

FDA EUA-approved PCR collection kit tests provide

24-hour certified lab results and retail for $9.99

In response to a national shortage of COVID-19 test options, Pittsburgh-based McDade Products, LLC has partnered with G Medical Tests and Services, a division of G Medical Innovations Holdings Ltd. (NASDAQ: GMVD), to manufacture several million U.S. FDA Emergency Use Authorization (EUA) approved COVID-19 PCR collection test kits available for retailers for sale by the end of January, 2022. McDade Products is a division of McDade Group, a specialty sales, marketing, and distribution company serving the U.S. retail industry.

McDade Products is now accepting orders for the co-branded LiveNow PCR Collection Kit, which will retail for $9.99. The diagnostic PCR (polymerase chain reaction) test detects the presence or absence of SARS-CoV2, the virus that causes COVID-19. Users register with the lab online, collect a nasal swab sample at home, and send the sample to G Medical’s CLIA-certified lab with the pre-paid return pack. On average, tests results are expected to be available online within 24 hours from the time the sample is received.

G Medical’s labs are approved by the FDA under the EUA. Currently, G Medical has two CLIA-certified labs; one in Southern California, and the other in North Carolina. In addition, G Medical has launched six testing centers in California, with many more planned. G Medical’s labs are capable of being run 24 hours per day 7 days a week, and can each process up to 24,000 COVID tests per hour to meet the current demand.

The first test kit order is for 4 million units. G Medical will be selling these units wholesale for $3.25 each, reflecting gross profit of $7 million. Additionally, G Medical expects to be paid an average of $85.00 per test through each patient’s insurance.

https://finance.yahoo.com/news/mcdade-products-llc-joins-forces-120000869.html