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Monday, April 13, 2020

Inspire Medical sees 31% increase in Q1 revenue

On a preliminary basis, Inspire Medical Systems (NYSE:INSP) expects Q1 revenue of ~$21.3M, up 31% from a year ago and slightly below consensus of $22.6M. U.S. revenue should be ~$19.3M (+34%).
Due to COVID-19 disruptions, management is withdrawing 2020 guidance issued on February 25.
https://seekingalpha.com/news/3560285-inspire-medical-sees-31-increase-in-q1-revenue

Amazon reopens nonessential shipments

Amazon (NASDAQ:AMZN) will let third-party sellers ship nonessential items to the e-commerce company starting this week, according to WSJ sources.
Last month, Amazon prioritized “essential” items such as cleaning products and shelf-stable food to keep up with the coronavirus-related demand surge.
Amazon’s statement: “Later this week, we will allow more products into our fulfillment centers. Products will be limited by quantity to enable us to continue prioritizing products and protecting employees, while also ensuring most selling partners can ship goods into our facilities.”
Over the past month, Amazon has hired 100K new employees for its distribution centers and delivery network.
Earlier today, AMZN announced plans to add another 75K workers for full- and part-time positions.
https://seekingalpha.com/news/3560258-amazon-reopens-nonessential-shipments-wsj

Cuomo announces multi-state group will develop ‘reopening’ plan

A group of six states will start work “immediately” on designing a plan to reopen their economies amid the coronavirus pandemic, New York Gov. Andrew Cuomo said Monday. Cuomo, a Democrat, said the states will name public health and economic officials who will form a regional working group to design the plan. In addition to New York, the states are Connecticut, Delaware, New Jersey, Pennsylvania and Rhode Island. Earlier Monday, Cuomo said the worst of the outbreak is over in his state.
https://www.marketwatch.com/story/cuomo-announces-multi-state-group-will-develop-reopening-plan-2020-04-13

Ford to use Detroit plant for healthcare respirators

Ford (F -4.6%) says it will start producing new powered air-purifying respirators this week to help protect healthcare workers from Covid-19.
The automaker is producing the respirators out of one its plants in Detroit. The facility is expected to have the ability to make 100K or more respirators.
The new respirators, which were designed in partnership with 3M, include a hood and face shield to cover head and shoulders, and a supply of filtered air for up to eight hours.
https://seekingalpha.com/news/3560259-ford-to-use-detroit-plant-for-healthcare-respirators

Prime Healthcare Rescues Los Angeles-Area Hospital



Courtesy of Prime Healthcare
Prime Healthcare has received approval from the U.S. Bankruptcy Court for the Central District of California in Los Angeles to acquire St. Francis Medical Center, a 384-bed health-care facility in Lynwood, Calif. Prime will purchase the Los Angeles-area property from Verity Health System in a $350 million transaction.
Founded in 1945, St. Francis occupies 14 acres at 3630 East Imperial Highway. The campus has grown to encompass approximately 600,000 square feet of buildings ranging in size from roughly 37,000 to 222,000 square feet, according to Los Angeles County records. Today, the hospital is the site of one of the largest private emergency trauma centers in L.A. County.
Per terms of the asset purchase agreement, Prime will pay a $200 million base price for St. Francis and the hospital company will also invest approximately $47 million in capital improvements. The court-supervised transaction is on track to reach completion, pending regulatory review and other closing conditions. Prime has a history of rescuing distressed hospitals. In 2013, the company acquired Landmark Medical Center in Woonsocket, R.I., and the Rehabilitation Hospital of Rhode Island in North Smithfield, effectively ending five years of financial hardship for the properties, which had become insolvent in 2008. Since 2005, Prime has invested more than $1 billion in capital improvements and equipment at its properties.
https://www.infabode.com/hubs/general-california-alternative-sectors/hub_posts/179553

Beaumont Health launches large-scale study for COVID-19 antibodies

Beaumont Health’s Research Institute has initiated a study, calling it the largest to date in the U.S., aimed at determining the prevalence of COVID-19 antibodies in its 38K employees and thousands of affiliates who have never reported any symptoms.
According to the CDC, as many as 25 – 50% of infected people may be asymptomatic which has significant implications in the spread and longevity of the pandemic since there is little chance that they are quarantined.
Beaumont Health will use PerkinElmer’s (PKI -2.8%) CE-Mark’d EURORealTime Anti-SARS-CoV-2 ELISA test kits processed on its EUROLabWorkstations.
https://seekingalpha.com/news/3560204-beaumont-health-launches-large-scale-study-for-covidminus-19-antibodies

Stanford Joins List of Organizations Offering COVID-19 Antibody Testing

While the world waits for a vaccine against SARS-CoV-2, the novel coronavirus that causes COVID-19, one likely control and exit strategy is testing for immunity, or an antibody test. This is different than the testing for the virus that determines if you have the disease. Antibody tests identify if you have developed antibodies against the virus, suggesting that you should have immunity against the disease, having been previously exposed.
On April 3, the U.S. Food and Drug Administration (FDA) approved the first blood test for antibodies against COVID-19. That was by Research Triangle Park, North Carolina-based Cellex. About the same time, Mayo Clinic developed its own antibody test and began offering it on April 6.
Stanford Medicine researchers have joined the list of organizations that have developed an antibody test, which was launched April 6 at Stanford Health Care. It is different from an externally developed test Stanford utilized for a prevalence study during a community screening event.
The Stanford test provides results in two to three days and Stanford Health Care can test 500 samples per day. It believes it can scale that up quickly.
“It’s essential to have the right tools to understand the biology of the novel coronavirus,” said Lloyd Minor, dean of the Stanford University School of Medicine. “This test takes us one step closer to answering the many public health questions about COVID-19.”
Although commercial antibody tests—also called serological tests—are being developed globally, Thomas Montine, professor and chair of pathology at the Stanford School of Medicine, says their quality is variable. “We thought this was an urgent medical need, and the usual supply chains were unreliable, so we decided to build our own.” He added, “Serological testing gives us a more comprehensive view of what’s happening in an individual who is infected, or has been infected, with the virus.”
Elitza Theel, director of the Mayo Clinic laboratory that offers COVID-19 antibody tests, told Minnesota Public Radio (MPR), “It’s important to know that these types of tests are different than all of the molecular tests that are being done off of nasal swabs or throat swabs. Those tests detect viral genetic material [to show whether the coronavirus has infected that person].”
In some cases, it can take 10 to 11 days for an individual’s immune system to attack the virus and produce the antibodies. This is why the antibody tests aren’t used to diagnose patients with COVID-19 that have shown symptoms within the last two or three days.
The Stanford test identifies two different types of antibodies, IgM, which show up early in the immune response but whose levels quickly drop, and IgG antibodies, which increases more slowly after an infection, but generally stick around longer.
“There’s limited data out of China and Europe showing that this appears to be the response pattern followed with this virus,” Montine said. “But no one has had this long enough to know how long after infection the antibodies persist.”
The Stanford test will have two findings: positive or negative for IgM antibodies, and positive or negative for IgG antibodies. The team began work on the test on March 22, focusing on ensuring the ability to manufacture large amounts of the reagents necessary, especially the receptor binding domain of the SARS-CoV-2 spike protein. They have validated the test with samples from patients who tested positive on the diagnostic tests as well as on plasma samples that were collected more than two years ago, which would guarantee they were negative for the virus.
They are now focusing on scaling up and determining who will be the first to receive the antibody test. The top priority will likely be health care staffers and other people in the hospital setting.
“We’ve built sufficient inventory to support the test for at least six months,” Montine said. “We’re currently limited by the number of robots we have to run the test. We’re looking for more of them, but they’re not easy to buy right now. Ultimately, we aspire to provide serological testing to as many people in Northern California as we can.”
They are applying to the FDA for emergency use authorization.
https://www.biospace.com/article/stanford-develops-covid-19-antibody-test/