QIAGEN (QGEN) Unveils Digital Platform for Syndromic Testing
QIAGEN N.V. QGEN recently announced the launch of QIAsphere cloud-based solutions to strengthen the scope in digital diagnostics with its syndromic testing platform, QIAstat-Dx. The new cloud-based platform will enable labs and QIAstat-Dx users to monitor tests and instrument status remotely.
Earlier this year, QIAGEN started the marketing and distribution of QIAsphere for the QIAcube Connect platform. Moreover, QIAGEN aims to extend the reach of QIAsphere across many platforms and solutions in the coming months.
With the latest launch, QIAGEN aims to boost its automated instruments segment.
QIAsphere at a Glance
QIAsphere brings a new benchmark for syndromic testing in digital health by offering remote visibility of testing routines to its users. Moreover, QIAsphere mobile App enables real-time monitoring from anywhere.
QIAsphere connectivity is only possible by linking QIAsphere Base (Qbase) to QIAstat-Dx and other QIAGEN platforms in less time through available networks in hospitals. This will allow securing sensitive patient data within the hospital network only.
Significance of the Launch
Per management, launch of QIAsphere will enable users to improve their testing workflow by making it more manageable remotely. Users can remotely monitor their QIAstat-Dx instrument and test status and will also receive related notifications across their personal devices, such as smartphones, desktop PCs and smartwatches.
QIAsphere can monitor unlimited number of instruments at a time, providing visibility of testing routine across different hospitals or satellite labs continuously. QIAsphere continuous connectivity will reduce systems’ downtime, enabling fast and accurate syndromic testing.
QIAsphere connectivity with QIAstat-Dx will enable QIAGEN’s technical operators to monitor users’ instruments’ condition in real time, while also helping them with rapid response in case of systems downtime.
Recent Developments
In March 2021, QIAGEN launched QIAcube Connect MDx platform for automated sample processing in molecular diagnostic laboratories. The QIAcube Connect MDx enhances the safety of lab-process with a complete IVD system, which can also be used to prepare SARS-CoV-2 and other viral samples for diagnostic testing.
In February 2021, QIAGEN extended its partnership with INOVIO Pharmaceuticals with a new collaboration agreement to develop liquid biopsy-based companion diagnostic products based on next-generation sequencing technology. The partnership is focused on the improvement of a diagnostic test that identifies women who are most likely to benefit from clinical use of VGX-3100.
Industry Prospects
Per a report by MarketsandMarkets, the global molecular diagnostics market size is projected to reach $11.54 billion by 2023 from $ 7.71 billion in 2018, at a CAGR of 8.4%. Considering the market growth, the latest launch by QIAGEN is well-timed.
Price Performance
Shares of the company have gained 14.6% in a year’s time compared with the industry’s growth of 1%.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #3 (Hold).
A few better-ranked socks from the broader medical space are Acorda Therapeutics, Inc. ACOR, Atea Pharmaceuticals, Inc. AVIR and Clearside Biomedical, Inc. CLSD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1Rank (Strong Buy) stocks here.
Acorda Therapeutics has a projected long-term earnings growth rate of 23%.
Atea Pharmaceuticals has a projected long-term earnings growth rate of 164%.
Clearside Biomedical has an estimated long-term earnings growth rate of 24%.
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QIAGEN N.V. (QGEN) : Free Stock Analysis Report
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