Abbott Laboratories (NYSE: ABT)

Abbott Laboratories (NYSE: ABT) has six coronavirus tests on the market in the United States, including a rapid virus test that was just recently granted emergency-use approval for by the U.S. government.

In fact, the U.S. government went a step further and – on August 28 – agreed to purchase 150 million of Abbott’s new BinaxNOW Covid-19 Ag Card rapid tests at a price of $760 million.

This new test from Abbott can return results in just 15 minutes using no specialized equipment and has generated a great deal of publicity. Many are hoping that rapid use tests such as this one could prove to be effective in limiting the spread of the disease in the U.S. and helping return a sense of normalcy.

The company has stated that it has the ability to produce up to 50 million tests per month beginning in October and claim that the test has a 97% accuracy rate.

In addition to the new BinaxNOW rapid test, the company also has a diversified product line and has been a leader in the area of innovation. Abbott posted nearly $1.2 billion in sales during the first half of 2020, a 50% increase year-over-year – and the prospects for continued growth appear strong.