XpresSpa (XSPA) Stock Climbs on New XpressCheck COVID-19 Testing Facility

XpresSpa XSPA Stock News

XpresSpa Group Inc (NASDAQ: XSPA) is running for the top in the market this morning, trading on gains of nearly 10% in the premarket hours. The gains come after the company announced that will soon open a new airport COVID-19 diagnostics facility. Here’s what’s going on:

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XSPA Stock Rockets On Newark Airport XpresCheck Location

While there have been plenty of people that said no airport would ever allow a COVID-19 testing facility to be located within it, XpresSpa is proving that this is not the case. The fact of the matter is that airports want to keep their workers and passengers safe, leading to a pilot test at JFK and now, a new COVID-19 testing facility at Newark Liberty International Airport. 

Of course, the testing facility will be launched under the company’s XpresCheck brand. As a result of the signed agreement to bring XpresCheck to Newark Liberty, the company has already begun work. 

It is currently building a modular constructed testing facility in Terminal B that will host 6 separate testing rooms. The facility will have the capacity to administer more than 350 tests per day. 

As is the case with the JFK International pilot test, XSPA said that it will start by offering testing services to the workers that keep the airport running. However, if all goes well, the company will expand to testing for the general public as well. 

Importantly, the company said that the facility will be completely operational by August 17, 2020. In a statement, Doug Satzman, CEO at XSPA, had the following to offer:

We are thrilled to be launching in Newark Liberty International Airport next week, which will be our second XpresCheck testing facility in the NY Metro area. We are also hopeful that we can bring XpresCheck to additional U.S. airports over time, leveraging our learnings to date in setting up and administering a testing facility so that we can do our part to keep safe those who work in the airline industries as well as travelers.

We began COVID-19 testing at JFK on June 22nd using a ‘soft opening’ approach that enabled us to fine-tune our processes and have since been very encouraged by our traction and building momentum. To bring increased awareness to our JFK testing site, we embarked on a multifaceted marketing campaign targeting both airport employers and employees that has resulted in raising our daily testing volume. Effective August 10th, we also expanded our testing services to the traveling public as we seek to capitalize on airlines beginning to expand their flight schedules and our expectation that airport traffic will increase over the coming months. Additionally, this public testing may help passengers traveling from select states shorten a state-mandated 14 day quarantine.

This News Is Huge

The news issued by XpresSpa this morning proved to be overwhelmingly positive. First and foremost, the JFK pilot test validated the fact that there was interest in this type of service among airports. Moreover, today’s news shows that more airports are likely to fall in line as COVID-19 continues to threaten lives in the United States and around the world. 

The bottom line is that XSPA is coming through on its promise to develop COVID-19 testing centers within airports to catch the virus where it travels. As this work continues, XSPA stock becomes more and more compelling. 

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