XpresSpa XSPA Stock News

XpresSpa Group Inc (NASDAQ: XSPA) is having a rough start to the trading session this morning, falling almost 4% early on. The declines follow gains yesterday after the company announced that its pilot COVID-19 testing center has opened. Nonetheless, the declines are likely an opportunity to get in on future gains at a discount. Here’s what’s happening:

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Why XSPA Has Room To Climb Ahead

There’s no secret the COVID-19 pandemic is far from behind us. Unfortunately, as states across the Union continue to reopen, we’re seeing growth in the case count of COVID-19 in various states across the Union.

At this point, we can’t close the economy again. Should we do that, the economic pain caused would be too much. So, to fight back the COVID-19 pandemic, we need testing, vaccines, and treatments. That’s where XpresSpa comes in.

Months ago, when the economy shut down, many companies sat idle, waiting for updates. XSPA did not. Instead, the company started work on the launch of a subsidiary XpresCheck.

Through the subsidiary, the company palns on converting its existing airport real estate into COVID-19 testing centers. While many said that this simply wouldn’t happen, the biggest milestone to date came yesterday.

The company announced that it has officially opened a pilot testing center in Terminal 4 of the JFK International Airport. In this center, XSPA can provide up to 500 tests per day, telling airport workers if they have COVID-19 or the antibodies that suggest that they made it through infection with COVID-19.

The news shows that the company is moving in the right direction, and should all go well, the pilot will open several doors for XpresSpa.

First and foremost, at JFK, the company is only testing airport workers. Should the pilot be a success, it will likely expand testing services to patrons of the airport, which would open the audience dramatically.

Moreover, JFK International is one of the largest airports in the world. Should all go well, it will be a perfect case study that will likely open the doors to transitions to testing centers in other airports around the world.

This Is Big News

As we continue to see growth in COVID-19 infection numbers, testing is incredibly important. There’s a strong argument that testing in airports before consumers take off and leave state lines, would greatly minimize the spread of the virus, helping to get the pandemic under control.

The bottom line here is simple. XSPA is making all of the right moves, and their testing center plans are coming to fruition. As this takes place, revenue is likely to improve and investors have plenty to look forward to. As such, XSPA stock should be on your watchlist.

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