XpresSpa XSPA Stock News

XpresSpa Group Inc (NASDAQ: XSPA) is heading up in the market again this morning after announcing that it has opened the first in-airport COVID-19 testing facility in the United States. Here’s what’s going on:

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XSPA Stock Is Headed Up On COVID-19 Testing Facility

In the press release, XpresSpa announced that it has opened the first XpresCheck facility, where COVID-19 testing will take place. The facility is located at JFK International Airport’s Terminal 4.

In the release, the company said that this is the first full-service COVID-19 screening and testing facility in a United States airport.

The facility is part of a pilot program with the company’s ultimate goal being to launch these testing facilities throughout the United States. The pilot program is now open, meaning that JFK International terminal employees, airline employees, and airport workers have access to COVID-19 testing at the facility.

In the release, XSPA said that the pilot facility has the ability to screen up to 500 people per day and provides both active disease testing and antibody testing to tell airport workers if they have or have had COVID-19.

The pilot program features nine separate rooms for COVID-19 and antibody testing. Both of these tests are available on site and are sent to outside laboratories. The company also said that all insurance plance are accepted and all information will remain private and HIPAA compliant.

In a statement, Doug Satzman, CEO at XSPA, had the following to offer:

We are thrilled to launch our first pilot testing site at JFK Terminal 4, and we are hopeful that this will benefit airport workers. Together with JFKIAT and the Port Authority, we will support the safety and health of front-line airport workers and travelers as New York’s recovery plan takes form and plan to aggregate valuable testing data to share with the appropriate government agencies. Further, we hope to take learnings from this first pilot location to inform our expansion plans to other major airports in gateway cities.

The above statement was followed up by Kevin O’Toole, Port Authority Chairman. Here’s what he had to say:

The Port Authority is pleased to open the nation’s first COVID-19 and antibody testing facility for employees at JFK International Airport with JFKIAT and XpresSpa. The agency will continue to enhance safety at its facilities by piloting the new technologies, programs, and policies needed to manage the impact of the coronavirus outbreak.

This News Is Huge

At the end of the day, the news released by XpresSpa is overwhelmingly positive. First and foremost, this is the FIRST COVID-19 testing facility in an airport. That’s an important milestone, especially as we watch the coronavirus make a second run at consumers as the United States continues to reopen.

Moreover, the pilot is taking place at one of the busiest airports in the United States. If all goes well with regard to testing airport workers, there’s a strong chance that the testing will be made available to travelers, and success there would lead to a domino effect, opening the door to opportunities to launch more facilities around the United States.

At the same time, as coronavirus cases continue to grow, there’s a strong argument that travelers should be tested before crossing state or national borders. Should COVID-19 continue to spread, the company may quickly become a cornerstone in slowing the spread of the virus.

All in all, this is a huge opportunity for XSPA and its investors.

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