XpresSpa (XSPA) Stock: XpresCheck Plans Are Coming To Life

XpresSpa XSPA Stock News

XpresSpa Group Inc (NASDAQ: XSPA) is headed up in the premarket hours this morning, and for good reason. The company announced that it has begun the construction of yet another airport-based COVID-19 testing facility. Here’s what’s going on:

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XSPA Announces Construction Of New Facility

In the press release, XpresSpa announced that it has begun the construction of an XpresCheck COVID-19 testing facility inside Boston Logan International Airport. The company said it expects for the testing facility to be fully operational by November of this year.

The company’s new facility is a modular constructed testing facility. It will be located within the International Arrival area, pre security Terminal E. The facility is expected to host seven testing rooms wit the capacity to administer over 400 COVID-19 tests per day.

XSPA said that testing options will include a rapid molecular COVID-19 test, the Polymerase Chain Reaction (PCR) Test, and the Blood Antibody Test. These are the same test offerings that consumers are finding at XpresCheck locations in JFK International Airport and Newark Liberty International Airport.

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

We are eager to launch XpresCheck at Boston Logan International Airport, which will be our third COVID-19 testing facility this fall. We believe that our current presence in JFK and Newark, and upcoming expansion to Logan enables us to play an important role in supporting the return of domestic and international air travel to pre-pandemic levels by making sure both airport employees and travelers feel safe and confident when they come to the airport. As previously indicated, our intention is to continue XpresCheck’s national expansion and we remain in active discussions with additional airports for further development of this concept.

This Is Huge News

I’ve been following XpresSpa since the beginning of the pandemic, and have been criticized for my positive opinion of their in-airport COVID-19 testing plans.

I’ve received several emails saying that no facilities will ever be constructed. As of today, the company is working on its third. I’ve also received emails saying that XSPA will never see a profit from its COVID-19 activities because a vaccine will be available before profitability can take place.

Regardless of a vaccine, COVID-19 is going to be around for some time to come. While it will be managed, this management will involve not only vaccines and treatment options, but widespread testing to reduce the spread of the virus. XSPA is uniquely positioned to play a key role in the COVID-19 testing market, making the stock one to watch closely.

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