Investors might do well to take note of the fact that Precheck Health Services Inc (OTCMKTS:HLTY) just announced that it has entered into an exclusive agreement with Co-Diagnostics, Inc. (Nasdaq: CODX), to distribute Co-Diagnostic’s Logix Smart™ Coronavirus COVID-19 Test in Ecuador, which has a population of 16 million.
According to the release, PreCheck has ordered an initial 30,000 COVID-19 tests and will be registering the product in Ecuador.
Precheck Health Services Inc (OTCMKTS:HLTY) promulgates itself as a company that provides a medical screening service, which makes early detection and monitoring of chronic diseases easy and cost-effective for patients and doctors.
The Company distributes a non-invasive medical screening device which screens for biomarkers, which are precursors to chronic disease. The device assesses sudomotor function, cardiac autonomic function, and endothelial function and measures the ankle brachial indices.
In addition, the device calculates a patented cardiometabolic risk score based on these assessments and measurements, body composition, vital signs, and fitness markers. Cardiometabolic risk refers to the chance of having or developing diabetes, heart disease, or stroke. This device is targeted at the rapidly growing $139 billion global preventive healthcare technologies and services market, according to Grand View Research.
The Company has an experienced management team with several decades of combined experience in medical testing services and medical device sales. The technology has been developed to address the growing mandates from Medicare, Medicaid, and insurance companies regarding early detection and prevention of chronic diseases.
PreCheck Health Services’ offering is based on the Company’s PC8B, an FDA-cleared and patented medical screening device, which performs a range of screening tests generally covered and reimbursed by Medicare, Medicaid, and most insurance companies. The non-invasive diagnostic tests are performed simultaneously, collectively taking under 10 minutes to perform and screening patients for multiple risk factors underlying certain chronic ailments, such as insulin resistance, cardiovascular disease (including PAD), endothelia dysfunction, digestive problems, and fatigue. The PC8B’s software helps the physician recommend a treatment plan for the patient.
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As noted above, HLTY just announced that it has entered into an exclusive agreement with Co-Diagnostics, Inc. (Nasdaq: CODX), to distribute Co-Diagnostic’s Logix Smart™ Coronavirus COVID-19 Test in Ecuador, which has a population of 16 million.
Recent action has seen more than 520% piled on for shareholders of the name during the trailing week. Moreover, the company has seen interest climb, with an increase in recent trading volume of above 1000% beyond what we have been seeing over the larger time frame. It pays to take note of this fact given the stock’s tiny trading float of just 6.3M shares.
Justin Anderson, CEO of PreCheck Health Services Inc., commented, “It’s been a productive month for PreCheck Health. In early March we entered into the $33 billion global infectious disease diagnostic testing sector with an exclusive agreement with Co-Diagnostics to distribute their COVID-19 tests as well as other infectious disease kits in Russia. We are pleased to announce today that we have expanded our relationship with a distribution agreement for Ecuador. The decision for PreCheck to distribute for Co-Diagnostics and specifically their Logix Smart™ Coronavirus COVID-19 Test is due to the test’s excellent characteristics in terms of sensitivity and specificity, the two benchmarks for accuracy in PCR tests. In today’s global crisis where governments, professional sports, college sports and public schools are being closed or suspended on the basis of a single test, we felt that high accuracy was critical for our comfort level, resulting in our decision to choose Co-Diagnostics.”
Currently trading at a market capitalization of $9.5M, HLTY is pulling in trailing 12-month revenues of $224K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -51.7%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $HLTY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $HLTY, either long or short, and we have not been compensated for this article.