XpresSpa Group Inc. ($XSPA) today announced a new XpresCheck™ at Phoenix Airport. This is a promising and well-received coronavirus testing facility that allows passengers and workers at various airports to have a corona test carried out quickly and efficiently.
Phoenix will be the 4th battlefield to operate
The company has continued to expand since transforming its business as a founder of coronavirus testing facility, adding Phoenix Sky Harbor International Airport to its customer base. This will create a closed medical clinic for emergency care consisting of six separate test rooms. This equates to over 400 tests per day that can be administered. As is known at other test facilities, three types of tests are also possible in Phoenix. The COVID-19 Rapid Molecular Test, the Polymerase Chain Reaction (PCR) Test, and the Blood Antibody Test.
The existing test facilities at the other airports JFK International Airport, Newark Liberty International Airport and Boston Logan International Airport have now been well received. They are all important hubs in American airspace, where many passengers will also depart, arrive or transfer during the pandemic. It is therefore extremely important that the safety of visitors at the airports is guaranteed. Especially for Thanksgiving, which is expected to result in an increased number of passengers on airplanes, even during the pandemic.
CEO of XpresSpa, Doug Satzman, added:
“While our current focus is providing convenient, reliable COVID-19 testing, our long-term goal is to become the leading brand in the rapidly emerging travel health and wellness category by helping people manage medical conditions during travel.”
The importance and potential of this development
Phoenix Sky Harbor International Airport is recognized as a major gateway to Arizona as well as a major economic driver for the state. This makes the test facilities not only important for the passengers, workers and visitors of the airport, but also for the local community. Despite XpresSpa’s service not being free, Phoenix – as the airport owner – has committed some of its federal CARES Act funds to subsidize costs for Phoenix residents through the end of 2020, provided the test is not covered by insurance.
For the time being, airports will act as a battlefield during the pandemic, given that no vaccine candidate has yet been approved by the FDA. On top of that, if a vaccine can be produced, it will have to be shipped around the world, involving a lot of air traffic. The four airports where XpresSpa operates can play an essential role in this with an increasing number of people at the airport. With the billions of vaccines needed to put the world out of its misery, XpresSpa may still play an important role in fighting and preventing further spread of the virus in the coming years.
The financial background of the share
XpresSpa reported a profit of more than $1.4 million in the last quarter, while sales declined slightly of $0.2 million. EBITDA was a loss of $7.25 million. This is not deviating from the direct competitors. At the close of the market, the stock was valued at $1.62. In the last session, the stock started with a price of $1.65, while the peak was at $1.78 with a lowest of $1.61. The stock is now hovering around $1.65 and has declined slightly in the afternoon.
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