Business
Todos Medical Reports $2.0 Million in Revenue for the Third Quarter of 2020
Todos Medical Reports $2.0 Million in Revenue for the Third Quarter of 2020.
About this update from Todos Medical Ltd.
[{"type":"text","content":"\n  Received first payments from $47.5 million contract with Wisconsin client on October 9, 2020 Wisconsin client upped avg. kit purchases from 2,100+/day to 3,500+/day on October 12, 2020 Todos has completed equipment purchases for signed Q3/20 reagent supply agreements Existing contracts that have the potential to deliver over $60 million in revenue to Todos by end Q2/2021 NEW YORK, NY, REHOVAT, ISRAEL, SINGAPORE, Oct. 13, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Todos Medical Ltd. (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for the early detection of cancer and Alzheimer’s disease, today announced total revenues of $2.0 million for the third quarter of 2020 (the “Third Quarter”). The revenues were primarily derived from sales of ANDis 350 automated extraction machines and related extraction reagent kits, as well as deposits for ongoing reagent supply agreements. “In the third quarter, we really strove to build a sustainable business model that would allow us to become a significant player in the COVID-19 PCR testing space, as PCR remains the gold standard for testing in the United States,” said Gerald E. Commissiong, President & CEO of Todos Medical. “Critically, we have received our first payments from our largest client from Wisconsin who is rapidly scaling its capacity with our solutions in the face of a marked increase in demand for PCR testing from skilled nursing clients. We have been supplying this client with sufficient reagents to perform over 2,100 tests per day over the last couple of weeks, and this week we increased the order size to over 3,500 tests per day. We are now in the process of implementing our liquid handler/ automated-extraction/ RT-PCR equipment solution with this client, and expect to build sufficient capacity in the fourth quarter of 2020 to run 84,000 tests per week to meet their existing contracted demand. We expect to start supplying them with qPCR kits in the fourth quarter that we believe will increase revenue/test by 250%.” Mr. Commissiong continued, “We believe emerging COVID-19 surveillance and screening solutions being deployed at greater scale will continue to increase the need for CO...