Todos Medical Announces $3.2 Million in Sales for November 2020, a 269% Increase Sequential Month over Month Sales Growth from October 2020
Download as PDFDECEMBER 02, 2020 7:00AM EST
NEW YORK, NY, REHOVAT, ISRAEL, SINGAPORE, Dec. 02, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Todos Medical (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for early detection of cancer and Alzheimer’s disease, today announced $3.2 million in sales for the month of November 2020. This represents a 269% increase in monthly sales as compared with October 2020. The majority of the increase in sales occurred in the second half of November 2020 following the completion of Tecan® liquid handler automation installation at Todos’ Wisconsin COVID-19 testing lab client and the receipt of purchase orders for reagents to support increased testing demand expected in response to increased travel resulting from Thanksgiving 2020 holidays. Concurrent with this announcement, the Company was cash flow positive in November 2020 for its COVID-19 testing business, and has secured $2 million in traditional receivables financing that the Company believes will significantly reduce the time between invoicing to clients and the time that cash is received.
Todos expects revenue growth for December 2020, as daily testing volumes for the majority of its COVID-19 testing clients increases sequentially on a weekly basis, and as a second potentially large COVID-19 testing client located in Brooklyn NY completes the installation of liquid handling automation technology that will allow it to achieve testing capacities of up to 20,000 PCR tests per day and begins placing reagents orders.
“Our strategy of focusing on increasing key clients’ capacity by implementing automated PCR testing solutions to allow them to significantly increase the number of samples they can process daily is beginning to bear fruit,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We are now on a clear growth trajectory and will be focused on expanding our testing offerings to existing clients with novel assays that are complementary to PCR testing. One of the key tests we expect to bring to the market is our development-stage lab-based 3CL protease diagnostic test that is being advanced to determine whether a PCR positive patient remains contagious to infecting others. We believe this assay could become quite important for labs that engage with clients who do repeat testing, and we expect the lab version of this assay to become available in the US market in the near future. We also see it as a way to persuade potential clients to switch to our traditional PCR tests as we are able to supply labs with everything they need to scale COVID-19 testing, including automation and consumables such as pipette tips.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com.
For testing and PPE inquiries, please email sales@todosmedical.com.
https://investor.todosmedical.com/news-events...r-november
Download as PDFDECEMBER 02, 2020 7:00AM EST
NEW YORK, NY, REHOVAT, ISRAEL, SINGAPORE, Dec. 02, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Todos Medical (OTCQB: TOMDF), an in vitro diagnostics company focused on distributing comprehensive solutions for COVID-19 screening and diagnosis, and developing blood tests for early detection of cancer and Alzheimer’s disease, today announced $3.2 million in sales for the month of November 2020. This represents a 269% increase in monthly sales as compared with October 2020. The majority of the increase in sales occurred in the second half of November 2020 following the completion of Tecan® liquid handler automation installation at Todos’ Wisconsin COVID-19 testing lab client and the receipt of purchase orders for reagents to support increased testing demand expected in response to increased travel resulting from Thanksgiving 2020 holidays. Concurrent with this announcement, the Company was cash flow positive in November 2020 for its COVID-19 testing business, and has secured $2 million in traditional receivables financing that the Company believes will significantly reduce the time between invoicing to clients and the time that cash is received.
Todos expects revenue growth for December 2020, as daily testing volumes for the majority of its COVID-19 testing clients increases sequentially on a weekly basis, and as a second potentially large COVID-19 testing client located in Brooklyn NY completes the installation of liquid handling automation technology that will allow it to achieve testing capacities of up to 20,000 PCR tests per day and begins placing reagents orders.
“Our strategy of focusing on increasing key clients’ capacity by implementing automated PCR testing solutions to allow them to significantly increase the number of samples they can process daily is beginning to bear fruit,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We are now on a clear growth trajectory and will be focused on expanding our testing offerings to existing clients with novel assays that are complementary to PCR testing. One of the key tests we expect to bring to the market is our development-stage lab-based 3CL protease diagnostic test that is being advanced to determine whether a PCR positive patient remains contagious to infecting others. We believe this assay could become quite important for labs that engage with clients who do repeat testing, and we expect the lab version of this assay to become available in the US market in the near future. We also see it as a way to persuade potential clients to switch to our traditional PCR tests as we are able to supply labs with everything they need to scale COVID-19 testing, including automation and consumables such as pipette tips.”
For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com.
For testing and PPE inquiries, please email sales@todosmedical.com.
https://investor.todosmedical.com/news-events...r-november
