The Splitit Ltd (ASX: SPT) share price is slipping today after the company announced a strategic partnership to enter the rapidly growing Middle East market.

At the time of writing, the Splitit share price is down 0.87%, trading at 57 cents.

New partnership struggles to rally the Splitit share price

Splitit announced that it had signed a new partnership agreement with leading Middle East buy now, pay later (BNPL) solution provider, Tabby Inc.

Tabby operates in the United Arab Emirates (UAE) and Saudi Arabia markets, serving more than 2,000 merchants including high profile retailers such as IKEA, SHEIN, Marks and Spencer, Adidas and Toys R Us.

Tabby offers a classic BNPL financing option, allowing customers to split purchases into four equal installments alongside cashback features.

According to today’s statement, Tabby has a “high-profile brand in the region” and integrates directly into merchant checkouts or POS systems.

Splitit said e-commerce in the UAE and Saudi markets in 2020 was estimated to be worth US$7 billion and US$11 billion respectively. And the e-commerce markets in both countries are expected to double over the next 5 years, according to the company.

The partnership will involve Splitit integrating its payments technology as a white-label solution into the Tabby BNPL platform. The integration will see an additional option for customers to pay in instalments using their credit card.

Splitit believes this integration will expand Tabby’s product offering to new merchant categories, especially those with higher average order values.

Splitit’s integration with Tabby’s BNPL platform is expected to be completed by the end of the third quarter 2021.

What did management say?

In response to the expansion, Splitit CEO Brad Paterson commented:

We are delighted to be partnering with Tabby to expand their market-leading offering. We’ve always seen our solution as complementary to other BNPL providers, which this new exciting partnership with Tabby highlights perfectly.

Our global payments platform is the only solution leveraging credit card payment networks, with the flexibility to scale internationally without the need for major on-the-ground support.

Paterson said that the platform now has the ability to offer white label solutions as a way of entering new regions by “partnering with established players that already have a strong market presence.

Splitit share price down 56% year-to-date

Its been a painful year for Splitit shareholders, with its shares sliding from $1.30 to 57 cents.

The Splitit share price slipped another 8% in June, even when its large cap peers, Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) managed to surge ~26% and 16% respectively.

Splitit isn’t alone in its share price headwinds, with other small BNPL players including Openpay Group Ltd (ASX: OPY) and Laybuy Group Holdings Ltd (ASX: LBY) sliding this year as well.

The post Splitit (ASX:SPT) share price slips despite new partnership appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Westpac Banking Corp (ASX:WBC) share price started this morning’s session in the red. This comes after the bank announced it will sell its vehicle dealer finance and novated leasing businesses to Angle Finance, a portfolio company of US private equity firm Cerberus Capital Management.

Westpac shares are currently down 0.66% to $25.73 at the time of writing.

Westpac offloads $1 billion loan book

As apart of the transaction, Westpac have agreed to transfer auto dealer and introducer agreements together with wholesale dealer loans of approximately $1 billion, strategic alliance agreements with vehicle manufacturers, and novated lease origination capability and related agreements.

Westpac will also retain its existing retail auto loans of around $10 billion originated by the businesses being transferred.

The sale is still subject to the final value of the portfolio transferred, however Westpac believes it will generate accounting gain on completion. The divestiture also is expected to add around 6 basis points to the company’s common equity tier 1 (CET-1) capital ratio. As of 31 March 2021, Westpac had a CET-1 capital ratio of 12.34%.

Westpac chief executive Jason Yetton commented::

This sale brings certainty for our customers, new opportunities for our people and continues the progress we are making on becoming a simpler bank.

Angle Auto Finance is committed to the Auto Finance industry and will provide the capability and strategic focus to grow and improve the business.

The announcement reports that final completion of the sale is expected for the end of the calendar year.

About the Westpac share price

Westpac shares come into Monday’s session after finishing last week 2.67% in the red. Over the previous month, the Westpac share price has fallen 2.8% at the time of writing, and over the year-to-date the company’s share price has gained around 31%.

On current prices, Westpac has a market capitalisation of around $94 billion and the company’s stock has a price-to-earnings ratio (P/E) of around 22.

The post Westpac (ASX:WBC) share price dips following vehicle finance sale appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. The benchmark index is down 0.1% to 7,298.8 points.

Here’s what is happening on the market today:

Metcash full year results

The Metcash Limited (ASX: MTS) share price is edging higher today after the release of its full year results. For the 12 months ended 30 April, Metcash reported a 9.9% increase in revenue to $14.3 billion and a 27.1% jump in underlying profit after tax to $252.7 million. This allowed Metcash to declare a full year fully franked 17.5 cents per share dividend, up 40% on the prior corresponding period. The company also announced a $175 million share buyback.

Travel shares under pressure

One area of the market that is acting as a drag on proceedings today is the travel sector. Lockdowns in Sydney and numerous state border closures have led to concerns that the domestic travel market recovery could take longer than expected. Companies such as Flight Centre Travel Group Ltd (ASX: FLT) and Qantas Airways Limited (ASX: QAN) are trading notably lower today.

Costa returns

The Costa Group Holdings Ltd (ASX: CGC) share price is trading lower today after completing its institutional entitlement offer. The horticulture company has raised $114 million at an offer price of $3.00 per new share. This represents an 11.8% discount to its last close price. Costa is raising funds to acquire the business and assets of 2PH Farms for $200 million in cash. Queensland-based 2PH Farms is the largest citrus grower in northern Australia.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Woolworths Group Ltd (ASX: WOW) share price with a 2.5% gain. This morning Macquarie put a neutral rating and $38.40 price target on its shares. The worst performer has been the Afterpay Ltd (ASX: APT) share price with a 6% decline. This appears to have been driven by profit taking after a strong gain last week.

The post ASX 200 down 0.1%: Metcash results, Costa returns, travel shares sink appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and COSTA GRP FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in Aussie Broadband Ltd (ASX:ABB) have performed strongly since the company first listed on the ASX last October. In that time, shares in the telco have risen almost 50% to $2.83 (as at the time of writing), and even briefly touched a high of $3.30 in mid-April.

Let’s take a closer look at some of the drivers behind these big gains, and also see what the future might hold for this up-and-coming ASX telecommunications company.

Company Background

Aussie Broadband sells nbn^TM plans to individuals and businesses. The nbn^TM is Australia’s wholesale broadband network, maintained and operated by NBN Co, a Government Business Enterprise wholly owned by the Australian Federal Government.

Aussie Broadband has been in operation for over 16 years but it is still dedicated to its local roots. Rather than offshoring its call centre operations, Aussie Broadband has set up its call centres in regional and metropolitan Victoria. It also actively supports local community initiatives through sponsorships and other volunteer programs.

All in all, Aussie Broadband seeks to position itself as a grass-roots local alternative to the bigger established telcos like Telstra Corporation Ltd (ASX:TLS) and Optus (owned by Singapore Telecommunications Limited).  

Recent Financials

Aussie Broadband delivered impressive growth over the first half of FY21 – exceeding even its own prospectus forecasts. Revenue for the half came in at $157.4 million, an uplift of 89% over the prior corresponding period, and 4% ahead of the prospectus target. Earnings before interest, tax, depreciation and amortisation expenses (EBITDA) also came in ahead of forecast, at $7.3 million.

It was a strong half for the company, in which it increased its share of the NBN fixed-line and fixed-wireless technologies market to 4.2% (from just 2.8% a year earlier). In total, Aussie Broadband provided over 340,000 broadband connections, a half-on-half increase of 31%.

Outlook

The company is continuing to track ahead of its prospectus forecast for FY21. Aussie Broadband initially stated that it was targeting normalised EBITDA of $12.3 million for FY21 in its prospectus. Normalised EBITDA excludes the costs associated with the company’s initial public offering (IPO).

Two guidance upgrades later – one included in the half year report, and another in late May – Aussie Broadband now expects normalised EBITDA for the full year to be between $17 million and $20 million. That could be as much as 63% ahead of the prospectus.

The company credits the upgrades to high rates of growth in its retail and business segments, good cost management, and promotional rebates. The one risk to that forecast could be that it only assumes Victoria’s May snap lockdown would last for one week, whereas it was subsequently extended for a second. Aussie Broadband notes that its costs tend to be higher during these periods as broadband usage surges. To what extent that may weigh on the company’s full year EBITDA remains to be seen.

The post Aussie Broadband (ASX:ABB) shares are up almost 50% since their IPO appeared first on The Motley Fool Australia.

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Motley Fool contributor Rhys Brock has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Aussie Broadband Limited. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Earlier today I looked at a couple of small cap shares that have been tipped as buys. You can read about those here.

But if small caps are too high up on the risk scale for your investment tastes, then you might want to take a look at the blue chip share listed below. This is because blue chip shares generally carry much less risk than small caps and are therefore arguably more suitable to the conservative investor.

Which blue chip?

The blue chip in question on this occasion is SEEK Limited (ASX: SEK).

It is of course the leading job listings company in the ANZ region with its seek.com website. In addition to this, the company has a number of similar businesses around the world and an investments business.

SEEK has been performing very positively in FY 2021 thanks to Australia’s impressive economic recovery from the pandemic. This led to the company recently upgrading its full year guidance for FY 2021.

Pleasingly, with Australia’s unemployment rate tipped to continue reducing over the coming years, job advertisement volumes are expected to rise. Combined with the removal of discounts, price increases, and further depth product penetration, this bodes well for its growth prospects.

Particularly given its incredibly strong market position. For example, at the end of December, SEEK ANZ had 16 million candidate profiles, 35 million monthly visits, and 160,000 active hirers. This led to the company having five times more placements than its nearest competitor.

Recent broker upgrade

One broker that is a big fan of SEEK is Macquarie. Earlier this month, the broker upgraded the company’s shares to an outperform rating with an improved price target of $40.00. This compares to the latest SEEK share price of $33.05.

It believes the company is well-placed to benefit from ad volume growth and a tight labour market.

Macquarie expects the Australian unemployment rate to fall from 5.5% to ~4% during 2023, underpinning a 25% increase in job ad volumes in FY 2022.

The post Is the SEEK (ASX:SEK) share price in the buy zone for blue chip investors? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Warren Buffett clearly doesn’t like the Robinhood trading platform very much. At Berkshire Hathaway‘s (NYSE: BRK.A) (NYSE: BRK.B) annual shareholder meeting in May, the famous investor said that Robinhood has “become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year or year and a half.” 

That doesn’t mean that Buffett doesn’t see eye-to-eye with Robinhood investors at times, though. Several of the stocks most widely held by investors on the no-commission trading platform are also in Berkshire’s portfolio. Here are Buffett’s three favorite Robinhood stocks based on the size of Berkshire’s stake in each stock. 

Apple

The second-most popular stock on Robinhood is literally the Apple (NASDAQ: AAPL) of Buffett’s eye. Apple is by far the largest holding in Berkshire’s equity portfolio. Last year, Buffett said that Apple was “probably the best business I know in the world.” 

Why does the legendary investor like Apple so much? For one thing, Buffett has always preferred businesses that generate high margins and return on equity. At Berkshire’s latest shareholder meeting, he listed Apple first as one of a handful of “terrific examples” of such businesses.

The Oracle of Omaha also likes that Apple markets “sticky” products. This is a reference to the company’s ability to retain customers in its ecosystem built around the iPhone. Companies such as Apple that have loyal customer bases also tend to have strong pricing power. 

It seems likely that Buffett and Robinhood investors will be proven right about prizing Apple stock so highly. The increased adoption of 5G networks should continue to fuel higher iPhone sales. Apple’s focus on augmented reality (AR) apps and devices could also pay off handsomely over the next few years.

Bank of America

Bank of America (NYSE: BAC) is without question the most popular bank stock among Robinhood investors. It’s also clearly Buffett’s favorite bank stock, ranking behind only Apple as the largest position in Berkshire’s portfolio.

Buffett has long liked bank stocks, in general, in large part because of their ability to deliver a strong return on equity. However, over the last few quarters he has significantly trimmed Berkshire’s stakes in bank stocks — with the notable exception of Bank of America (BoA). 

There are probably three key reasons why Buffett remains such a big fan of BoA. He respects the company’s management team, led by CEO Brian Moynihan. Buffett likely thinks that BoA will continue to generate increasing profits. He also almost certainly views the big bank’s strong capitalization as a major plus. 

Those three attributes could very well translate to solid gains for Buffett and for many Robinhood investors. The Federal Reserve Board has already indicated that interest rate increases will be on the way in the not-too-distant future. Bank of America ranks as one of the top stocks set to benefit from these coming rate hikes.

Coca-Cola

Coca-Cola (NYSE: KO) might be a somewhat surprising member of Robinhood’s top 100 most popular stocks. The beverage giant hasn’t delivered impressive returns in recent years. However, there’s no surprise whatsoever that Coca-Cola is a Buffett favorite. The stock ranks as Berkshire’s fourth-largest holding.

Buffett thinks so highly of Coke primarily because of the company’s strong moat — the Coca-Cola brand. He understands that most customers won’t go for a rival product even if it’s priced lower. 

Of course, Buffett also knows that the best businesses are built to last. Coca-Cola, founded in 1892, has been the world’s leading soft drink maker for longer than most people have been alive. 

Coca-Cola stock might not deliver the biggest returns for Buffett or Robinhood investors going forward. However, it’s still a solid pick and remains a dividend investor’s dream. Buffett, who has publicly stated that he drinks five of the company’s soft drinks each day, will probably have a Coke and a smile for years to come as those dividends flow in.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Warren Buffett’s 3 favorite Robinhood stocks appeared first on The Motley Fool Australia.

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Keith Speights owns shares of Apple, Bank of America, and Berkshire Hathaway (B shares). Bank of America is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Apple and Berkshire Hathaway (B shares). The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), long March 2023 $120 calls on Apple, short January 2023 $200 puts on Berkshire Hathaway (B shares), short January 2023 $265 calls on Berkshire Hathaway (B shares), and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple and Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Cyclopharm Limited (ASX: CYC) shares are taking an absolute pummelling today. At the time of writing, the Cyclopharm share price is crashing 41.61% lower to $1.60.

Below, we take a look at the ASX healthcare company’s latest market update.

What did Cyclopharm announce?

The Cyclopharm share price is crumbling after the company reported on the latest developments regarding approval of its Technegas medical imaging drug in the United States.

The radiopharmaceutical company said the United States Food and Drug Administration (FDA) had provided a Complete Response Letter (CRL) for its New Drug Application (NDA).

In that response, the FDA said it could not approve the NDA for Technegas as it stands. The agency gave Cyclopharm a list of items it needs to address within 12 months to potentially gain approval. The company stated it expects to be able to sort out the required issues and hopes to still secure approval in 2022.

Commenting on the FDA response, James McBrayer, Cyclopharm CEO said:

While the elements in the USFDA’s CLR letter are attainable within the required timeframe, we are disappointed with this news of the additional technical information requests. Effectively the CLR has extended the expected approval timeframe by around nine months.

We have complete confidence that we can address these matters and do what is required to expedite this process. We now have clarity as to what will satisfy the USFDA’s expectations and will commence work on the response immediately.

McBrayer said Cyclopharm is working closely with the FDA in order to address the outstanding elements still required.

The company updated its guidance for gaining FDA approval from the second half of 2021 to the second half of 2022. It said this delay will not influence its ability to fund the rest of the approval process. The US is a core part of the company’s growth plans, which it estimates to be worth US$180 million (AU$237 million) per year.

Cyclopharm already sells Technegas in 60 other nations, with over 4.4 million patients using the medical imaging drug so far.

Cyclopharm share price snapshot

With today’s early losses factored in, Cyclopharm shares have only gained around 19% over the past 12 months, compared to the 25% gains posted by the All Ordinaries Index (ASX: XAO).

Year to date, the Cyclopharm share price is now down by 36%.

The post Why the Cyclopharm (ASX:CYC) share price is crashing 42% lower appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Mineral Resources Limited (ASX: MIN) share price is having a day out today, nearing its all-time high. Investors appear to be buoyant on the company’s prospects, particularly after a number of broker upgrades recently.

At the time of writing, the mining services company’s shares fetching for $50.99, up 0.43%.

What’s going on with the Mineral Resources share price?

Investors are continuing to snap up Mineral Resources shares despite no recent announcement from the company.

However, in its last update to the ASX in May, Mineral Resources provided a performance snapshot at the Macquarie Conference.

The company highlighted that its key financial metrics have surged during the first half of FY21. As such, revenue grew to $1.5 billion, up 55% over the prior corresponding period. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) also increased to $763 million, up 131%.

The robust result came off the back of an upswing in iron ore production volumes. This is despite the company experiencing haulage constraints caused by COVID-19 state border closures.

Mineral Resources’ lithium production remained consistent compared to the previous comparable period. Spodumene mined slightly increased, along with production and shipping.

And lastly, natural gas exploration and development activities are on track. The company is seeking to secure its own natural gas supply to provide energy security for future mining operations.

Mineral Resources received two prospective gas exploration permits in the onshore Perth and Northern Carnarvon Basins in March 2021.

What do the brokers think?

Since its May 2021 investor presentation, several brokers raised their price targets for Mineral Resources.

Global investment bank Citi lifted its 12-month outlook by 2% to $51.00. Following suit, Macquarie appeared bullish on the Mineral Resources share price, raising its price by 20% to $73.00. This implies an upside of roughly 40% on the current share price.

More recently though, JPMorgan also lifted it original note by 8.4% to $51.70 for the mining services company.

The Mineral Resources share price has accelerated by more than 140% over the past year, and is up 35% year-to-date.

The post Mineral Resources (ASX:MIN) share price nears all-time high appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nanosonics Ltd (ASX:NAN) share price is wobbling in morning trade, following an announcement made this morning that the company is set to launch a new infection prevention digital product platform, known as AuditPro.

At the time of writing, Nanosonics shares are down 0.67% to $5.93 apiece.

What did Nanosonics announce today?

According to Nanosonics, its new digital-based platform AuditPro “provides you with real-time intelligence on ultrasound probes, operators, and infection control events to manage infection prevention practices across your organisation.”

AuditPro operates via a mobile scanning device that also comes with a subscription to a browser-based application. The company says the platform has potential application across a range of medical instruments, for traceability, reporting and compliance, and also highlights it will provide a new revenue stream.

Nanosonics chief executive officer and president Michael Kavanagh said:

With the introduction of Nanosonics AuditPro, together with our existing trophon technology and other product developments currently progressing through our R&D program, Nanosonics continues to focus on the delivery of a portfolio of innovative infection prevention solutions to market.

AuditPro is expected for release at the Association for Professionals in Infection Control (APIC) on 28 June 2021, with a full rollout across the US anticipated for July 2021.

About the Nanosonics share price

The Nanosonics share price has gained almost 7% over the past month, but is in the red 28% year-to-date at the time of writing. Over the previous 5 days, Nanosonics shares have gained 1.7% at the time of writing.

The company also has a market capitalisation of around $1.8 billion at the time of writing, and trades at a price-to-earnings ratio (P/E) of around 312. Currently, Nanosonics shares are trading below their 52-week high of $8.25.

The post What’s moving the Nanosonics (ASX:NAN) share price today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Atomo Diagnostics Ltd (ASX: AT1) share price has been a very strong performer on Monday.

In early trade, the medical device company’s shares rocketed as much as 59% higher to 21.5 cents.

This certainly will be a welcome relief to shareholders given that the Atomo Diagnostics share price dropped to a 52-week low of 13 cents on Friday.

Why is the Atomo Diagnostics share price rocketing higher?

Investors have been bidding the Atomo Diagnostics share price higher today after it revealed that its partner, Access Bio, has received Emergency Use Authorisation (EUA) from the U.S. Food and Drug Administration (FDA) for point-of-care use of its CareStart EZ COVID-19 test.

CareStart EZ COVID-19 is a rapid antibody test made by combining an integrated device developed by Atomo and a rapid COVID-19 antibody test strip from Access Bio.

Atomo entered into an agreement last year to supply Access Bio with its unique, integrated rapid diagnostic test (RDT) devices for use in North America with Access Bio’s rapid test strip for detection of antibodies to COVID-19. This was subject to FDA clearance, which has now been received.

In addition to this, the two parties have previously signed an agreement that grants Atomo non-exclusive rights to market and distribute Access Bio’s COVID-19 rapid antigen test in Australia, New Zealand and India. This remains subject to obtaining the required regulatory approvals in each jurisdiction.

For now, the EUA allows sales of the CareStart EZ COVID-19 test for use in point-of-care settings. This means places such as doctors’ offices, hospitals and emergency rooms in the United States. However, Atomo and Access Bio are in discussions regarding their COVID-19 rapid test commercial arrangements and will keep the market informed as to any material developments.

Atomo Diagnostics’ Managing Director John Kelly said, “We are happy that our integrated test device has enabled Access Bio to secure EUA for point-of-care use for their COVID19 antibody test and for it to be used in a broad range of non-laboratory settings in the US.”

It is worth noting, however, that no details have been provided in respect to what impact this news will have on the company’s revenues.

The post Atomo Diagnostics (ASX:AT1) share price rockets 59% on COVID-19 test update appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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