Is Xpress Spa Stock a buy?
Xpress Spa Stock is the penny stock you need to invest in now. XpresSpa Group is primarily a health and wellness company that caters to airport-based customers. As you likely know, many spa businesses have been forced to shut down during the pandemic, but XpresSpa Group has been focusing their efforts on how they can help. Now, they’ve secured a new contract to start providing Covid-19 screening and testing areas at airports.
Prior to the pandemic, XpresSpa Group focused on providing several services like:
- Airport spa services
- Salt chamber solutions
- Compression therapy
- Offering travel-related products
In mid-March XpresSpa Group locations were temporarily closed as a result of government mandates. After all, they provided services that were deemed ‘non-essential’. Unlike other companies, XpresSpa Group immediately pivoted and began talking with healthcare partners about creating Covid-19 screening and testing sites. Their prompt action paid off.
The group has now secured partnerships with the JFK International Airport, LaGuardia Airport, and Newark Liberty International Airport. There are also murmurs of the group bringing their Covid-19 screening and testing to Chicago O’Hare International Airport and the Atlanta International Airport.
One thing that makes XpresSpa Group’s testing stand out is their ability to conduct rapid screening. Rather than submitting to testing and then waiting for up to 48 hours, the XpresCheck test gives you the results in under 15 minutes.
XpresSpa was able to create this rapid screening process by partnering with Abbott Laboratories. This partnership gives the company access to 100 ID NOW testing instruments, which includes rapid molecular testing technology.
Rapid testing, especially in the context of airport travel, is a major advantage. Such screening and testing centers can help more people travel via air safely in this pandemic era. If everything goes to plan, XpresSpa Group will be rolling out their new testing sites in multiple locations.
Keep in mind that even prior to the pandemic, XpresSpa had over 50 locations in 25 airports. That means they can easily transform their pre-existing locations into rapid testing and screening areas for airports around the globe. Even better, many of their pre-existing locations are in vulnerable areas like Atlanta, New York, San Francisco, Miami, Los Angeles, Washington DC and Chicago.
|Last Quarterly Earnings|
|P/E Ratio (ttm)||N/A|
|Bid||1.9 x 500|
|Ask||1.93 x 9500|
|Dividend & Yield||N/A|