It appears that Neptune Wellness (TSX: NEPT) (NASDAQ: NEPT) is the latest firm to pivot to that of being a “COVID-19 stock.” The firm announced this morning that it has launched Neptune Halo, which is “an electronic pulse oximeter device that is a key tool in the battle against COVID-19.”
The product is being hailed as a demonstration of Neptune’s ability to “rapidly respond to market needs,” however the company provides little information on the product itself. The company has indicated that it is currently working on developing a strategy to bring the product to market via partnerships with national retailers, as well as direct to consumers via Neptune’s e-commerce platform.
The new device is a medical tool that measures oxygen saturation levels in the body via a pulse. The device uses no needles and requires no blood samples while monitoring oxygen levels, and will provide an alert to the user if levels are too low. The intent is to be aware of drops in oxygen saturation before breathing problems are detected.
A timeline was not provided for when the product will be commercially available.
Neptune Wellness last traded at $2.61 on the Nasdaq.
Information for this analysis was found via Sedar and Neptune Wellness Solutions Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
