LifeLoc Technologies Inc (LCTC)

[pdicamillo1]

SoToxa Mobile Test System - Due Diligence:

The SoToxa Oral Fluid Mobile Test System is designed for rapid drug screening and detection in oral fluid. With test results in minutes, this handheld analyser is lightweight, compact, and easy to use—convenient for drug screening at the roadside in any type of vehicle or in the workplace.

SoToxa is owned by Abbott - Abbott is committed to providing reliable, innovative and value-focused drug and alcohol abuse screening products and laboratory services to our customers around the world. They are the #1 GLOBAL PROVIDER OF RAPID, POINT OF CARE TESTS and #1 GLOBAL TOXICOLOGY WITH RAPID SCREENING, LABORATORY SERVICES, & PROGRAM MANAGEMENT.

Abbott has yearly revenue of $40 Billion (That is 4,000 times that of Lifeloc)
Abbott has a market cap of $182 Billion (That is 19,000 times that of Lifeloc)

The SoToxa device has its fair share of negative publicity:

https://www.acsh.org/news/2023/07/17/kansas-flawed-dui-drug-screen-isnt-better-nothing-its-worse-17194
"SoToxa, Abbott's hand-held analytical device can rapidly detect and identify common drugs in saliva but gives no information about the amount of drug present. I predict this will cause all kinds of problems"

https://www.mlive.com/public-interest/2021/03/positive-roadside-drug-tests-wrong-nearly-24-of-the-time-in-michigan-pilot-data-shows.html
"Of 934 positive test results recorded by the SoToxa devices in Michigan between October 2019 and Sept. 30, 2020, nearly a quarter, 222, were later proven wrong by blood tests, according to analysis reported to legislators in January. Cumulatively, nearly 11% of all tests produced incorrect results, either false positives or false negatives that didn’t match findings from follow-up blood tests. The devices were much less accurate when detecting other drugs. The test data shows 65% of SoToxa test samples that issued positive results for opiates were wrong when compared to blood tests. More than 30% of the positive test findings for cocaine and amphetamines were also later discredited by blood tests. The positive findings for benzodiazapene were wrong 60% of the time."

If the SpinDx can prove accuracy and reliability, it really is a game changer. Abbott is just another example of a company that could easily acquire Lifeloc and immediately start producing results that would make it worth the acquisition. This SoToxa device doesn't really seem that accurate and it probably does more revenue just from this device than Lifeloc does as a company. I still believe that Lifeloc could be a great acquisition for one of these big boys that can see the potential and bring it up to speed and start making things happen.