The test could be used with the company's BD Max molecular diagnostic system, which is already in hundreds of different locations across the country, according to CEO Tom Polen. It will allow hospitals to do in-house testing and could produce results in as little as two to three hours.
"We think that can make a big difference," Polen told FOX Business' Maria Bartiromo.
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Polen also said while it typically takes a number of years to expand testing, the Federal Drug Administration is speeding up the approval process.
"What typically takes several years is taking several weeks -- things that we've never seen move it at this speed and are now moving," he said.
Polen said the test works by taking a nasal pharyngeal swab, putting it into a transport media, then sending it to a hospital with a BD Max system.
"They close the door, press start and two to three hours later, the result comes out positive or negative -- very easy to run," he explained.