What happened? Shares of medical technology company Lucira Health (NASDAQ: LHDX) rose sharply on Monday and ended the day up by 27% after climbing by as much as 41.3% earlier in the trading session. The reason for these gains was the fact that the U.S. Food and Drug Administration (FDA) issued an emergency use authorization (EUA) for the company's Lucira Check It COVID-19 Test Kit for over-the-counter (OTC) sale. So what The Lucira Check It Test Kit, the first self-administered COVID-19 test approved by the FDA, can be used from the comfort of one's own home and delivers "PCR quality molecular accuracy in 30 minutes or less." While results from lab tests can take anywhere from several days to two weeks, Lucira Health's test kit delivers quality results in less than an hour. Plenty of other diagnostic tests for COVID-19 have been granted EUA by the FDA. And in fact, it seems at first glance that the healthcare company may not benefit a whole lot from this milestone. Image source: Getty Images. After all, with coronavirus vaccines becoming more and more widespread, there will likely be less of a need for test kits for the disease. But the OTC availability of this test will drastically improve its accessibility, which could lead to a significant increase in sales for Lucira Health. That explains why investors are bidding up the company's shares today despite unimpressive, preliminary, first-quarter top-line projections. Lucira Health expects to record between $4 million and $4.5 million in net revenue during Q1 2021, which comes short of the $11.71 million analysts are expecting on average. Now what According to the research firm Grand View Research, the COVID-19 testing market will expand at a compound annual growth rate (CAGR) of 5.05% between 2021 and 2027. Thanks to the FDA's decision to approve its test kit for OTC sale, Lucira Health looks well positioned to profit from this market in the coming months and years. 10 stocks we like better than Lucira Health, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Lucira Health, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source