That is an interesting take. It would do a bit better in the rain than a standard meter.
You would need to hold it vertically and then open the cover at the bottom. That would generally keep the tape dry enough to do a test. When testing, you basically smear blood on the tape. It is not drawn into the strip like most other meters, so there should be less of a water issue. You do not want to dilute the blood too much but a little does not hurt.
With the standard meter, trying to get a strip out and into the meter can be close to impossible without ruining one or too.
As you probably guessed, it is not waterproof but it is well built and can take a test in the rain.