Co-Diagnostics (NASDAQ:CODX) Issues Earnings Results, Beats Expectations By $1.54 EPS

by · The Cerbat Gem

Co-Diagnostics (NASDAQ:CODX – Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($1.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.00) by $1.54, FiscalAI reports. The company had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.13 million. Co-Diagnostics had a negative net margin of 6,760.63% and a negative return on equity of 164.92%.

Here are the key takeaways from Co-Diagnostics’ conference call:

  • Co-Diagnostics submitted its Flu A/B & RSV assay for dual FDA 510(k) clearance and CLIA waiver review after completing analytical and clinical studies involving more than 10,000 test runs and 1,400 patients.
  • The company expects to pursue additional tuberculosis milestones later this year, including submissions to India’s CDSCO and potentially the WHO’s ERPD, while leveraging its CoSara joint venture and manufacturing presence in India.
  • Co-Diagnostics expanded its platform beyond respiratory testing through an Ebola blood-based proof-of-concept assay and continued development of connected software, cloud infrastructure, and AI-enabled capabilities.
  • Revenue remained very limited at $166,000, while the company ended the quarter with only $3.6 million in cash and expects continued operating losses; management said it may need equity, debt, strategic transactions, partnerships, or grants to fund operations.
  • Operating expenses fell to $6.3 million from $8.2 million a year earlier, reducing the quarterly net loss to $6.3 million from $7.7 million, but management emphasized that commercialization and meaningful revenue growth remain ahead.

Co-Diagnostics Price Performance

Shares of CODX stock traded up $0.01 during mid-day trading on Thursday, hitting $1.49. The stock had a trading volume of 669,784 shares, compared to its average volume of 371,807. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50. The firm’s 50-day moving average is $2.82 and its two-hundred day moving average is $2.68.

Analysts Set New Price Targets

Several research analysts have issued reports on CODX shares. Weiss Ratings lowered Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Co-Diagnostics presently has an average rating of “Hold” and a consensus price target of $67.50.

View Our Latest Report on Co-Diagnostics

Institutional Trading of Co-Diagnostics

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC lifted its stake in Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after acquiring an additional 100,901 shares during the period. Jane Street Group LLC increased its position in Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after purchasing an additional 126,105 shares during the period. Finally, Geode Capital Management LLC increased its position in Co-Diagnostics by 40.4% during the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after purchasing an additional 129,158 shares during the period. 14.99% of the stock is currently owned by institutional investors.

Co-Diagnostics Company Profile

(Get Free Report)

Co-Diagnostics, Inc is a molecular diagnostics company headquartered in Salt Lake City, Utah, known for its proprietary CoPrimer™ technology. Founded in 2016, the company focuses on the design, development and distribution of molecular diagnostic test kits for the detection of infectious diseases, genetic mutations and other health-relevant biomarkers. Its core platform leverages patented cooperative primers, which are engineered to enhance specificity, sensitivity and cost-effectiveness compared to conventional PCR-based assays.

Through its in-house manufacturing and global supply chain partnerships, Co-Diagnostics produces a range of real-time polymerase chain reaction (qPCR) kits, reagents and customized assay development services.

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