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

Co-Diagnostics (NASDAQ:CODX) issued its earnings results on Thursday. The company reported ($1.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.00) by $1.54, FiscalAI reports. The firm had revenue of $0.17 million for the quarter, compared to analysts’ expectations of $0.13 million. Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.

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 Trading Up 0.7%

NASDAQ CODX traded up $0.01 during trading hours on Thursday, hitting $1.49. 669,784 shares of the company were exchanged, compared to its average volume of 371,807. Co-Diagnostics has a 52 week low of $1.26 and a 52 week high of $46.50. The stock has a 50-day moving average price of $2.82 and a 200 day moving average price of $2.68.

Hedge Funds Weigh In On Co-Diagnostics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Co-Diagnostics by 40.4% during the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after buying an additional 129,158 shares during the period. Jane Street Group LLC increased its position in Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after acquiring an additional 126,105 shares during the last quarter. Finally, Virtu Financial LLC raised its stake in shares of Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after acquiring an additional 100,901 shares during the period. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen raised Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings downgraded Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.50.

Co-Diagnostics Company Profile

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.