Co-Diagnostics (NASDAQ:CODX) Issues Earnings Results, Beats Expectations By $0.24 EPS

Co-Diagnostics (NASDAQ:CODX) released its quarterly earnings results on Tuesday. The company reported ($1.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.24, FiscalAI reports. The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.17 million. Co-Diagnostics had a negative net margin of 5,530.54% and a negative return on equity of 288.42%.

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

• CoSara completed its clinical study of the point-of-care TB test in India and submitted results to regulators. In samples compared with the MGIT reference standard, the test showed approximately 97.3% sensitivity and 96% specificity across three lots; CDSCO review is pending.
• The company’s Flu A/B & RSV test remains under FDA review following August submissions for 510(k) clearance and a CLIA waiver. The Co-Dx PCR platform is not yet authorized for diagnostic use.
• Co-Diagnostics began early feasibility work with ReadyGo Diagnostics to assess blood-based molecular testing, initially for Ebola response. The collaboration is non-exclusive, and compatibility between the technologies has not yet been established.
• Co-Diagnostics launched connected cloud and mobile infrastructure in India and reported its first international Vector Smart deployment, alongside installations and customer activity in the U.S. These developments broaden the platform’s reach, though they do not establish the scale of future commercial demand.
• Third-quarter operating expenses fell 12% year over year to $6.2 million, while net cash used in operating activities for the first nine months declined to $20.7 million from $22.9 million a year earlier.

Co-Diagnostics Price Performance

Co-Diagnostics stock traded down $0.03 during trading on Thursday, reaching $0.25. 809,701 shares of the company were exchanged, compared to its average volume of 2,606,583. The stock’s 50 day simple moving average is $0.83 and its two-hundred day simple moving average is $2.11. The company has a market capitalization of $2.36 million, a P/E ratio of -0.02 and a beta of 3.15. Co-Diagnostics has a 52-week low of $0.24 and a 52-week high of $13.54.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CODX shares. Weiss Ratings lowered shares of Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Maxim Group upgraded shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Co-Diagnostics has an average rating of “Hold” and an average price target of $45.00.

About Co-Diagnostics

Co-Diagnostics, Inc. is a molecular diagnostics company that develops and commercializes diagnostic tests and laboratory technologies. Based in Salt Lake City, Utah, the company focuses on assays that detect genetic material from infectious diseases and other medical conditions. The company’s core technology is its CoPrimer platform, which is designed to support the development of molecular tests using specialized primer technology. Products associated with the platform include the Logix Smart line of real-time polymerase chain reaction (PCR) assays, covering applications such as respiratory and other infectious diseases.