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

Co-Diagnostics (NASDAQ:CODX) released its quarterly earnings results on Thursday. The company reported ($1.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 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 down $0.05 during trading hours on Friday, reaching $1.44. The stock had a trading volume of 215,444 shares, compared to its average volume of 2,849,896. The firm has a 50-day simple moving average of $2.73 and a 200-day simple moving average of $2.67. Co-Diagnostics has a twelve month low of $1.26 and a twelve month high of $46.50. The firm has a market capitalization of $5.31 million, a PE ratio of -0.09 and a beta of 2.87.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of 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 in the last quarter. Jane Street Group LLC grew its stake in shares of Co-Diagnostics by 314.1% in the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after buying an additional 126,105 shares in the last quarter. Finally, Virtu Financial LLC boosted its holdings in shares of Co-Diagnostics by 393.8% during 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. Institutional investors own 14.99% of the company’s stock.

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.