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

Co-Diagnostics (NASDAQ:CODX) released its earnings results on Tuesday. The company reported ($1.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.24, FiscalAI reports. Co-Diagnostics had a negative net margin of 6,531.77% and a negative return on equity of 210.99%. The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.17 million.

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

Shares of CODX traded down $0.01 during midday trading on Wednesday, reaching $0.28. The stock had a trading volume of 2,306,546 shares, compared to its average volume of 2,607,514. The company has a market cap of $2.62 million, a price-to-earnings ratio of -0.03 and a beta of 3.15. The company’s fifty day simple moving average is $0.85 and its two-hundred day simple moving average is $2.12. Co-Diagnostics has a 1-year low of $0.24 and a 1-year high of $13.54.

Analyst Upgrades and Downgrades

CODX has been the topic of a number of recent research reports. Weiss Ratings raised Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Wall Street Zen upgraded Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Maxim Group upgraded Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Co-Diagnostics presently has a consensus rating of “Hold” and an average target price of $45.00.

Co-Diagnostics Company Profile

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.