Co-Diagnostics (NASDAQ:CODX) Releases Quarterly Earnings Results

Co-Diagnostics (NASDAQ:CODX) released its quarterly earnings data on Thursday. The company reported ($4.06) EPS for the quarter, missing the consensus estimate of ($3.75) by ($0.31), Zacks reports. The company had revenue of $0.15 million during the quarter, compared to analyst estimates of $0.13 million. Co-Diagnostics had a negative net margin of 7,546.43% and a negative return on equity of 125.46%.

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

• Co-Diagnostics said its upper respiratory multiplex test has completed enrollment of more than 1,400 patients, and management believes the data should support an FDA 510(k) submission for CLIA-waived point-of-care use. The company currently expects to file in the third quarter.
• The company highlighted continued progress in India, including CDSCO licensing to manufacture the PCR Pro instrument locally and expansion of CoSara’s territory across South Asia, lifting the estimated addressable market to $13 billion. Management also said CoSara may be able to stand on its own as a public entity and is evaluating strategic alternatives, including a potential SPAC transaction.
• Co-Diagnostics said its TB program is moving toward clinical performance studies beginning before month-end, with potential commercialization in India as early as the end of the third quarter. Management emphasized favorable WHO guidance and India’s large TB testing need as key supports for the opportunity.
• In Saudi Arabia, the CoMira joint venture secured approval for industrial land allocation in Sudair Industrial City and is moving into facility lease and site development. Management said the project could position CoMira among the early domestic manufacturers of molecular diagnostics in the kingdom.
• Financial results remain early-stage, with Q1 revenue of $146,000 and a net loss of $9.1 million. Cash and cash equivalents fell to $8.2 million, and management said additional capital will likely be needed to fund commercialization and development plans.

Co-Diagnostics Stock Performance

Shares of Co-Diagnostics stock traded down $0.35 on Friday, hitting $1.29. The stock had a trading volume of 413,980 shares, compared to its average volume of 966,531. The firm has a market capitalization of $4.63 million, a P/E ratio of -0.04 and a beta of 1.26. The stock has a 50 day moving average of $1.93 and a 200 day moving average of $5.34. Co-Diagnostics has a twelve month low of $1.26 and a twelve month high of $46.50.

Hedge Funds Weigh In On Co-Diagnostics

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in Co-Diagnostics by 40.4% during the 4th 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 raised its holdings in Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares during the last quarter. Finally, Virtu Financial LLC lifted 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 buying an additional 100,901 shares in the last quarter. 14.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CODX has been the subject of several recent analyst reports. Maxim Group cut shares of Co-Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Co-Diagnostics has an average rating of “Hold” and a consensus target price 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.