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

Co-Diagnostics (NASDAQ:CODX) released its earnings results on Thursday. The company reported ($1.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.00) by $1.54, FiscalAI reports. The firm had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.13 million. Co-Diagnostics had a negative return on equity of 184.54% and a negative net margin of 6,531.77%.

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 Down 6.0%

Shares of NASDAQ:CODX traded down $0.09 during trading on Friday, reaching $1.40. 330,139 shares of the stock were exchanged, compared to its average volume of 401,315. Co-Diagnostics has a 12 month low of $1.26 and a 12 month high of $46.50. The firm has a market cap of $5.16 million, a PE ratio of -0.09 and a beta of 2.87. The stock has a 50-day moving average price of $2.65 and a 200-day moving average price of $2.66.

Wall Street Analyst Weigh In

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

Institutional Trading of Co-Diagnostics

Several institutional investors have recently added to or reduced their stakes in CODX. Jane Street Group LLC grew its holdings in Co-Diagnostics by 314.1% in the 2nd 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. Virtu Financial LLC boosted its position 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. Finally, Geode Capital Management LLC grew its stake in shares of Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after acquiring an additional 129,158 shares in the last quarter. 14.99% of the stock is currently owned by institutional investors.

About Co-Diagnostics

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.