Co-Diagnostics (NASDAQ:CODX) Releases 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 the consensus estimate of ($3.00) by $1.54, FiscalAI reports. Co-Diagnostics had a negative net margin of 6,760.63% and a negative return on equity of 164.92%. The business had revenue of $0.17 million for the quarter, compared to analysts’ expectations of $0.13 million.

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 Stock Up 0.7%

Shares of NASDAQ CODX traded up $0.01 on Thursday, hitting $1.49. The company had a trading volume of 669,784 shares, compared to its average volume of 371,807. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50. The business has a 50 day moving average of $2.73 and a two-hundred day moving average of $2.67. The firm has a market capitalization of $5.50 million, a P/E ratio of -0.09 and a beta of 2.87.

Analysts Set New Price Targets

A number of analysts have recently commented 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 report on Thursday, June 11th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $67.50.

Institutional Investors Weigh In On Co-Diagnostics

Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC grew its position in 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 in the last quarter. Jane Street Group LLC lifted its position in shares of 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 purchasing an additional 126,105 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position 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 purchasing an additional 129,158 shares in the last quarter. 14.99% of the stock is currently owned by hedge funds and other 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.