Co-Diagnostics (NASDAQ:CODX) Posts Quarterly Earnings Results, Misses Expectations By $0.31 EPS

Co-Diagnostics (NASDAQ:CODX) posted its quarterly earnings data on Thursday. The company reported ($4.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.75) by ($0.31), Zacks reports. Co-Diagnostics had a negative return on equity of 143.23% and a negative net margin of 6,760.63%.The business had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.13 million.

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 NASDAQ CODX traded down $0.35 during midday trading on Friday, reaching $1.29. 413,980 shares of the company’s stock were exchanged, compared to its average volume of 735,483. Co-Diagnostics has a 52-week low of $1.26 and a 52-week high of $46.50. The stock has a market capitalization of $4.63 million, a PE ratio of -0.04 and a beta of 1.26. The business’s fifty day moving average price is $1.91 and its two-hundred day moving average price is $5.28.

Analysts Set New Price Targets

Several research analysts have commented on the company. Maxim Group lowered Co-Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. One 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $67.50.

Institutional Trading of Co-Diagnostics

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC increased its position 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 last quarter. Jane Street Group LLC increased 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 acquiring an additional 126,105 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 acquiring an additional 129,158 shares during the last quarter. 14.99% of the stock is owned by hedge funds and other institutional investors.

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.