Co-Diagnostics Inc Stock Price, News & Analysis

Co-Diagnostics, Inc. (Nasdaq-CM: CODX) anticipates reporting its highest quarterly revenue in history for Q4 2020, exceeding analyst estimates between $24 million and $25.98 million. This surge is attributed to increased demand for COVID-19 diagnostic products, showing a growth of 20-25% over Q3 2020 revenue of $21.82 million. CEO Dwight Egan highlighted the impact of COVID-19 in driving sales. However, final revenue figures may vary as they are based on preliminary internal financial reports, and readers are cautioned against reliance on forward-looking statements.

Co-Diagnostics, Inc. (Nasdaq: CODX) has completed the principal design for a PCR test targeting mutations in the new SARS-CoV-2 variant, VUI 202012/01. This strain exhibits several mutations and may be more transmissible. The company's CoPrimer platform is noted for its accuracy in distinguishing similar genetic sequences, reducing false positives. Co-Diagnostics emphasizes that the new test will be a distinct product and that existing COVID-19 diagnostics should remain unaffected. CEO Dwight Egan highlighted the rapid development capabilities of their technology.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced the sale of over 10 million Logix Smart™ COVID-19 Test Kits to laboratories and distributors worldwide. The company anticipates strong Q4 revenue exceeding Q3 2020 figures, highlighting the effectiveness of its business model. CEO Dwight Egan emphasized the company's commitment to providing high-quality diagnostics, including tests for influenza and multiplex tests in its portfolio. Additionally, Co-Diagnostics' joint venture in India received CDSCO clearance for various RT-PCR tests, expanding its reach in the diagnostics market.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced that its joint venture, CoSara Diagnostics Pvt Ltd, received clearance from India's Central Drugs Standard Control Organization to manufacture and sell the Saragene™ COVID-19 2-gene multiplex RT-PCR test. This in vitro diagnostic test targets the SARS-CoV-2 virus using patented CoPrimer™ technology and is designed to meet multi-target diagnostic needs. The test will support India's efforts to manage COVID-19 testing and aligns with World Health Organization guidelines.

Co-Diagnostics, Inc. (Nasdaq: CODX) has announced regulatory authorization for its Logix Smart™ ABC test for Influenza A/B and the Logix Smart™ SARS-CoV-2 multiplex test, allowing sales in CE-marking markets. These tests enable simultaneous detection of influenza and COVID-19, addressing the need for accurate diagnostics amid overlapping symptoms. The company's CoPrimer™ technology enhances test specificity, reducing false positives. The CE markings facilitate immediate export and sales in the European Community and other global markets.

Co-Diagnostics, Inc. (CODX) reported strong Q3 2020 results with revenues of $21.8 million and a net income of $15.7 million, equating to $0.53 per diluted share. YTD net income reached $29.7 million. The company received CE markings for two key products: the Logix Smart ABC test and the SARS-CoV-2 multiplex test. A substantial increase in stockholders' equity to $52.7 million from $1.7 million at the year's start was noted. CoSara Diagnostics reported $3.0 million in Q3 revenue, a threefold increase from Q2.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced that their CoPrimer™ platform can detect SARS-CoV-2 directly from saliva samples without RNA extraction. The company’s whitepaper highlights the technology's efficiency in providing rapid and cost-effective COVID-19 testing. CEO Dwight Egan emphasized the market potential for extraction-free tests, indicating plans to integrate these into their offerings. The recent collaboration with Clinical Reference Laboratory (CRL) will enhance consumer access to their saliva-based tests, further positioning CODX as a leader in molecular diagnostics.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced it will release its third quarter 2020 earnings on November 16, 2020, after market close. An earnings call will be hosted at 4:30 PM EDT, featuring prepared remarks from CEO Dwight Egan and a Q&A session for analysts. The call will be recorded and later accessible on the company's website. Co-Diagnostics focuses on developing innovative molecular diagnostics technology and utilizes its proprietary methods to create tests for various industries, including infectious diseases.

Co-Diagnostics, Inc. (Nasdaq: CODX) is set to amend its Q2 2020 Form 10-Q due to an incorrectly recorded expense. This amendment will reflect an increase in basic and diluted net income per share to $0.51, up from a previously reported $0.08. The amended report is expected to be filed before the Q3 2020 Quarterly Report. The company focuses on the development of molecular diagnostic tests utilizing its proprietary technology.