Co-Diagnostics Inc Down 9.24% To $1.08 After Earnings Miss

Friday, March 15, 2024 - Co-Diagnostics Inc (CODX) reported downside earnings and revenues today.

The consensus among analysts for Co-Diagnostics Inc was for an earnings per share (EPS) loss of $0.20 per share. The firm failed to meet those projections, reporting an EPS loss of $0.50 per share, a negative surprise of $0.3 (-150%). Profits fell 163% year-over-year after reporting an EPS loss of $0.19 per share in its year-ago quarter. The negative growth rate signals that the Healthcare company isn't performing well amid current economic conditions.

Revenues were downbeat at $3.6 million. That is an increase of 153.75% in revenues from the year-ago report and is 1.80% lower than consensus estimates set at $3.6 million.

The stock is down 9.24% to $1.08 after the report.

Co-Diagnostics Inc's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Co-Diagnostics Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 12, putting Co-Diagnostics Inc in the bottom 25% of stocks. The firm set a 52-week low on May 26, 2023 at $0.98 and set a 52-week high on March 16, 2023 at $2.99.

Co-Diagnostics Inc is a molecular diagnostics company. It develops, licenses, and commercializes molecular technologies such as lab systems (MDx device) and manufacture and sell reagents used for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). CDI's low-cost system uses its tests to diagnose tuberculosis, Zika, hepatitis B and C, Malaria, dengue and HIV. The company's diagnostics systems enable very rapid, low-cost, sophisticated molecular testing for organisms and genetic diseases by greatly automating historically complex procedures in both the development and administration of tests.