Co-Diagnostics Inc. (CODX) shares jumped 13.06% in after-hours on Thursday, November 11, 2021, and closed the daily trading at $9.78. Even in the regular trading session, CODX’s stock gained 0.12%. CODX shares have fallen 34.96% over the last 12 months, and they have moved up 1.53% in the past week. Over the past three months, the stock has lost 18.40%, while over the past six months, it has soared 2.25%.
Let’s see what’s going on with the company?
CODX latest announcement
On November 11, 2021, Co-Diagnostics, Inc. (CODX) released financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- CODX reported total revenue of $30.1 million in Q3 2021 compared to $21.8 million in Q3 2020.
- The cost of revenue was $3.3 million in Q3 2021 compared to $5.8 million in Q3 2020.
- Gross profit increased 67.5% to $26.8 million in Q3 2021 compared to $16.0 million in Q3 2020.
- Total operating expenses were $13.2 million compared to $4.0 million in Q3 2020.
- It earned a net income of $11.5 million or $0.38per diluted share in Q3 2021 compared to a net income of $15.7 million or $0.53 per in the prior-year third quarter.
- The company ended the quarter with cash, cash equivalents, and marketable securities of $83.9 million.
FY 2021 Financial Outlook
For FY 2021, Co-Diagnostics is expecting,
- Total revenue to be in the range of $96.0 million to $100.0 million.
- Diluted earnings per share are forecasted to be in the $1.07to $1.16
Update about CODX Logix Smart™ COVID-19 2-Gene test
On November 4, 2021, Co-Diagnostics, Inc. (CODX), announced that its Logix Smart™ SARS-CoV-2 2-Gene multiplex test has been validated according to the United Kingdom Health Security Agency’s (“UKHSA”) Medical Devices (Coronavirus Test Device Approvals) (Amendment) Regulations 2021 (CTDA) and is available for sale in the UK under the Regulation.
India approve CODX Saragene™ test
On October 6, 2021, Co-Diagnostics, Inc. (CODX) announced that CoSara Diagnostics Pvt Ltd, its joint venture for manufacturing and sales in India, has received clearance from the Central Drugs Standard Control Organization (CDSCO) in India to manufacture and sell its Saragene™ Dengue and Chikungunya Multiplex RT-PCR test as an in vitro diagnostic (IVD).
CODX At Home/Point of Care Device
Co-Diagnostics, Inc. (CODX) introduced its upcoming at-home and point-of-care PCR device in a press conference at the 2021 AACC Annual Scientific Meeting & Clinical Lab Expo, which was held on September 26-30 in Atlanta, GA. During the event, Co-Diagnostics also promoted its existing suite of diagnostics products and technology applications.
Conclusion
CODX stock performed well on Thursday, after its improved financial figures for Q3 2021. We can expect it to continue to remain in positive mode on Friday as well.
