Co-Diagnostics (CODX) Reports In-Line Q1 EPS, Revenues Beat

Co-Diagnostics (NASDAQ: CODX) reported Q1 EPS of ($0.05), in-line with the analyst estimate of ($0.05). Revenue for the quarter came in at $1.55 million versus the consensus estimate of $620 thousand.

Q1 2020 Highlights:

• Company commences COVID-19 test sales and reports $1.5 Million of revenue in Q1
• Gross margins of 71.5% on sales of Logix Smart™ COVID-19 test kits
• Raised capital with net proceeds of $18 million
• First US company to receive CE marking for COVID-19 test kit (February 24)

Q2 2020 Mid-Quarter Highlights:

• Receives FDA Emergency Use Authorization on COVID-19 test kit on April 3, 2020;
• Company manufactures more than 6 million COVID-19 tests to date, and has ordered components for more than 20 million additional tests to fill existing and expected orders in the near future;
• Records COVID-19 test and equipment sales of over $18 Million YTD through mid-second quarter (unaudited);
• Receives COVID-19 test orders from public and private organizations in nearly 50 countries and over 15 states in the U.S.;
• COVID-19 test kit shows 100% specificity and 100% sensitivity in several independent evaluations;

"Co-Diagnostics has increased production capacity to meet growing demand for our tests," said Dwight Egan, Chief Executive Officer. "We have positioned the company to continue to make an important contribution in meeting the enormous demand for tests around the world. Our value proposition of accurate, high-throughput, and cost-effective tests continues to resonate with customers around the globe."

For earnings history and earnings-related data on Co-Diagnostics (CODX) click here.

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