Co-Diagnostics (CODX) Misses Q4 EPS by 5c, Revenues Beat
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Co-Diagnostics (NASDAQ: CODX) reported Q4 EPS of $0.43, $0.05 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $27.1 million versus the consensus estimate of $24.99 million.
Fourth Quarter 2020 Financial Results:
- Revenue of $27.1 million, primarily due to sales of the Logix Smart™ COVID-19 Test
- Gross profit increased to $22.8 million, representing 84.1% of consolidated revenue due to improved product mix as compared to the prior-year period
- Operating income improved to $16.0 million, due to record revenue and gross profit
- Income before taxes of $15.8 million
- Net income of $12.8 million, compared to a net loss of $1.7 million in the prior-year fourth quarter, representing $0.43 per fully diluted share
"This year marked a critical inflection point in our ability to establish Co-Diagnostics as a leading global molecular diagnostic company, driving innovation through our proprietary technologies across the infectious disease market," said Dwight Egan, Co-Diagnostics' Chief Executive Officer. "Our CoPrimer technology platform is well positioned to continue to play a significant role in providing the U.S. and many countries around the world, needed access to coronavirus testing. Demand for our Logix Smart COVID-19 Test drove record sales this year and, although COVID-19 test sales may not be as robust as in 2020, we anticipate demand for our portfolio of products to continue in 2021.
"Looking ahead, we expect our distribution platform, production capacity, product reliability, and ongoing product innovation will position the company for additional growth throughout the world. As the world seeks normalization, we anticipate continued demand for our COVID-19 tests and other diagnostic products as testing becomes a part of the long-term protocol for many organizations," concluded Egan.
For earnings history and earnings-related data on Co-Diagnostics (CODX) click here.
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