Co-Diagnostics (NASDAQ: CODX) reported Q3 EPS of $0.53, $0.10 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $21.82 million versus the consensus estimate of $32.79 million.

Q3 2020 Highlights:

• Company continues COVID-19 test sales and reports $21.8 million of revenue in Q3;
• Quarterly net income of $15.7 million and net income per diluted common share of $0.53;
• Year-to-date net income of $29.7 million and $1.07 per diluted common share;
• Additionally, CoSara Diagnostics, the Company's India joint venture, also continues COVID-19 sales and reports $3.0 million of revenue in Q3, nearly a 3-fold increase over Q2;
• Quarterly net gain from investment in CoSara increased to $748,000 from $250,000 in Q2;
• Stockholders' equity increased to $52.7 million compared to $1.7 million at the beginning of the year.
• Continues to show strong gross margins of 73% on quarterly sales;
• Cash, cash equivalents and marketable securities were $27.3 million as of September 30, 2020, an increase of $26.4 million over 12/31/2019.

"Co-Diagnostics continues to see widespread uptake of our COVID-19 test domestically and abroad, and we believe our customer and distributor bases are laying the foundation for a strong future," said Dwight Egan, Chief Executive Officer. "Development projects both completed and ongoing have helped position Co-Diagnostics as a key player in the battle against the coronavirus pandemic, including receipt today of two important CE markings that will allow our ABC and COVID-19 2-gene tests to be sold as in vitro diagnostics in areas that accept CE markings as valid regulatory approval. The strength and flexibility of our technology platform as illustrated by our enhanced patent protection and successful proof of concept in extraction-free COVID-19 tests underscore our core competency as a forward-looking technology company with a expanding menu of critical diagnostic tools."

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