Monday, December 27, 2021 4:31:24 PM
The molecular testing company is expected to benefit from the rise in cases of the omicron COVID-19 variant.
Jim Halley
Dec 27, 2021 at 4:21PM
Key Points
The company, through nine months, has seen revenue rise by 63.4% year over year.
Co-Diagnostics is developing an at-home COVID-19 test.
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What happened
Co-Diagnostics (NASDAQ:CODX) saw its shares rise 15.8% on Monday. The molecular diagnostics company, which closed at $9.41 on Thursday, opened at $9.50 on Monday and rose to $10.90 shortly after noon. The company is up more than 9.9% for the year. The stock is still closer to its 52-week low of $7.01 than its 52-week high of $20.68.
So what
The company didn't have any breaking news, but the continued rise in the omicron COVID-19 variant buoyed the company's stock. The company also announced last week that it is near to releasing its at-home COVID-19 test.
It's been a big year for Co-Diagnostics, thanks to its group of COVID-19 polymerase chain reaction (PCR) diagnostic assays. Last month, the company said its revenue through nine months was $77.5 million, up 63.4% year over year, adding that it expected full-year revenue of $96 million to $100 million, compared with $74.55 million last year. The company's reported net income through nine months of $29.2 million represents a drop of 1.7% over the same period last year, but the company is still on track for a second consecutive year in the black and its second profitable year since its initial public offering in 2017. Most of its $30.1 million revenue (89%) in the quarter was due to sales of its Logix Smart COVID-19 test, Co-Diagnostics said.
One reason for the lowered net income is the company just purchased Idaho Molecular and Advanced Conceptions with 4.72 million shares of stock to help it ramp up its at-home Eikon testing platform and YourTest PCR device for its market release, possibly in the first quarter of 2022. The company said it expects the deal to close by the end of this year, and both companies will be subsidiaries of Co-Diagnostics.
Though the Food and Drug Administration has yet to approve the test, the point will be for the Eikon platform to use nasal swab and saliva samples to test for COVID-19 and other diseases. Co-Diagnostics CEO Dwight Egan said, in the third-quarter report, that the company is shooting for affordable PCR tests at point-of-care and at-home settings to help slow the spread of COVID.
Now what
Co-Diagnostics' rise has been due almost entirely to the need for increased testing for COVID-19. While recent events show that the disease may not go away anytime soon, the biotech company will still need to extend its revenue streams to be a good long-term stock. It has shown it is looking to do that with multi-use tests. While the stock certainly has risks, it doesn't appear to be overpriced, with a forward price-to-earnings ratio of 9.633.
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Recent CODX News
- Co-Diagnostics, Inc. Announces First Quarter 2024 Earnings Release Date and Webcast • PR Newswire (US) • 04/25/2024 01:30:00 PM
- Co-Diagnostics, Inc. to Host Booth and Deliver Presentation at APRC 2024 in Taiwan • PR Newswire (US) • 04/24/2024 01:30:00 PM
- Co-Diagnostics, Inc. Inaugurates New Manufacturing Facility in Utah with Ribbon Cutting Event • PR Newswire (US) • 04/12/2024 01:30:00 PM
- Co-Diagnostics, Inc. Appoints New President and Other C-Level Positions • PR Newswire (US) • 04/04/2024 01:30:00 PM
- Co-Diagnostics, Inc. CEO Delivers Manufacturing and Commercialization Update in Conference Keynote Address • PR Newswire (US) • 03/21/2024 01:30:00 PM
- Co-Diagnostics, Inc. CEO to Deliver Keynote Address at MarketsandMarkets 2024 in London, England • PR Newswire (US) • 03/18/2024 01:30:00 PM
- Co-Diagnostics, Inc. Reports Full Year 2023 Financial Results • PR Newswire (US) • 03/14/2024 08:01:00 PM
- Co-Diagnostics, Inc. JV CoSara Receives Clearance from Indian Regulators for Influenza Multiplex PCR Test • PR Newswire (US) • 03/07/2024 02:30:00 PM
- Co-Diagnostics, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Release Date and Webcast • PR Newswire (US) • 02/29/2024 02:30:00 PM
- Co-Diagnostics, Inc. Shares List of Upcoming Industry Conferences and Events for February 2024 • PR Newswire (US) • 02/01/2024 02:30:00 PM
- Co-Diagnostics, Inc. to Host Booth at CES 2024 January 9-12 • PR Newswire (US) • 01/03/2024 02:30:00 PM
- Co-Diagnostics, Inc. Completes Submission to FDA for Co-Dx PCR Pro • PR Newswire (US) • 12/27/2023 02:30:00 PM
- Co-Diagnostics, Inc. to Participate in the Piper Sandler 35th Annual Healthcare Conference in New York City on November 30, 2023 • PR Newswire (US) • 11/29/2023 02:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/27/2023 09:50:41 PM
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- Co-Diagnostics, Inc. Reports Third Quarter 2023 Financial Results • PR Newswire (US) • 11/09/2023 09:01:00 PM
- Co-Diagnostics, Inc. Announces Additional Grant Award for Tuberculosis Test in Development • PR Newswire (US) • 11/02/2023 01:30:00 PM
- Co-Diagnostics, Inc. Shares List of Upcoming Industry Conferences and Events for November 2023 • PR Newswire (US) • 10/31/2023 01:30:00 PM
- Co-Diagnostics, Inc. Announces Third Quarter 2023 Earnings Release Date and Webcast • PR Newswire (US) • 10/26/2023 01:30:00 PM
- Co-Diagnostics, Inc. to Host Booth at CASMET Symposium October 23-25 • PR Newswire (US) • 10/23/2023 01:30:00 PM
- Co-Diagnostics, Inc. to Host Booth at Medlab Africa 2023 in Johannesburg, South Africa • PR Newswire (US) • 10/16/2023 01:30:00 PM
- Co-Diagnostics, Inc. to Participate in the 2023 UHCA/UCAL Fall Convention & Expo on Sept 27-28 • PR Newswire (US) • 09/27/2023 01:30:00 PM
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