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Co-Diagnostics stock has reversed after surging ahead of it's first-quarter earnings Thursday and up date of it's Coronavirus test. $CODX had hit multiple all time highs ahead of the reports.

Coronavirus Test
 

Market Summary > Co-Diagnostics Inc NASDAQ: CODX

After hours 20.06 −2.07 (-9.35%)

Open 26.72 High 29.72 (ATH) Low 18.35 Close $22.13

Co-Diagnostics Inc NASDAQ: CODX Reported Earnings After Close Thursday

($0.05) Missed (Exp $0.04) EPS AND $1.5 Million Beat 1 Million Revenue Forecast

Earnings

Co-Diagnostics reported for first quarter earnings with a (loss) per common share of (0.05) and $1.5 Million of revenue with analysts polled by Zacks Investment Research expecting $1 million in sales and a 4-cent loss per share. In the year-ago period, the medical company, whose stock trades as CODX, had no revenue to report and a 9-cent per-share loss.

Key will be what Co-Diagnostics says about its coronavirus test.

Highlights

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."

Co-Diagnostics was among the first companies to launch a coronavirus test and gained Food and Drug Administration emergency use authorization in early April. This allowed the small testing company to begin selling in the U.S.

Logix Smart™ Coronavirus 2019 (COVID-19) Test Kit The Logix Smart™

Coronavirus Disease 2019 (COVID-19) Test kit is an in vitro diagnostic test that uses our patented CoPrimer™ technology for the qualitative detection of the RNA from SARS-CoV-2 coronavirus (COVID-19). The test operates using a single step real-time reverse transcriptase polymerase chain reaction (RT-PCR) process in lower respiratory tract fluids (e.g. bronchoalveolar lavage, sputum, tracheal aspirate), and upper respiratory tract fluids (e.g. nasopharyngeal and oropharyngeal swabs) from patients who meet the clinical criteria (e.g. signs and symptoms) for coronavirus disease 2019 (COVID-19) as established by WHO (WHO, 2020) and the US CDC (CDC, 2020) (e.g. fever, cough, shortness of breath, travel history to China).

  • Ready-to-use Master Mix, complete with RNaseP internal positive control to verify sample quality
  • Positive Control (PC), to verify the performance of the master mix
  • Nuclease-Free Water as a negative control, to verify master mix is free from contamination

About Co-Diagnostics

Co-Diagnostics offers a range of products and services to suit the needs of diagnostics laboratories, research institutions, and enterprises that rely on PCR technology across the globe. Read more to learn about how Co-Diagnostics can help you save money through the application of more efficient, higher-performance molecular diagnostics technology.nbsp>;

Source: C-Diagnostics

From The TradersCommunity News Desk

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