Co-Diagnostics Inc Stock Price, News & Analysis

Co-Diagnostics, Inc. (Nasdaq: CODX) is participating in the 22nd MEDEXPO Africa 2022 in Nairobi, Kenya from June 9-11. This significant event showcases over 30 countries' medical technology solutions, aiming at buyers seeking innovative products and services. This marks Co-Dx's first trade show in Africa, enhancing its initiative to promote COVID-19 and other infectious disease tests across the continent. Notably, the company has completed the design of a PCR test for monkeypox. Interested attendees can find Co-Dx at Booth #124.

Co-Diagnostics, Inc. (Nasdaq-CM: CODX) has completed the principal design of a PCR test for the monkeypox virus, amid a multi-country outbreak. The test will leverage the Company's patented CoPrimer™ technology and proprietary software system. CEO Dwight Egan emphasized the need for prompt action against potential outbreaks, highlighting Co-Dx's mission to enhance access to affordable, high-quality molecular testing globally. The World Health Organization reported monkeypox cases in 18 non-endemic countries since May 13, 2022.

Co-Diagnostics, Inc. (Nasdaq-CM: CODX) announced its participation at the H.C. Wainwright & Co. 2022 Global Investment Conference, scheduled for May 23-26 in Miami, Florida. CEO Dwight Egan will present on May 25 at 1:30 PM ET, discussing the company's recent performance and its new Co-Dx PCR Home Diagnostic Platform. Egan highlighted Florida's significance as a market, contributing over $28 million in revenue since the pandemic began. The conference aims to engage institutional investors and industry professionals.

Co-Diagnostics, Inc. (NASDAQ: CODX) reported record first-quarter revenue of $22.7 million and a diluted EPS of $0.34 for the period ending March 31, 2022. Revenue growth was driven mainly by sales of the Logix Smart™ COVID-19 Test. Gross profit rose to $19.4 million, reflecting an 85.5% gross margin. However, operating income slightly decreased to $9.8 million due to increased R&D expenses. Cash reserves increased to $97.4 million, providing a strong foundation for future growth. Despite positive results, management highlighted challenges in forecasting future COVID-19 test sales due to changing market conditions.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced its participation at the Medical Fair Brasil from May 3-6, 2022, in São Paulo. This international exhibition focuses on hospital and diagnostic supplies, attracting key healthcare professionals. Co-Dx will showcase its innovative molecular diagnostic technologies, including a new point-of-care rapid PCR diagnostics platform. The event offers an opportunity for Company representatives to connect directly with decision-makers in healthcare, enhancing product visibility and potential sales.

Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company, announced that it will release its first quarter 2022 financial results on May 12, 2022, after market close. A conference call and webcast will follow at 4:30 p.m. EDT to discuss these results with analysts and investors. Key management, including CEO Dwight Egan and CFO Brian Brown, will participate in the call. The call will be accessible via the company's website and will also be recorded for later viewing.

Co-Diagnostics, Inc. (Nasdaq: CODX) will host a booth at the 32nd European Congress of Clinical Microbiology & Infectious Diseases (ECCMID) in Lisbon, Portugal, from April 23-26, 2022. This congress will gather over 14,000 experts to discuss advances in clinical microbiology and infectious diseases. Co-Dx aims to engage potential international customers and showcase its upcoming rapid PCR diagnostics platform. The event will feature both onsite and online sessions, enhancing accessibility for attendees. For more details, visit ECCMID's official site.

Co-Diagnostics, Inc. (Nasdaq: CODX) announced that its joint venture, CoSara Diagnostics, has received clearance from India's Central Drugs Standard Control Organization (CDSCO) to manufacture and sell the SARAQ™ Hepatitis C Viral Load Kit as an in vitro diagnostic. This new real-time PCR test is crucial for assessing responses to antiviral treatments for Hepatitis C, a disease causing nearly 300,000 deaths annually. With over 58 million people affected globally, the test represents an essential addition to CoSara's growing diagnostics portfolio, enhancing patient care in regions with high disease burdens.

Co-Diagnostics, Inc. (NASDAQ: CODX) reported record full-year revenue of $97.9 million for 2021, up $23.3 million year-over-year, driven by sales of Logix Smart™ COVID-19 tests. Gross profit increased to $86.3 million, representing 88.2% of revenue. Net income was $36.7 million, down from $42.5 million in 2020. The company completed two strategic acquisitions and revealed a new at-home PCR diagnostic platform. Looking ahead, Q1 2022 revenue is projected between $21.0 million and $22.0 million.