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Co-Diagnostics Looks To Expand Monkeypox Testing Amid Falling COVID-19 Test Revenues

·1 min read
  • Co-Diagnostics Inc (NASDAQ: CODX) posted Q2 revenue of $5 million, down from $27.4 million a year ago, way below the consensus of $20.5 million, primarily due to lower demand for the Logix Smart COVID-19 Test.

  • The company posted an operating loss of $(4.1) million compared to an operating income of $11.8 million a year ago due to lower sales volumes and continued investments in R&D.

  • Co-Diagnostics recorded an EPS loss of $(0.08), a shift from an EPS income of $0.33, missing the consensus of $0.10.

  • Dwight Egan, Co-Diagnostics' Chief Executive Officer, remarked, "Our second quarter results reflect lower volumes for our Logix Smart COVID-19 Test, which we believe is primarily the result of a reduction in mandated testing in travel and public venues and government funding for testing programs."

  • The company has initiatives to actively address these pressures, such as growing the international distributor network, expanding the infectious disease testing menu, including monkeypox, and the upcoming at-home/point-of-care testing platform.

  • Adjusted EBITDA loss came in at $(2.3) million, a turnaround from an income of $12.9 million.

  • The company held a cash balance of $96 million.

  • Price Action: CODX shares are down 29.72% at $4.54 during the premarket session on the last check Friday.

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