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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