HomeEquities ScoreCo-Diagnostics Inc. (CODX) stock soars during after-hour trading. Here’s to know why?

Co-Diagnostics Inc. (CODX) stock soars during after-hour trading. Here’s to know why?

Co-Diagnostics Inc. (NASDAQ: CODX) stock gained by 1.26% at last close while the CODX stock price rises by 11.58% in the after-hours trading. Co-Diagnostics is a molecular diagnostics business based in Utah that develops, produces, and distributes a novel, cutting-edge diagnostics technology.

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CODX stock, Financial Highlights

Following are the financial results released by Co-Diagnostics for its second quarter 2021.

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  • Revenue generated for Q2 2021 was $27.4 million, up 13.8 percent over the prior year quarter, was largely attributable to sales of the Logix Smart COVID-19 Test.
  • Due to lower manufacturing costs and a better product mix, gross profit grew 37.6% to $24.9 million, accounting for 90.8 percent of consolidated sales, compared to the prior-year quarter.
  • Higher sales and marketing expenditures as a consequence of increased third-party sales commissions, as well as greater research and development costs linked to the Eikon point of care technology platform, resulted in operating income of $11.8 million, a 19.8% reduction from the prior year quarter.
  • Net income was $9.8 million, relative to $15.0 million in the first quarter of the preceding year, or $0.33 per fully diluted share, vs $0.51 per fully diluted share in the second quarter of 2020.
  • As of June 30, 2021, cash, cash equivalents, and marketable securities totaled $72.4 million, up $12.3 million from March 31, 2021.
  • For the year-to-date period ended June 30, 2021, operating cash flows totaled $24.7 million, relative to $0.3 million in cash utilized in operations in the prior year period.

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Q3 2021 Insight

For the third quarter of 2021, Co-Diagnostics has provided the following assistance:

  • Revenue is expected to be between $23.0 million to $25.0 million.
  • Expenditure for their Eikon point-of-care technology platform have grown.
  • With shares outstanding estimated to be around 30 million and a corporate effective tax rate of around 19.0 percent, diluted earnings per share is anticipated to be in the $0.19 to $0.22 range.

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