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.

>> 7 Top Picks for the Post-Pandemic Economy << 

CODX stock, Financial Highlights

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

Discover Tomorrow's Stocks Today!

When it comes to discovering hidden gems within the stock market, Stock Wire News has consistently provided invaluable insights. Stock Wire News invites you to explore their upcoming Wealth Building Report. This report will shine a spotlight on little-known companies with the potential for substantial growth in 2024, and it's completely FREE for a limited time.

Claim the free report now by clicking here and start discovering the hidden gems of the market
Sponsored
  • 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.

Read More

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.

Most Popular

Related posts