Co-Diagnostics sees record 3Q revenue of $30.1M on Logix Smart coronavirus test sales

Co-Diagnostics (NASDAQ:CODX) Inc has announced record third-quarter 2021 revenue of $30.1 million, a 38% year-over-year increase, which the company attributed primarily to sales of its Logix Smart coronavirus (COVID-19) test.

Co-Diagnostics (NASDAQ:CODX) also recorded a 67.5% increase in its gross profit for the quarter to $26.8 million, representing 89% of consolidated revenue due to improved product mix as compared to the same period last year.

“This quarter brought continued growth and strong positioning for sustainability,” Co-Diagnostics CEO Dwight Egan said in a statement.

READ: Co-Diagnostics says its Logix Smart COVID-19 test has been approved for sale in the UK

“We believe that our diverse international customer base, clean balance sheet and steady cash accumulation, in addition to our high-quality products whose performance has been validated by laboratories and regulatory bodies across the world, help us stand out from the crowd and all contributed to our record sales in Q3,” Egan added.

Other highlights for the quarter included pre-tax income of $13.6 million and fully diluted earnings per share of $0.38.

The company noted it ended 3Q with $83.9 million in cash and equivalents as of September 30, 2021, an increase of $11.5 million from the end of June this year.

As well, Co-Diagnostics has provided guidance for its full year of 2021, with the company expecting its revenue to be in the range of $96 million to $100 million and diluted earnings per share forecasted to come in between $1.07 and $1.16.

It added that it expects to end the year with about 30 million shares outstanding and a corporate effective tax rate of around 18%.

Co-Diagnostics’ proprietary molecular diagnostics technology is paving the way for innovation in disease detection and life sciences research through its enhanced detection of genetic material. Because the company owns its platform, it is able to accomplish this faster and more economically, allowing for wider margins while still positioning Co-Diagnostics to be the worldwide low-cost leader of molecular diagnostics services.

Contact Sean at [email protected]

Story by ProactiveInvestors