Co-Diagnostics Stock Moves Higher As Q2 Earnings Top Estimates

Co-Diagnostics Inc's CODX Q2 revenue increased 14% Y/Y to $27.4 million, primarily due to Logix Smart COVID-19 Test sales, beating the consensus of $20.77 million.
Gross profit increased 37.6% to $24.9 million, with margin expanding to 90.8% from 75.1% in Q2 FY20 due to reduced production costs and improved product mix compared to the prior-year period.
Operating income totaled $11.8 million, representing a 19.8% Y/Y decrease due to increased sales and marketing expenses due to increased third-party sales commissions and increased R&D expenses related to the Eikon point of care technology platform.
Co-Diagnostics reported EPS of $0.33, down from $0.51 a year ago, surpassing the consensus of $0.22.
Cash, cash equivalents, and marketable securities totaled $72.4 million.
Guidance: For Q3, Co-Diagnostics expects revenue of $23.0 million - $25.0 million, better than the consensus of $18.12 million.
It forecasts EPS of $0.19 - $0.22, compared to the consensus of $0.18.
Co-Diagnostics also sees increased development expenses for its Eikon point of care technology platform.
Price Action: CODX shares are up 9.93% at $10.63 during the market session on the last check Friday.

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