Co-Diagnostics (CODX) easily topped Wall Street’s second-quarter forecasts late Thursday, leading CODX stock to surge to a five-month high on Friday.
The company credited strong sales of a Covid-19 test, dubbed Logix Smart. Overall, sales popped nearly 14% to $27.4 million. Analysts polled by FactSet called for just $20.8 million in sales. Co-Diagnostics also earned 33 cents per share, beating projections by 11 cents. But earnings fell 35% year over year.
In midday trading on the stock market today, CODX stock jumped 16.2% near 11.20. That put shares at their highest point since March.
Chief Executive Dwight Egan acknowledged the continued need for Covid tests as the virus continues to mutate.
“As new variants of Covid-19 continue to emerge and affect the global population, we remain steadfast in our mission to deliver high-quality diagnostic testing kits to customers throughout the world,” Egan said in a written statement.
CODX Stock Hits High Point
Bullishly for CODX stock, the company called for $23 million to $25 million in third-quarter sales. On a year-over-year basis, sales would advance 10%.
But the company also projected 19-22 cents adjusted profit per share. At the midpoint, earnings would tumble 61%.
CEO Egan noted the company is making “significant investments” in talent and research and development.
But CODX stock isn’t highly rated, according to IBD Digital. Shares have a Composite Rating of 43 out of a best-possible 99. This means Co-Diagnostics stock performs in the bottom half of all stocks in terms of fundamental and technical measures.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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