- Co-Diagnostics Inc (NASDAQ:CODX) reported first-quarter revenue growth of 13.4% year-over-year to $22.7 million, beating the consensus of $20.17 million.
- The increase in revenue is attributable to the Logix Smart™ COVID-19 Test sales.
- EPS was $0.34 for the quarter, above the consensus of $0.17.
- The gross margin expanded by 188 bps to 85.5%.
- Operating income declined by 5% Y/Y to $9.82 million, and margin contracted by 833 bps to 43.3%.
- Adjusted EBITDA was $11.41 million (-0.4% Y/Y), and the margin declined 690 bps to 5.3%.
- Cash, cash equivalents, and marketable securities totaled $97.4 million as of March 31, 2022.
- "While we remain very confident about the long-term potential of our business, our ability to accurately forecast Logix Smart™ COVID-19 Test sales through the balance of the year has diminished due to decreased mask mandates in the United States, continued emergence and spread of new variants, and persistently low vaccination rates in many parts of the world.
- "As a result, it has become difficult to predict with any level of precision the cumulative impact of these and other factors on our future financial results. For these reasons, we are not providing quarterly guidance at this time and will reassess this position in the future," commented Dwight Egan, Co-Diagnostics CEO.
- CODX Price Action: Co-Diagnostics shares are trading higher by 11.11% at $4.40 after market hours Thursday.
