Co-Diagnostics Q3 revenue rises, operating expenses fall 12%

Overview

• US molecular diagnostics firm's Q3 revenue rose yr/yr, but losses continued

• Operating expenses for Q3 fell 12% yr/yr, narrowing adjusted EBITDA loss

• Company completed $2.1 mln convertible debt financing after quarter-end

Outlook

• Company says focus is on supporting regulatory reviews in India and the U.S.

• Co-Diagnostics aims to advance feasibility work with ReadyGo and expand Vector Smart platform

Result Drivers

• REGULATORY SUBMISSIONS - Co said two regulatory submissions are under review in India and the US, including a tuberculosis test and a Flu A/B & RSV test

• PLATFORM EXPANSION - Co launched cloud and mobile infrastructure in India and completed first international deployment of Vector Smart platform

• AUTOMATION INITIATIVE - Co demonstrated automation of test-cup manufacturing line, reducing cycle time by 45% and increasing output by 74%

Company press release:

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• Wall Street's median 12-month price target for Co-Diagnostics Inc is $4.00, about 1,153.9% above its November 9 closing price of $0.32

Reuters Recommended Reads

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• Nov 9 - Quanterix Q3 revenue rises 6.3% sequentially

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)