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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$282,881

$169,000 (1 Analyst)

Q3 EPS

$1.01


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

  • Nov 10 - Harvard Bioscience Q3 revenue rises 8%, beats estimates

  • Nov 10 - 908 Devices Q3 revenue growth beats estimates; hikes forecast

  • Nov 9 - Quanterix Q3 revenue rises 6.3% sequentially


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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