Co-Diagnostics Inc. (NASDAQ: CODX) stock plunged by 2.26% in the last trading close while continued to decline by 8.25% in the pre-market trading session after CODX announced its fourth quarter and full year 2020 financial results. Co-Diagnostics is a molecular diagnostic company that works in the field of developing, manufacturing, and marketing any new diagnostics technology. The technologies developed by CODX are used for tests which are made by using the detection and/or analysis of nucleic acid molecules (DNA or RNA).
Fourth Quarter and Full year 2020 Financial Results
- The revenue generated by CODX in the fourth quarter was $27.1 million and $74.6 million for the full year 2020, mainly due to the sales of Logix Smart COVID-19 Test.
- The income of CODX before taxes was $42.6 million for the full year 2020 while it was $15.8 million for the Q4 2020.
- CODX recorded a net come of $42.5 million for full year 2020 compared to the loss of $5.6 million in the year 2019 whereas the net income in the fourth quarter 2020 was $12.8 million compared to a net loss of $1.7 million in the fourth quarter of 2019
- According to financial results, Gross profit increased to $22.8 million in Q4 2020, which represents 84.1% of consolidated revenue because of improved product mix. While the gross profit for the full year 2020 was $58 million which represents 77.7% of consolidated revenue.
- Lastly the operating income of CODX improved to $16 million and $41.7 million for the fourth quarter and full year respectively because of record revenue and gross profit.
The CoPrimer technology platform of CODX is well established to continue to play a significant role in providing much-needed coronavirus testing to the United States and many other countries around the world. Also as observed, the demand for the Logix Smart COVID-19 Test showed record sales, but now probably the COVID-19 test sales might not be as strong as in 2020, CODX expect demand for their entire product range to remain strong in 2021.