Co-Diagnostics Third Quarter 2023 Earnings: Beats Expectations

Co-Diagnostics (NASDAQ:CODX) Third Quarter 2023 Results

Key Financial Results

• Net loss: US$5.98m (loss widened by 340% from 3Q 2022).
• US$0.20 loss per share (further deteriorated from US$0.043 loss in 3Q 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Co-Diagnostics Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 31%.

Looking ahead, revenue is expected to decline by 104% p.a. on average during the next 2 years, while revenues in the Medical Equipment industry in the US are expected to grow by 7.8%.

Performance of the American Medical Equipment industry.

The company's shares are down 5.7% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 2 warning signs for Co-Diagnostics you should be aware of.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.