Co-Diagnostics delivers $12.6 million profit in 2Q as demand for COVID-19 test kits propel stellar results

Co-Diagnostics Inc (NASDAQ:CODX) reported stellar results on Thursday after the bell that saw the firm swing to a profit of $12.6 million on the strength of its coronavirus test sales. Total revenue during its second quarter 2020 ended June 30 came in at $24 million compared to $61,600 in the same period a year prior, while its profit of $0.43 per share was a sharp contrast to the loss of $0.08 or $1.3 million in 2Q 2019. The firm received an Emergency Use Authorization from the US Food and Drug Administration for its COVID-19 tests in April as the coronavirus pandemic moved throughout the US. READ: Co-Diagnostics says coronavirus detection test authorized for use in Australia "In the last four months since Co-Diagnostics received emergency use authorization from the FDA, the company has successfully grown our internationally recognized business and brand,” Co-Diagnostics CEO Dwight Egan said in a statement accompanying the results on Thursday. The Salt Lake City-based firm now has clients in more than 50 countries, including 25 US states, and validations of test accuracy from regulatory bodies of numerous countries around the world, Egan told shareholders. “Co-Diagnostics has established a distribution platform that we believe will continue to support sales and profitability as our tests have gained widespread acceptance in the market,” the CEO added. “We have created a test menu and established the production capacity to meet demand for tests as the nations of the world continue to battle the pandemic, and believe these efforts will continue to bolster the company's durability in the months and years to come.” The firm also said that its COVID-19 test and equipment sales orders are approaching $50 million year to date, a figure that includes joint venture sales in India. It is also closing in on completing principal design work and verification for Flu A, Flu B, and COVID-19 multiplex panel, with anticipated deployment during its third quarter. Co-Diagnostics ended the period with $18.6 million in cash. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas