CODX Reports Initial Domestic Sales Following Release of Q1 Numbers

Date : 05/29/2019 @ 11:00AM
Source : GlobeNewswire Inc.
Stock : Co Diagnostics Inc (CODX)
Quote : 1.0  0.015 (1.52%) @ 4:59AM
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CODX Reports Initial Domestic Sales Following Release of Q1 Numbers

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CODX Reports Initial Domestic Sales Following Release of Q1 Numbers

New York City, New York – Molecular diagnostics company Co-Diagnostics (Nasdaq: CODX) reported initial sales in the US from its vector control program last week, an encouraging sign that they are able to execute their business model and generate revenue following the release of quarterly results that were generally poorly received by the market.

The sales announcement included reports that they have sold two laboratory packages—which are priced at $15,000-$25,000 according to their website—with more sales agreements expected before the end of June. This shows a significant uptick in revenue from Q1, and validates the CEO’s forecast in the Q1 press release from the previous week that the company expected to make announcements in the near term related to product roll-outs and sales agreements. Molecular diagnostic solutions for mosquito populations fall outside of regulatory oversight as in vitro diagnostics, which creates interim sales opportunities in the United States while the company proceeds through the regulatory track for its infectious disease diagnostics.

The domestic revenue derived from these mosquito abatement products has been anticipated to be significant, and if the company’s ability to affect these sales is any indication, the anticipated additional announcements may be right around the corner. Even modest revenue from the low end of the laboratory package price scale for mosquito abatement products will represent a substantial and welcome increase from the numbers released at the end of Q1, which the market seemed to regard as disappointing if the slide in share price was any indication.

In addition to sales from the vector control vertical, the Q1 press note primed the pump for increased revenue from their joint venture in India, and expanded licensing opportunities of their CoPrimer technology. While revenue from the former didn’t appear as top-line in their unaudited financial statements, it was declared to be approximately $56,000 for the quarter. It should be noted however that the actual JV manufacturing facility was not inaugurated until Q2, and the CEO set expectations to see increased sales growth in that sector.

Recent revenue progress illustrates an ability to meet these and other expectations. A continuation of this progress in India and the US alike would provide relief for shareholders and institutional investors in CODX and make its current share price extremely undervalued, especially in conjunction with the company’s debt- free status, ample cash on the books, and the low operational overheads mentioned in recent analyst reports.

About BDA International, Inc.:

BDA International is an independent global Investor Relations firm offering a wide range of IR-related analysis, research and advisory services. In particular, we provide and are compensated for service packages that include strategic action plans and investor/market perception studies to help entities improve communication with customers and investors, and to increase their visibility. BDA International has received no direct compensation related to this release but its principles may also in some circumstances hold some of shares of client companies in our personal portfolios, including CODX. BDA International accepts sole responsibility for the content and distribution of the foregoing release, which does not contain any previously unpublished or non-public information. Parties interested in learning more about the relationship between BDA and CODX may do so via the contact information at the bottom of this release.


Co-Diagnostics is a client of BDA International. The information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained in this analysis reflect our current judgment and are subject to change without notice. We do not accept any responsibility or liability for any losses, damages or costs arising from an investor’s or other person’s reliance on or use of this analysis. This analysis is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities, nor a recommendation of any security, although members of the BDA may at times hold a position in the company covered within the article. Past gains are not a representative of future gains. The opinions herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plans,” “should,” “potential,” “forecast,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. A company’s actual results could differ materially from those described in any forward-looking statements contained herein. BDA is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter. We recommend that you use the information found herein as an initial starting point for conducting your own research in order to determine your own personal opinion of the companies discussed herein before deciding whether or not to invest. You should seek such investment, tax, financial, accounting or legal advice appropriate for your particular circumstances. Information about many publicly traded companies and other investor resources can be found at Investing in securities is speculative and carries risk.

Investor Relations Contact:Dost Mushtaq                                                                       BDA International

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