CODX Reports Initial Domestic Sales Following Release of Q1 Numbers
May 29 2019 - 7:00AM
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.
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