CDI-Co-Diagnostics, Inc. (CODX) Reports Q3 Loss, Tops Revenue Estimates

Financial Performance - Co-Diagnostics, Inc. reported a quarterly loss of $0.32 per share, slightly better than the Zacks Consensus Estimate of a loss of$ 0.33, but worse than the loss of $0.20 per share a year ago [1] - The company posted revenues of$ 0.64 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 60.25%, compared to revenues of $2.46 million in the same quarter last year [2] - Over the last four quarters, Co-Diagnostics has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Co-Diagnostics shares have declined approximately 9% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current Zacks Rank for Co-Diagnostics is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$ 0.33 on revenues of $0.4 million, and for the current fiscal year, it is -$ 1.23 on revenues of $3.88 million [7] - The estimate revisions trend for Co-Diagnostics is mixed, and changes in earnings expectations could impact stock performance [6] Industry Context - The Medical Services industry, to which Co-Diagnostics belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, which may affect the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can materially impact stock performance [5][8]