Diagnostics tumbles as COVID testing demand shrinks

Co-Diagnostics

12/08/2022 12:20

** Shares of Co-Diagnostics Inc  CODX.O  slide ~31% to $4.40
premarket
    ** Co reports surprise Q2 loss, as reduction in mandated
COVID-19 testing and government funding hurt demand for its
Logix Smart COVID-19 Test  urn:newsml:reuters.com:*:nPn6Jqnl8a
    ** Reports Q2 loss of 8 cents/share, compared with Refinitiv
IBES estimates of a profit of 10 cents/share
    ** Also reports Q2 revenue at $5 mln, far below Refinitiv
IBES estimates of $20.50 mln
    ** As of last close, stock was down ~28% YTD

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))