Co-Diagnostics Plummets 16% After Hours on Q2 Misses

Co-Diagnostics (NASDAQ: CODX), a medical testing company that has risen sharply in both prominence and share price since the beginning of this year, fell hard in after-hours trading on Thursday. The culprit was the company's second-quarter results, which fell quite short of analyst expectations.

For the quarter, the details of which were released after market close, Co-Diagnostics earned just over $24 million in net revenue thanks to sales of its Logix Smart COVID-19 testing kit. That total was well over the $61,574 it booked in the same quarter of 2019.

On the bottom line, the company flipped to a profit of slightly more than $12.3 million ($0.46 per share), from the almost $1.4 million loss of the year-ago quarter.

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Source Fool.com