Why Co-Diagnostics Shot Almost 8% Higher Today

Coronavirus stock Co-Diagnostics (NASDAQ: CODX) was a standout on Friday as it zoomed well past the gain of the S&P 500 index to book a 7.6% increase on the day. Investors were cheered by a far better-than-expected earnings report published that morning by the testing-products specialist.

Bolstered by sales of its Logix Smart COVID-19 test, Co-Diagnostics managed to lift its revenue by 38% in its third quarter to a new record of $30.1 million. The bottom line didn't follow the same path, though, with net profit coming in at $11.5 million ($0.38 per share). That was down from the Q3 2020 net profit of $15.7 million.

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Source Fool.com