NEW YORK — Co-Diagnostics on Thursday after the close of the market posted a 14 percent year-over-year increase in second quarter revenues on continued demand for its Logix Smart COVID-19 test.
For the three-month period ended June 30, Co-Diagnostics' revenues climbed to $27.4 million from $24.0 million in the same quarter last year. Analysts had, on average, been expecting Q2 revenues of $20.8 million.
Sales of Logix Smart COVID-19, which was CE marked in February 2020 and received Emergency Use Authorization from the US Food and Drug Administration less than two months later, accounted for the lion's share of Q2 revenues, Co-Diagnostics said.
The Salt Lake City-based company's net earnings for the second quarter fell to $9.8 million, or $.33 per share, versus a profit of $15.0 million, or $.51 per share, in the year-ago period. Wall Street had anticipated earnings of $.22 per share in the quarter.
During a conference call to discuss the second quarter results, Co-Diagnostics CFO Brian Brown attributed the lower earnings to increased operating expenses in the quarter and an income tax expense of $2.1 million.
Co-Diagnostics R&D spending for Q2 surged more than sixfold to $4.7 million from $750,249 in the year-ago quarter as the firm worked on its Eikon rapid point-of-care testing platform for SARS-CoV-2 and other infectious diseases. SG&A costs, meantime, jumped more than threefold to $8.3 million from $2.6 million
At the end of June, Co-Diagnostics had cash, cash equivalents, and marketable securities totaling $72.4 million.
Looking ahead, the firm said it anticipates third quarter revenues in the range of $23.0 million to $25.0 million, with earnings per share in the $.19 to $.22 range.