Co-Diagnostics Inc (NASDAQ:CODX) announced Wednesday that it is about to make history.
Based on its preliminary internal financial reporting for the fourth quarter of 2020, the Utah-based company said its unaudited quarterly revenue is anticipated to be the highest in its history and to surpass analyst estimates ranging from $24 million to $25.98 million.
Co-Diagnostics said revenue for its 4Q, which ended December 31, is expected to exceed the highest estimate and to show 20%-25% growth over 3Q 2020 revenue of $21.82 million.
READ: Co-Diagnostics says it has sold 10 million of its Logix Smart COVID-19 Test Kits
The company's main product is its Logix Smart test that runs a foundation of its trademark CoPrimer technology and CoDx software. The company offers four tests to detect tuberculosis and viruses - Zika, Dengue, Chikungunya, and, most importantly at present, the SARS-CoV-2 virus, which causes the coronavirus (COVID-19) disease. More than 10 million of its Logix Smart COVID-19 Test Kits had been sold worldwide as of early December 2020.
"We believe that the recent global surges of COVID-19 have played a large part in increased quarter-over-quarter revenues beating analyst estimates,” said CEO Dwight Egan in a statement. “We are grateful to see that our diagnostic products are being used for COVID-19 testing, and we remain committed to doing our part to stop this global pandemic."
The company added: “The preliminary unaudited financial information for the quarter ended December 31, 2020 above is derived from the Company's preliminary internal financial reports and is subject to revision based on the completion of its quarter-end accounting and financial reporting processes necessary to finalize financial statements as of and for the quarter ended December 31, 2020. There can be no assurance that final fourth quarter results will not differ materially from these estimated results when we report the final results for the quarter.”
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