Why Co-Diagnostics Stock Is Tanking Today
Shares of Co-Diagnostics (NASDAQ: CODX) were 22.8% lower as of 10:55 a.m. EDT on Friday. The big drop came after the molecular diagnostics company announced its second-quarter results following the market close on Thursday.
Co-Diagnostics reported revenue in Q2 of $24 million and net income of $12.6 million, or $0.46 per diluted share. While those results reflected significant improvement over the prior-year period, they fell far short of what analysts were expecting. The consensus analysts' estimate projected revenue of $26.5 million and earnings of $0.59 per share.
Does it really matter that Co-Diagnostics badly missed analysts' estimates? Yes and no.
Source Fool.com
