Why Co-Diagnostics Stock Is Tanking Today

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Shares of Co-Diagnostics (NASDAQ: CODX) were tanking on Friday with the stock down 14.6% as of 10:07 a.m. EDT. The big drop came after the molecular diagnostics company provided its fourth-quarter update after the market close on Thursday.

Co-Diagnostics easily beat the consensus analyst revenue estimate in Q4 with sales jumping 24% year over year to $27.1 million. However, the company missed bottom-line expectations with earnings of $0.43 per share coming in well below the consensus estimate of $0.48.

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