NEW YORK, NY / ACCESSWIRE / April 4, 2019 / Commercial sales of Co-Diagnostics, Inc., (Nasdaq: CODX) products to Indian distributors commenced earlier this year, according to news released this week following the submission of their annual 10-K SEC filing for FY2018.
The sales in India consisted of primer sets for the non-clinical identification of tuberculosis, malaria, and human papillomavirus (HPV), engineered using Co-Diagnostics' proprietary design process and patented CoPrimer technology, as well as other test reagents and components used in polymerase chain reaction (PCR) testing. The release did not include the amount of revenue since the sales took place in 2019, but that information should be publicly available following their Q1 SEC filing.
In addition to revenues, the release also mentioned other updates from this Utah-based molecular diagnostics company related to their strategic relationships, regulatory clearance, patent approvals, technology advancements, and their financial status. This progress included: 3 products with CE-IVD clearance, a United States patent issuance for their flagship CoPrimer technology, expanded distributor networks, a technology license agreement with LGC Biosearch, initiating the vector (mosquito) control program in the US to accelerate their timeline for domestic revenue, and of course the recent capital raises and debt elimination.
Company CEO underscored the importance of 2018's progress by stating that the milestones validate the uniqueness of their platform and their ability to obtain the clearances required to effectively commercialize their products in several different verticals beyond just infectious disease, made possible thanks to their recent financings that left them sufficiently bankrolled and debt-free. Considering this amount of upward momentum, to say nothing of the $2 price target set by H.C. Wainwright (whose analyst recently initiated coverage of CODX with a Buy rating), it is hard to see yesterday's closing price of $1.13 as anything other than undervalued.
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SOURCE: Co-Diagnostics, Inc.