“The first is the Abbot Labs (ABT-NR) ID NOW platform which has been made famous for use in the White House. “We can offer two illustrative comparisons,” Litchfield wrote. The Co-Diagnostics test is better positioned to make that happen that its competitors, the firm said. In order to achieve the necessary testing rate, the firm identified four qualities a coronavirus would need: A high throughput, 100% specificity and sensitivity, a low cost and no reliance on special equipment not found in a typical lab. ![]() to find their own test supplies and equipment.” “The CDC and the federal government have left it to the states, educational institutions, business enterprises, sports franchises and the rest of us in the U.S. “If it looks to investors like a free-for-all in the market for COVID-19 tests, it is because it is,” Litchfield wrote. ![]() At a price of $10 per test, that reaches 5.2 billion tests and $52 billion after a year. The first estimates that roughly 100 million people will need to be tested weekly to prevent future breakouts. The reason for the optimism is that Litchfield believes the addressable market for coronavirus tests in the US is worth $52 billion. Litchifeld boosted its 2020 full-year estimate from a loss of $0.28 per share on revenue of $4.1 million to a gain of $1.42 per share on $83 million in revenue and it’s 2021 estimate from a loss of $0.03 per share on revenue of $28 million to a gain of $1.20 per share on revenue of $89 million. READ: Maxim upgrades Co-Diagnostics rating to 'Buy' as demand grows for its coronavirus diagnostic test Currently, the company’s test is being sold in 50 countries and 20 US states.Ĭo-Diagnostics stock recently climbed nearly 3% to $18.56 in New York. The company posted revenue of $1.55 million, more than double the consensus projection of $600,000, thanks to sales of testing kits and other equipment. ![]() Co-Diagnostics Inc ( NASDAQ:CODX) shares jumped Friday after Litchfield Hills Research doubled its price target for the company to $36 in an analyst note after the company's first-quarter revenue blew past consensus estimates due to demand for its coronavirus (COVID-19) testing kits.
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