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It didn't work properly and had to be fixed. The Roche case offers some encouragement: Brown said that the company started working on its new test last month, and finished the work in six weeks.'Įven the CDC, which has hundreds of millions of dollars of R&D spend at their disposal, had problems with their coronavirus test at first. We don't believe CODX has the resources to create a test that quickly, that bigger diagnostic firms like Roche have spent a much longer time refining their coronavirus test to make sure it works well. Its R&D spend is only about $1.5M per year. Their revenues have been well below $100K per year.

NASDAQ CODX VERIFICATION

CODX will discuss in this upcoming webinar how: 'innovative design algorithms and a close partnership with a critical component supplier, LGC, Biosearch Technologies, enabled assay design and verification in seven days, making the COVID-19 test available for market.'ĬODX is a tiny company headquartered in Salt Lake City, Utah. It might have been better for them to take their time and test their test and fix all the bugs before releasing it. We went from having the sequence, to ordering the test, to finding and verifying, to having a working test in seven days.īypassing the 'trial and error' stage that Featherstone mentions in the above quote has been a big mistake for CODX in our opinion. That's what we order, and it saves weeks of time, we can do that in 10 minutes.ĬODX suppliers brought in tests after only a few days, normally it takes 7-14 days.

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So they go from software which takes about 5 minutes to design the primers, to an algorithm that takes 5 minutes to give the very best, the optimized set. So the people in the lab took all the results that they've developed over the past couple of years, and developed an algorithm. We can't take days, weeks, or months to respond, it has to be immediate.

NASDAQ CODX TRIAL

But when doing trial and error and talking about COVID-19, you don't have time for that. And that was CODX's process up until a couple of weeks ago. Up until a few weeks ago, there's a trial and error that goes through with the test. Joseph Featherstone, the head of business development for CODX, stated in a presentation on YouTube from 3/6/20: The WHO's director-general says the coronavirus is 'a unique virus with unique characteristics.' It has proven to be a challenging task to create an effective diagnostic test for it. Evidence suggests that one week isn't enough time for any medical diagnostic firm to create an efficient coronavirus test. In our opinion, this is a strong sign that the test is ineffective.

CODX created their coronavirus test in only one week.

From doing further research, we believe the following are strong signs that suggest this test is ineffective. New Strong Signs That Co-Diagnostics' Coronavirus Test Is IneffectiveĬODX's coronavirus test kit is called the Logix Smart Coronavirus 2019 (COVID-19) Test Kit, described on the CODX website here. We have found more evidence that its device is likely not effective and we reiterate our $1 price target.

Now that the stock price has appreciated significantly, we decided to give CODX another look. Note that those investors who shorted CODX and held their position when we published our first report may have taken heavy losses and may have gotten stopped out. On 2/18/20, we published a bearish article on Co-Diagnostics ( NASDAQ: CODX) titled: Co-Diagnostics Coronavirus Test Is Likely Ineffective - $1 Price Target. The company was incorporated in 2013 and is headquartered in Salt Lake City, Utah.Editor's note: This article was updated on 3/17 in response to reader inquiries. In addition, it intends to sell diagnostic equipment from other manufacturers as self-contained lab systems.

NASDAQ CODX PORTABLE

The company also provides tests that identify genetic traits in plant and animal genomes and portable PCR device designed to bring PCR to patients in point-of-care and at-home settings.

It offers polymerase chain reaction (PCR) diagnostic tests for COVID-19, tuberculosis, hepatitis B and C, human papilloma virus, malaria, chikungunya, dengue, and the zika virus three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos and molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. Co-Diagnostics, Inc., a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally.

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