CODX - These Were the 5 Best Diagnostics Stocks of 2020
It's hard to think of an industry that was more impacted by the 2020 COVID pandemic than diagnostics. The often-overlooked part of the healthcare system sprang into action, testing more than 250 million people last year in the U.S. alone. And interestingly, some testing companies performed well despite having little to do with COVID. Co-Diagnostics (NASDAQ: CODX) , Aspira Women's Health (NASDAQ: AWH) , Fulgent Genetics (NASDAQ: FLGT) , GenMark Diagnostics (NASDAQ: GNMK) , and Natera (NASDAQ: NTRA) were the five best-performing diagnostics companies last year among those with a market cap above $200 million. Let's take a look at how they did it and whether the gains could continue this year.
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Co-Diagnostics led the group with a gain of 939% in 2020. The company's COVID test was authorized by regulators on April 3 and proceeded to fuel revenue to $47.4 million in the first nine months of 2020. That's 444 times the $106,000 of sales it recognized during the same period of 2019. The company's technology enhances the output of PCR tests (the kind that look for genetic material in a sample), virtually eliminating the most common source of false negatives.
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These Were the 5 Best Diagnostics Stocks of 2020