What happened 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. So what 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. Image source: Getty Images. Probably the biggest reason why the healthcare stock is sinking today is Co-Diagnostics' outlook for the future. The company didn't provide guidance for 2021. However, CEO Dwight Egan stated, "COVID-19 test sales may not be as robust as in 2020." Investors sometimes shrug off an earnings miss in one quarter. However, they never take it lightly when a company's growth prospects appear to be tapering off. Now what Perhaps the most important factor for Co-Diagnostics over the near term is the emergence of new coronavirus variants. If these variants become more widespread, it could drive higher demand for the company's COVID-19 tests. Such a scenario just might make Egan's warning about less robust sales in 2021 less concerning than it appears to be now. 10 stocks we like better than Co-Diagnostics, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Co-Diagnostics, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source