What happened
Shares of Co-Diagnostics (CODX -0.43%), which is primarily focused on healthcare diagnostics, has skyrocketed 50.5% in May, through Monday, the 11th. This follows its scorching performance last month, when it soared 48.8%, according to data from S&P Global Market Intelligence. In 2020, it's up just over 1,800% -- that's a 19-bagger.
By comparison, the S&P 500 index has returned just under 1% so far in May, and returned 12.8% in April. Last month's strong market performance should be placed in context: It followed a big coronavirus-driven sell-off in March, when the S&P 500 (including dividends) dropped 12.4%. In 2020, the broader market is down nearly 9%.

Image source: Getty Images.
So what
April
Co-Diagnostics stock probably got a boost from the strength of the overall market last month. But the main reason for its robust April performance is investor enthusiasm over the sales potential of the company's Logix Smart test to detect SARS-CoV-2, the virus that causes COVID-19.
On April 16, shares shot up nearly 44% after the company announced that its coronavirus testing technology had been validated by OralDNA Labs for use on saliva samples. People find saliva testing a much more palatable (pardon the pun) way to be tested than by nasal swabbing.
OralDNA Labs is certified under Clinical Laboratory Improvement Amendments (CLIA) under the Food and Drug Administration's Emergency Use Authorization (EUA) program. Co-Diagnostics' COVID-19 test is available at all such certified labs.
May
We can attribute Co-Diagnostics stock's strong performance so far in May to both a continuation of its momentum from April as well as some specific news.
Notably, on May 4, shares popped about 11% after the company announced two positive developments: Its Logix Smart COVID-19 test was approved for sale in Mexico, and the Saragene COVID-19 test, made by its CoSara joint venture, was given the green light to be sold in India.
Now what
Co-Diagnostics isn't currently profitable. However, Wall Street expects the company to be profitable, at least on an adjusted basis, for full-year 2020.
In 2020, analysts are projecting the company will post adjusted earnings per share (EPS) of $0.01 on revenue of $14.7 million. Last year, Co-Diagnostics had a loss per share of $0.36 on sales of just $215,000.