Business
Co-Diagnostics, Inc. Announces Q1 2020 Results and Provides Mid-Second Quarter Update
Company reports robust sales of COVID-19 tests as Co-Diagnostics generates net profit through middle of second quarter SALT LAKE CITY, May 14, 2020
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Company reports robust sales of COVID-19 tests as Co-Diagnostics generates net profit through middle of second quarter\n\n\nSALT LAKE CITY, May 14, 2020 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today the filing of its operating results for the three-month period ending March 31, 2020, and provided updates on Company developments.\n\n \n \n \n \n \n \n\n \nQ1 2020 Highlights:\nCompany commences COVID-19 test sales and reports $1.5 Million of revenue in Q1 Gross margins of 71.5% on sales of Logix Smart™ COVID-19 test kits Raised capital with net proceeds of $18 million First US company to receive CE marking for COVID-19 test kit (February 24)Q2 2020 Mid-Quarter Highlights:\nReceives FDA Emergency Use Authorization on COVID-19 test kit on April 3, 2020; Company manufactures more than 6 million COVID-19 tests to date, and has ordered components for more than 20 million additional tests to fill existing and expected orders in the near future; Records COVID-19 test and equipment sales of over $18 Million YTD through mid-second quarter (unaudited); Receives COVID-19 test orders from public and private organizations in nearly 50 countries and over 15 states in the U.S.; COVID-19 test kit shows 100% specificity and 100% sensitivity in several independent evaluations;\"Co-Diagnostics has increased production capacity to meet growing demand for our tests,\" said Dwight Egan, Chief Executive Officer. \"We have positioned the company to continue to make an important contribution in meeting the enormous demand for tests around the world. Our value proposition of accurate, high-throughput, and cost-effective tests continues to resonate with customers around the globe.\"\nThe Company will host an earnings call at 4:30 pm EDT today. Analysts providing coverage for Co-Diagnostics will also be invited participate in a question and answer session. U.S. callers may dial toll free at 1-877-309-2073. International callers can access the call by dialing +1-646-749-3129. The access code to join the call is: 531-241-589. The call will be recorded and later made available on the Company's website.\nAbout Co-Diagnostics, Inc.:Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manu...