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Co-diagnostics, Inc.
Co-Diagnostics, Inc. Announces Q2 2020 Results on Form 10-Q
Published Aug 13 2020
5 min read

Co-Diagnostics, Inc. Announces Q2 2020 Results on Form 10-Q

Company reports robust sales of COVID-19 tests and net income per common share of $0.43

SALT LAKE CITY, Aug. 13, 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 3 month period ending June 30, 2020 on SEC Form 10-Q, and provided updates on Company developments.

Co-Diagnostics Official Logo (PRNewsfoto/Co-Diagnostics)

Q2 2020 Highlights:

  • Company continues COVID-19 test sales and reports $24.04 million of revenue in Q2;
  • Net profit of $12.6 million in quarter and net income per common share of $0.43;
  • Stockholders' equity increased to $33.4 million compared to $1.7 million at the beginning of the year.
  • Gross margins of 70% on sales of Logix Smart™ COVID-19 test kits;
  • CoSara Diagnostics, Company's India joint venture, receives authorization from CDSCO in India to manufacture and sell COVID-19 tests and records profit for the 2nd Quarter and YTD;
  • Received FDA Emergency Use Authorization for COVID-19 test kit on April 3, 2020;
  • Cash on hand was $18.6 million as of June 30, 2020, an increase of $17.7 million over 12/31/2019;
  • Company is included in the Russell 2000® and Russell 3000® Index, widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

Q3 2020 Mid-Quarter Highlights:

  • Company records COVID-19 test and equipment sales orders approaching $50 million YTD, including joint venture sales in India, through mid-third quarter (unaudited);
  • Receives purchase orders from public and private organizations in nearly 50 countries and over 25 states in the U.S. YTD;
  • Company nears completion of principal design work and verification for Flu A, Flu B, and COVID-19 multiplex panel with anticipated deployment during Q3;
  • Company announced that its partner Clinical Reference Lab has received FDA Emergency Use Authorization for CRL Rapid Response™, a saliva-based COVID-19 test that can be self-administered at home, work or any other setting and then tested using Co-Diagnostics' Logix Smart COVID-19 tests based on patented CoPrimer™ technology.

"In the last 4 months since Co-Diagnostics received emergency use authorization from the FDA, the Company has successfully grown our internationally recognized business and brand. With clients in over 50 countries, 25 U.S. states, and validations of test accuracy from regulatory bodies of numerous countries around the world, Co-Diagnostics has established a distribution platform that we believe will continue to support sales and profitability as our tests have gained widespread acceptance in the market. We have created a test menu and established the production capacity to meet demand for tests as the nations of the world continue to battle the pandemic, and believe these efforts will continue to bolster the Company's durability in the months and years to come," said Dwight Egan, Chief Executive Officer.

The Company will host an earnings call at 4:30 pm EDT today. Participants can register for access to the webcast here. The call will be recorded and later made available on the Company's website.

About Emergency Use Authorization:The Co-Diagnostics SARS-CoV-2 Test has been made available under an emergency access mechanism called an Emergency Use Authorization (EUA). The EUA is supported by the Secretary of Health and Human Service's (HHS's) declaration that circumstances exist to justify the use of in vitro diagnostics (IVDs) under EUA for the detection and/or diagnosis of COVID-19. An IVD made available under an EUA has not undergone the same type of review as an FDA cleared IVD. However, based on the totality of scientific evidence available, it is reasonable to believe that this IVD may be effective in the detection of COVID-19. The EUAs for these tests are in effect for the duration of the COVID-19 emergency, unless terminated or revoked (after which the tests may no longer be used). An FDA cleared IVD should be used instead of an IVD under EUA, when applicable and available.

About Co-Diagnostics, Inc.:Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company's technology is utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.

Forward-Looking Statements:This press release contains forward-looking statements. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions.  Forward-looking statements in this release include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in liquid biopsy and SNP detection, (iv) use of the Company's liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company's products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company's balance sheet, (viii) anticipation of business expansion, and (ix) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances.  Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.

 

CO – DIAGNOSTICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)

June 30, 2020

December 31, 2019

ASSETS:

Current Assets

Cash and cash equivalents

$

18,550,437

$

893,138

Accounts receivables, net

5,349,876

131,382

Inventory

10,110,786

197,168

Prepaid expenses

521,180

362,566

Total current assets

34,532,279

1,584,254

Other Assets

Property and equipment, net

473,376

196,832

Investment in joint venture

1,416,480

434,240

Total other assets

1,889,856

631,072

Total assets

$

36,422,135

$

2,215,326

LIABILITIES AND STOCKHOLDERS' EQUITY:

Current Liabilities

Accounts payable

$

1,127,709

$

5,959

Accrued expenses

691,385

200,788

Accrued expenses (related party)

120,000

120,000

Deferred revenue

1,045,548

1,323

Total current liabilities

2,984,642

328,070

Long-term Liabilities, net of current portion

Accrued expenses-long-term (related party)

80,000

150,000

Total long-term liabilities, net of current portion

80,000

150,000

Total liabilities

3,064,642

478,070

STOCKHOLDERS' EQUITY

Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 and 25,600 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

—

26

Common stock, $0.001 par value, 100,000,000 shares authorized; 27,991,042 and 17,342,922 shares issued and outstanding, as of June 30, 2020 and December 31, 2019, respectively.

27,991

17,343

Additional paid-in capital

46,726,869

26,687,701

Accumulated deficit

(13,397,367)

(24,967,814)

Total stockholders' equity

33,357,493

1,737,256

Total liabilities and stockholders' equity

$

36,422,135

$

2,215,326

 

 

CO – DIAGNOSTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

For the Three MonthsEnded June 30,

For the Six MonthsEnded June 30,

2020

2019

2020

2019

Net revenue

$

24,040,274

$

61,574

$

25,588,802

$

64,974

Cost of revenue

8,344,674

38,809

8,826,414

39,261

Gross profit

15,695,600

22,765

16,762,388

25,713

Operating expenses:

Sales and marketing

390,191

252,076

658,674

508,179

Administrative and general

2,191,034

807,769

3,650,518

1,448,132

Research and development

750,249

312,590

1,150,271

659,896

Depreciation and amortization

25,218

16,094

45,966

29,762

Total operating expenses

3,356,692

1,388,529

5,505,429

2,645,969

Income (loss) from operations

12,338,908

(1,365,764)

11,256,959

(2,620,256)

Other expense:

Interest income

38,173

19,640

45,748

20,048

Interest expense

—

—

—

(106,427)

Gain on disposition of assets

—

—

—

850

Gain (loss) on equity method investment in joint venture

258,559

1,728

267,740

(7,000)

Total other expense

296,732

21,368

313,488

(92,529)

Income (loss) before income taxes

12,635,640

(1,344,396)

11,570,447

(2,712,785)

Provision for income taxes

—

—

—

—

Net income (loss)

$

12,635,640

$

(1,344,396)

$

11,570,447

$

(2,712,785)

Basic income (loss) per common share

$

0.46

$

(0.08)

$

0.42

$

(0.16)

Diluted income (loss) per common share

$

0.43

$

(0.08)

$

0.40

$

(0.16)

Weighted average common shares outstanding basic

27,582,229

17,017,964

27,605,137

16,544,926

Weighted average common shares outstanding diluted

29,152,222

17,017,964

29,094,475

16,544,926

 

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SOURCE Co-Diagnostics