Co-Diagnostics, Inc. Announces Q3 2020 Financial Results Including YTD Net Income per Common Share of $1.07

About this update from Co-diagnostics, Inc.

[{"type":"text","content":"Company also announces receipt of CE markings for both Logix Smart ABC and SARS-CoV-2 2-gene tests\n\n\nSALT LAKE CITY, Nov. 16, 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 financial results for the third quarter ended September 30, 2020 and provided updates on Company developments, including receipt of CE markings for both the recently developed Logix Smart ABC (Influenza A/B, SARS-CoV-2) test kit for simultaneous detection of Influenza A, Influenza B, and SARS-CoV-2 and Logix Smart SARS-CoV-2 (genes RdRp/E) multiplex test kit for detection of SARS-CoV-2, the virus that causes COVID-19. \n\n \n \n \n \n \n \n\n \nQ3 2020 Highlights:\nCompany continues COVID-19 test sales and reports $21.8 million of revenue in Q3; Quarterly net income of $15.7 million and net income per diluted common share of $0.53; Year-to-date net income of $29.7 million and $1.07 per diluted common share; Additionally, CoSara Diagnostics, the Company's India joint venture, also continues COVID-19 sales and reports $3.0 million of revenue in Q3, nearly a 3-fold increase over Q2; Quarterly net gain from investment in CoSara increased to $748,000 from $250,000 in Q2; Stockholders' equity increased to $52.7 million compared to $1.7 million at the beginning of the year. Continues to show strong gross margins of 73% on quarterly sales; Cash, cash equivalents and marketable securities were $27.3 million as of September 30, 2020, an increase of $26.4 million over 12/31/2019.Q4 2020 Mid-Quarter Highlights:\nCompany completes design work and verification for influenza A, influenza B, and COVID-19 (\"ABC\") multiplex panel and began distributing on a Research Use Only basis to laboratories in the first week of October; CE markings received for both Co-Diagnostics \"ABC\" and SARS-CoV-2 2-gene tests; both tests are designed for use in saliva and other respiratory tract samples like nasal swabs, and sputum; Indian CDSCO approval for SARS-CoV-2 2-gene multiplex test expected to be granted soon; Company announced that its partner Clinical Reference Lab has begun selling its CRL Rapid Response™ COVID-19 test directly to consumers, which uses a simple saliva collection device that can be self-administered at home, work or any othe...

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