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Co-Diagnostics, Inc. Reports Full Year 2022 Financial Results
Full-year Results Impacted by Lower Demand for COVID-19 TestingAnnounced Initiation of Clinical Evaluations for Co-Dx PCR Home™ Platform SALT LAKE CITY, March
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Full-year Results Impacted by Lower Demand for COVID-19 TestingAnnounced Initiation of Clinical Evaluations for Co-Dx PCR Home™ Platform\nSALT LAKE CITY, March 16, 2023 /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 full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFull Year 2022 Financial Results:\nRevenue of $34.2 million, down from $97.9 million during the prior year primarily due to lower global demand for the Logix Smart™ COVID-19 testsGross profit of $28.7 million, representing 84.0% of consolidated revenuOperating loss of $27.0 million compared to operating income of $46.1 million a year ago, due to lower revenue, goodwill impairment charges, and continued investments into research and development for the Co-Dx PCR Home PlatformNet loss of $14.2 million, compared to net income of $36.7 million in the prior year, representing loss of $0.45 per fully diluted share, compared to $1.23 in 2021Adjusted net income, net of goodwill impairment charges, of $1.2 million, compared to adjusted net income of $36.7 million in the prior year, representing adjusted income of $0.04 per fully diluted share, compared to $1.23 in 2021Adjusted EBITDA loss of $3.1 millionRepurchased 3.9 million shares of common stock at an average price of $3.66 per share for an aggregate purchase price of approximately $14.2 millionCash, cash equivalents, and marketable securities of $81.3 million as of December 31, 2022Cash flow from operations of $6.6 million for the twelve months ended December 31, 2022Dwight Egan, Co-Diagnostics' Chief Executive Officer, said, \"The impact of COVID-19 on society decreased considerably during the second half of the year, and resulted in lower demand for high-throughput testing at the centralized lab level. While our overall financial performance has been impacted by these trends, we are pleased with the progress we made against our strategic priorities which support our Co-Dx PCR Home™ platform as we continue to see an emphasis on diagnostics shifting out of the centralized lab settings and towards at-home and point-of-care (POC). The commencement of clinical evaluations announced in February of this year marks an important step toward detection of inf...