Business
Co-Diagnostics, Inc. Reports Full Year 2023 Financial Results
SALT LAKE CITY, March 14, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics company with a unique, patented platform for the
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"SALT LAKE CITY, March 14, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced financial results for the full year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFull Year 2023 Financial Results:\nRevenue of $6.8 million, down from $34.2 million during the prior year primarily due to the decline in global demand for the Logix Smart® COVID-19 tests. Grant revenue totaled $5.8 million while product revenue totaled $1.0 millionOperating expenses of $45.3 million decreased by 18.6% from the prior year due to goodwill impairment charges in the prior year, offset by an increase in research and development costs incurred for the development of our Co-Dx™ PCR platform in the current yearOperating loss of $42.7 million compared to operating loss of $27.0 million in 2022Net loss of $35.3 million, compared to net loss of $14.2 million in the prior year, representing a loss of $1.20 per fully diluted share, compared to a loss of $0.45 per fully diluted share in the prior yearAdjusted EBITDA loss of $33.0 millionRepurchased approximately 967,000 shares of common stock at an average price of $1.41 per share for an aggregate purchase price of approximately $1.4 millionCash, cash equivalents, and marketable securities of $58.5 million as of December 31, 2023Full Year 2023 Business Highlights:\nInitiated and completed the clinical evaluations for the first test on the new Co-Dx PCR point-of-care and at-home platformSubmitted an EUA to the FDA in December for our Co-Dx PCR Pro™ instrument, mobile app, and Co-Dx COVID-19 test kitAwarded grant funding in the aggregate amount of approximately $12.6 million in 2023, to be applied towards regulatory and clinical validation activities for the development of our tuberculosis (TB) test, upper respiratory multiplex (flu A/B, COVID-19, and RSV) panel, and human papillomavirus (HPV) test, which include:Three awards from the Bill and Melinda Gates Foundation to support the development of tuberculosis and HPV tests and expansion of manufacturing capacity; andAn award from the NIH as part of the Rapid Acceleration of Diagnostics (RADx®) Tech program for upper respiratory multiplex panelAppointed Ivory Chang as Chief Regulatory Affairs Officer. Ms. Chang previously worked ...