Business
Co-Diagnostics, Inc. Reports Second Quarter 2023 Financial Results
Co-Dx receives grant awards from the Bill & Melinda Gates Foundation; NIH RADx® Tech to develop tests on our new Co-Dx PCR Home™ platform SALT LAKE CITY, Aug.
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Co-Dx receives grant awards from the Bill & Melinda Gates Foundation; NIH RADx® Tech to develop tests on our new Co-Dx PCR Home™ platform\nSALT LAKE CITY, Aug. 10, 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 quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Financial Results:\nRevenue of $0.2 million, down from $5.0 million during the prior year primarily due to the anticipated decline in global demand for the Logix Smart® COVID-19 testsOperating expenses of $11.7 million increased by 42.1% from the prior year same period due to our pre-commercialization investments in our Co-Dx PCR Home platform*Operating loss of $12.0 million compared to operating loss of $4.1 million a year agoNet loss of $8.9 million, compared to net loss of $2.7 million in the prior year second quarter, representing EPS loss of $0.31 per fully diluted share, compared to EPS loss of $0.08 in the prior year periodAdjusted EBITDA loss of $9.6 millionRepurchased 0.4 million shares of common stock at an average price of $1.51 per share for an aggregate purchase price of approximately $0.6 millionCash, cash equivalents, and marketable securities of $69.1 million as of June 30, 20232023 Recent Business Highlights:\nNIH awarded the Company $1.2 million as part of the Rapid Acceleration of Diagnostics (RADx®) Tech program for completion of its upcoming upper respiratory panel on the Company's Co-Dx PCR Home testing platformThe company was awarded two grants by the Bill & Melinda Gates Foundation in the amounts of $1.33 million and $987K, to support the development of TB and HPV tests, respectivelySigned lease and began build-out of new manufacturing facility with capacity for up to 12 lines of production; first lines expected to be operational by end of 2023Received results from a recent usability and analytical study conducted by PATH, which investigated the limit-of-detection and ease-of-use of the Company's Co-Dx PCR Home platform, running the platform's COVID-19 assayDwight Egan, Co-Diagnostics' Chief Executive Officer, said, \"While sales of our COVID diagnostic kits declined as expected, we continue to strengthen our position as we seek to expand our advanced PCR tec...