Business
Co-Diagnostics, Inc. Reports Second Quarter 2024 Financial Results
SALT LAKE CITY, August 8, 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, August 8, 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 quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2024 Financial Results:\nRevenue of $2.7 million, up from $0.2 million during the prior year primarily due to the achievement of certain milestones under various grant agreements the company was awardedOperating expenses of $10.1 million decreased by 13.7% from the prior year due to lower stock-based compensation expense, bad debt expense, and expenses related to clinical trials for the Co-Dx PCR platformOperating loss of $7.7 million compared to operating loss of $12.0 million in 2023Net loss of $7.6 million, compared to net loss of $8.9 million in the prior year, representing a loss of $0.25 per fully diluted share, compared to a loss of $0.31 per fully diluted share in the prior yearAdjusted EBITDA loss of $5.9 million compared to $9.6 million in the prior yearCash, cash equivalents, and marketable securities of $44.9 million as of June 30, 2024Second Quarter and Recent 2024 Business Highlights:\nSubmitted first 510(k) application to the U.S. Food and Drug Administration (FDA) for the Co-Dx™ PCR Pro™ Platform, which includes the Co-Dx PCR Pro instrument and the Co-Dx PCR COVID-19 test for over-the-counter (OTC) useInaugurated a new manufacturing facility in South Salt Lake to manufacture our patented Co-Primers® oligonucleotides, the Co-Dx™ PCR Pro™ instrument, and test cups for the new Co-Dx PCR platformExpanded Co-Dx vector control technology to a 15th U.S. state, Nevada, which includes Vector Smart® PCR tests in environmental surveillance of mosquito pools for mosquito-borne illnessesAttended and participated in the FIME 2024 trade show in Miami Beach, Florida, which included exhibitors from 116 countries and over 15,000 professional attendees, to display the new Co-Dx PCR platform\"We are very pleased by the progress Co-Diagnostics has made so far this year,\" said Dwight Egan, Co-Diagnostics' Chief Executive Officer. \"Our 510(k) application for our new instrument and COVID-19 test kit, which we submitted to the FDA for over-the-counter (OTC) use, is a significant accomplishment. Medical devices cleared for OTC use...