Business
Co-Diagnostics, Inc. Reports Third Quarter 2022 Financial Results
Nearing commencement of clinical evaluations for the Co-Dx PCR Home platformCOVID-19 test volumes continue to impact third quarter results SALT LAKE CITY,
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Nearing commencement of clinical evaluations for the Co-Dx PCR Home platformCOVID-19 test volumes continue to impact third quarter results \nSALT LAKE CITY, Nov. 10, 2022 /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, 2022.\nThird Quarter 2022 Financial Results:\nRevenue of $5.1 million, down from $30.1 million during the prior year period, but an increase of 1.4% from the current year second quarterGross profit of $4.3 million, representing 84.9% of consolidated revenueOperating loss of $6.5 million compared to operating income of $13.6 million a year ago, due to lower sales volumes and continued investments into research and development for the Co-Dx PCR Home PlatformNet loss of $1.4 million, compared to a net income of $11.5 million in the prior-year third quarter, representing a loss of $0.04 per fully diluted shareAdjusted EBITDA loss of $4.1 millionRepurchased 2.9 million shares during the third quarter at an average price of $3.61 per shareCash, cash equivalents, and marketable securities of $86.5 million as of September 30, 2022Cash flow from operations of $10.6 million for the nine months ended September 30, 2022, of which $1.1 million was generated in the third quarterDwight Egan, Co-Diagnostics' Chief Executive Officer, remarked, \"While our third quarter results were impacted by lower demand for our COVID-19 test, we made significant progress on our Co-Dx PCR Home™ platform which is nearing its final stages. In addition to expecting clinical trials to begin in the very near future, our ability to generate positive cash flow from operations during the quarter supported further development and optimization efforts for our Co-Dx PCR Home platform. Our team remains driven by enhancing the platform so it becomes the new standard for PCR at-home and point-of-care testing, while also expanding our suite of tests for our clinical laboratory business segment.\"\nMr. Egan added, \"I am proud of our team's focused execution. We remain confident in our strategy and our unique portfolio of innovative testing products which is further reflected by our team repurchasing almost 10% of shares outstanding during the quarter. Our patented Co...