Business
Co-Diagnostics Reports Continued Strength in Third Quarter 2021 Financial Results
Solid quarterly results highlighted by record revenue of $30.1 million, pre-tax income of $13.6 million and fully diluted EPS of $0.38 SALT LAKE CITY, Nov.
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Solid quarterly results highlighted by record revenue of $30.1 million, pre-tax income of $13.6 million and fully diluted EPS of $0.38\n\n\nSALT LAKE CITY, Nov. 11, 2021 /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, 2021.\n\n \n \n \n \n \n \n\n \nSolid quarterly results highlighted by record revenue of $30.1 million, and fully diluted EPS of $0.38 \n \nThird Quarter 2021 Financial Results:\nRevenue increased 38.0% as compared to the prior year period to a record $30.1 million, primarily due to sales of the Logix Smart™ COVID-19 Test. Gross profit increased 67.5% to $26.8 million, representing 89.0% of consolidated revenue due to improved product mix as compared to the prior-year period. Operating income totaled $13.6 million, representing a 13.2% increase from the prior year period due to increased sales and marketing expenses as a result of increased third-party sales commissions, as well as increased research and development expenses related to the Eikon point of care technology platform. Income before taxes of $13.6 million, compared to $12.8 million in the prior year period. Net income of $11.5 million, compared to a net income of $15.7 million in the prior-year third quarter, representing $0.38 per fully diluted share, as compared to $0.53 per fully diluted share in the third quarter of 2020. Cash, cash equivalents, and marketable securities totaled $83.9 million as of September 30, 2021, an increase of $11.5 million from June 30, 2021. Operating cash flows totaled $36.2 million for the year-to-date period ending September 30, 2021, as compared to operating cash flows of $8.2 million during the prior year period.\"This quarter brought continued growth and strong positioning for sustainability,\" said Dwight Egan, Co-Diagnostics' Chief Executive Officer. \"We believe that our diverse international customer base, clean balance sheet and steady cash accumulation, in addition to our high-quality products whose performance has been validated by laboratories and regulatory bodies across the world, help us stand out from the crowd and all contributed to our record sales in Q3. \n\"An important step in our growth to becoming a leading ...