Business
Co-Diagnostics Reports Full Year 2021 Financial Results
Achieved Record Full Year Revenue of $97.9 Million; Strength in Sales Momentum Provides Foundation to Achieve Solid FY'22 SALT LAKE CITY, March 24, 2022
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Achieved Record Full Year Revenue of $97.9 Million; Strength in Sales Momentum Provides Foundation to Achieve Solid FY'22 \nSALT LAKE CITY, March 24, 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 full year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \n• Revenue of $97.9 million, an increase of $23.3 million year-over-year • Adjusted EBITDA of $52.1 million in 2021Full Year 2021 Financial Results:\nRevenue of $97.9 million, an increase of $23.3 million year-over-year, primarily due to sales of Logix Smart™ COVID-19 Tests throughout the worldGross profit increased to $86.3 million year-over-year, representing 88.2% of consolidated revenueOperating income improved to $46.1 million due to record revenue and gross profit for the yearIncome before taxes of $45.6 millionNet income of $36.7 million, compared to a $42.5 million from the prior year, representing $1.23 per fully diluted share compared to $1.52 in 2020Adjusted EBITDA of $52.1 million in 2021 improved from $45.3 million in 2020Cash, cash equivalents, and marketable securities totaled $89.9 million at December 31, 2021, compared to $47.3 million as of December 31, 2020Dwight Egan, Co-Diagnostics' Chief Executive Officer, said, \"Our record performance during Fiscal 2021 reflects the strength of our innovative product portfolio, and our ability to quickly adapt and deliver our products to customers in regions experiencing increased demand. We strengthened our executive management team and welcomed Brian Brown as Chief Financial Officer, and Dr. Jesse Montgomery as Chief Scientific Officer. The Company also announced the existence of our new at-home/point-of-care diagnostics platform and completed two strategic acquisitions during the year to further enhance efficiencies related to this platform, which includes the addition of two key team members in Dr. Kirk Ririe and Dr. Carl Wittwer, pioneers of rapid and real-time PCR. The addition of Mr. Brown, Dr. Montgomery, Dr. Ririe and Dr. Wittwer reinforce our goal of becoming a leading global molecular diagnostic company. We are confident that this next-generation healthcare solution is the path to achieving growth and increasing value for our shareholders. We ...