Business
Co-Diagnostics Reports Strong Second Quarter 2021 Financial Results
Solid quarterly results highlighted by revenue of $27.4 million, pre-tax income of $11.9 million and diluted EPS of $0.33 SALT LAKE CITY, Aug. 12, 2021
About this update from Co-diagnostics, Inc.
[{"type":"text","content":"Solid quarterly results highlighted by revenue of $27.4 million, pre-tax income of $11.9 million and diluted EPS of $0.33\n\n\nSALT LAKE CITY, Aug. 12, 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 second quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2021 Financial Results:\nRevenue of $27.4 million, primarily due to sales of the Logix Smart™ COVID-19 Test, representing an increase of 13.8% as compared to the prior year period. Gross profit increased 37.6% to $24.9 million, representing 90.8% of consolidated revenue due to reduced production costs and improved product mix as compared to the prior-year period. Operating income totaled $11.8 million, representing a 19.8% decrease 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 $11.9 million. Net income of $9.8 million, compared to a net income of $15.0 million in the prior-year first quarter, representing $0.33 per fully diluted share, as compared to $0.51 per fully diluted share in the second quarter of 2020. Cash, cash equivalents, and marketable securities totaled $72.4 million as of June 30, 2021, an increase of $12.3 million from March 31, 2021. Operating cash flows totaled $24.7 million for the year-to-date period ending June 30, 2021, as compared to cash used in operations of $0.3 million during the prior year period.\"We are proud to continue the momentum, delivering another strong quarter following our record results in 2020,\" said Dwight Egan, Co-Diagnostics' Chief Executive Officer. \"Our team has done an excellent job of cultivating distributor relationships throughout the United States and abroad, which is evident in the record sales results this quarter. As new variants of COVID-19 continue to emerge and affect the global population, we remain steadfast in our mission to deliver high-quality diagnostic testing kits to customers throughout the world.\" \n\"Looking to the back half of 2021, we are well positioned to maintain our trajectory of growth as our significan...