CDI(CODX) - 2024 Q4 - Annual Results

Revenue and Financial Performance - Revenue for the full year 2024 was $3.9 million, a decline of 42.6% from $6.8 million in 2023, primarily due to higher grant revenue in the prior year[5] - The net loss for 2024 was $37.6 million, compared to a net loss of $35.3 million in 2023, resulting in a loss of $1.24 per fully diluted share[5][15] - The net loss for 2024 was $37,639,008, compared to a net loss of $35,332,865 in 2023, indicating a year-over-year increase in losses[17] - Adjusted EBITDA loss for 2024 was $33.5 million, reflecting ongoing operational challenges[5] - Adjusted EBITDA for 2024 was $(33,455,207), slightly worse than $(33,038,201) in 2023, reflecting ongoing operational challenges[17] Expenses and Cost Management - Operating expenses decreased by 5.2% to $43.0 million from $45.3 million in 2023, attributed to reduced expenses related to platform development and regulatory submissions[5] - Stock-based compensation expense decreased to $5,434,904 in 2024 from $8,336,856 in 2023, showing a reduction in equity-based compensation costs[17] - Depreciation and amortization increased to $1,377,266 in 2024 from $1,230,474 in 2023, indicating higher asset utilization or investment in capital assets[17] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $29.7 million as of December 31, 2024, down from $62.1 million in the previous year[5][14] - Total assets decreased to $64.0 million in 2024 from $95.3 million in 2023, indicating a significant reduction in the company's asset base[14] Operational Developments - The company inaugurated a new manufacturing facility in South Salt Lake for producing Co-Primers oligonucleotides and the Co-Dx PCR Pro instrument[5] - Co-Diagnostics withdrew its 510(k) application for the Co-Dx PCR Pro platform to gather updated clinical data for an enhanced submission[6] - The company anticipates clinical evaluations for its tuberculosis test, HPV multiplex, and upper respiratory multiplex tests to commence later in 2025[6][11] - The company plans to focus on operational efficiencies to offset development costs as it advances its diagnostic test pipeline[6] Investment and Financial Adjustments - Interest income, net, decreased to $(1,091,825) in 2024 from $(1,161,913) in 2023, reflecting lower interest rates or reduced cash balances[17] - Realized gain on investments improved to $(870,745) in 2024 compared to $(2,243,059) in 2023, suggesting better investment performance[17] - The change in fair value of contingent consideration improved to $(714,876) in 2024 from $(1,092,581) in 2023, indicating a more favorable outlook on contingent liabilities[17] - Income tax provision showed a benefit of $57,368 in 2024, contrasting with a significant tax benefit of $(2,777,691) in 2023, reflecting changes in tax strategy or profitability[17] - The gain/loss on disposition of assets shifted from a loss of $2,578 in 2023 to a gain of $(8,291) in 2024, indicating improved asset management[17]