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Co-Diagnostics, Inc. Reports Third Quarter 2024 Financial Results
CODXCDI(CODX) Prnewswire·2024-11-07 21:01

Core Viewpoint - Co-Diagnostics, Inc. reported a significant decline in revenue for Q3 2024, primarily due to the timing of grant revenue recognition, while also highlighting ongoing advancements in their diagnostic test pipeline and regulatory submissions [2][3]. Financial Results - Revenue for Q3 2024 was 0.6million,downfrom0.6 million, down from 2.5 million in the same quarter last year, with grant revenue at 0.4millionandproductrevenueat0.4 million and product revenue at 0.2 million [2]. - Operating expenses decreased by 5.0% to 10.6millioncomparedtothepreviousyear,attributedtohigherexpensesin2023relatedtoplatformdevelopmentandregulatorysubmissions[2].−Theoperatinglosswas10.6 million compared to the previous year, attributed to higher expenses in 2023 related to platform development and regulatory submissions [2]. - The operating loss was 10.2 million, compared to an operating loss of 8.9millioninQ32023[2].−Thenetlossforthequarterwas8.9 million in Q3 2023 [2]. - The net loss for the quarter was 9.7 million, or 0.32perfullydilutedshare,comparedtoanetlossof0.32 per fully diluted share, compared to a net loss of 6.0 million, or 0.20perfullydilutedshare,intheprioryear[2][10].−AdjustedEBITDAlosswasreportedat0.20 per fully diluted share, in the prior year [2][10]. - Adjusted EBITDA loss was reported at 8.8 million [2]. Business Highlights - The company completed an in silico analysis of the Co-Dx™ Logix Smart® Mpox 2-Gene RUO test, confirming its sensitivity against newer strains of mpox [3]. - Co-Diagnostics expanded its vector control business line to customers across 15 states [3]. - Participation in key industry events, including ADLM 2024 and the 16th Next Generation Dx Summit, to discuss advancements in diagnostics [3]. - An oligonucleotide manufacturing facility in India is set to be inaugurated in early December 2024 [3]. - The CEO expressed optimism about the progress in the development of the company's diagnostic tests and ongoing dialogue with the FDA regarding regulatory submissions [3]. Balance Sheet Overview - As of September 30, 2024, cash, cash equivalents, and marketable securities totaled 37.7million[2].−Totalassetsdecreasedto37.7 million [2]. - Total assets decreased to 72.4 million from 95.3millionattheendof2023[9].−Currentliabilitieswerereportedat95.3 million at the end of 2023 [9]. - Current liabilities were reported at 5.8 million, with total liabilities at $8.6 million [9]. Conference Call Information - Co-Diagnostics will host a conference call and webcast to discuss financial results with analysts and institutional investors [4].