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  Title	Co-Diagnostics, Inc. Reports Third Quarter 2024 Financial Results
  ID	4424456
  External ID	210100037
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  Published Date	Nov. 7, 2024, 3:01 p.m.
  Summary	Co-Diagnostics, Inc. Reports Third Quarter 2024 Financial Results PR Newswire Thu, Nov 7, 2024, 4:01 PM 7 min read In This Article: CODX -4.72% SALT LAKE CITY , Nov. 7, 2024 /PRNewswire/ -- Co-Diagnos
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  Content ID	2641931
  Key	063a7b56-6d69-4a7d-8fe5-cc63df48fa99
  Content	Co-Diagnostics, Inc. Reports Third Quarter 2024 Financial Results PR Newswire Thu, Nov 7, 2024, 4:01 PM 7 min read In This Article: CODX -4.72% SALT LAKE CITY , Nov. 7, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced financial results for the quarter ended September 30, 2024 . (PRNewsfoto/Co-Diagnostics) Third Quarter 2024 Financial Results: Revenue of $0.6 million , which declined from $2.5 million during the prior year primarily due to timing of grant revenue recognition. Grant revenue totaled $0.4 million while product revenue totaled $0.2 million Operating expenses of $10.6 million decreased by 5.0% from the prior year due to higher expenses in 2023 related to platform development and regulatory submission preparation Operating loss of $10.2 million compared to operating loss of $8.9 million in 2023 Net loss of $9.7 million , compared to net loss of $6.0 million in the prior year, representing a loss of $0.32 per fully diluted share, compared to a loss of $0.20 per fully diluted share in the prior year Adjusted EBITDA loss of $8.8 million Cash, cash equivalents, and marketable securities of $37.7 million as of September 30, 2024 Third Quarter and Recent 2024 Business Highlights: Completed in silico analysis of the Co-Dx™ Logix Smart® Mpox 2-Gene RUO test to evaluate sensitivity for clade 1b mpox, which showed that the test should retain full reactivity against newer strains Announced expansion of vector control business line to customers across 15 states Attended and participated in ADLM 2024 in Chicago to discuss the role of the Co-Dx PCR Pro™ Platform* in closing the global diagnostics gap for many indications, including tuberculosis (TB) Presented and hosted a booth at the 16th Next Generation Dx Summit in Washington, D.C. , to discuss the future of accessible diagnostics on the Co-Dx PCR Pro Platform* Oligonucleotide (Co-Primers) manufacturing facility in India preparing for inauguration in early December 2024 "We are excited by the progress that Co-Diagnostics has made on the development of our pipeline this year," said Dwight Egan , Co-Diagnostics' Chief Executive Officer. "We have maintained an active dialogue with the FDA throughout their substantive review of our 510(k) application, and continue to advance all tests in our pipeline towards completion, regulatory submission and commercialization. At Co-Diagnostics, we firmly believe that our COVID-19, tuberculosis, multiplex respiratory, and HPV multiplex tests on the Co-Dx PCR platform have the potential to increase access to state-of-the-art PCR diagnostics and to improve the quality of health care around the world. Our team has been working hard to make our mission a reality, and I am excited to continue to drive our test developments forward throughout the remainder of the year and into next." Story Continues "Co-Diagnostics has made significant progress on our tests, and look forward to providing you with regulatory and commercialization updates as they develop," said Brian Brown , Co-Diagnostics' Chief Financial Officer. Conference Call and Webcast Co-Diagnostics will host a conference call and webcast at 4:30 p.m. EDT today to discuss its financial results with analysts and institutional investors. The conference call and webcast will be available via: Webcast: ir.codiagnostics.com on the Events & Webcasts page Conference Call: 844-481-2661 (domestic) or 412-317-0652 (international) The call will be recorded and later made available on the Company's website: https://codiagnostics.com . *The Co-Dx PCR platform (including the PCR Home™, PCR Pro™, mobile app, and all associated tests) is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale. The Co-Dx PCR Pro instrument and Co-Dx COVID-19 Test are currently under review by the FDA. About Co-Diagnostics, Inc.: Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform and to locate genetic markers for use in applications other than infectious disease. Non-GAAP Financial Measures: This press release contains adjusted EBITDA, which is a non-GAAP measure defined as net income excluding depreciation, amortization, income tax (benefit) expense, net interest (income) expense, realized gains on investments, stock-based compensation, change in fair value of contingent consideration, gain or loss on disposition of assets, and one-time transaction related costs. The Company believes that adjusted EBITDA provides useful information to management and investors relating to its results of operations. The Company's management uses this non-GAAP measure to compare the Company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The Company believes that the use of adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making. Management does not consider the non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of the non-GAAP financial measure is that it excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements. In order to compensate for these limitations, management presents the non-GAAP financial measure together with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation table of the net income, the most comparable GAAP financial measure to adjusted EBITDA, is included at the end of this release. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the Company's business. Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Forward-looking statements in this release include statements regarding our advancement of all tests in our pipeline towards completion, regulatory submission and commercialization and our belief that our COVID-19, tuberculosis, multiplex respiratory, and HPV multiplex tests on the Co-Dx PCR platform have the potential to increase access to state-of-the-art PCR diagnostics and to improve the quality of health care around the world. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in our Risk Factors disclosure in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 14, 2024 , and in our other filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws. CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 10,797,630 $ 14,916,878 Marketable investment securities 26,864,571 43,631,510 Accounts receivable, net 178,243 303,926 Inventory, net 1,266,016 1,664,725 Income taxes receivable - 26,955 Prepaid expenses and other current assets 996,698 1,597,114 Total current assets 40,103,158 62,141,108 Property and equipment, net 2,984,112 3,035,729 Operating lease right-of-use asset 2,332,877 2,966,774 Intangible assets, net 26,176,667 26,403,667 Investment in joint venture 784,357 773,382 Total assets $ 72,381,171 $ 95,320,660 Liabilities and stockholders' equity Current liabilities Accounts payable $ 2,176,426 $ 1,482,109 Accrued expenses 1,826,297 2,172,959 Operating lease liability, current 896,745 838,387 Contingent consideration liabilities, current 838,032 891,666 Deferred revenue 60,477 362,449 Total current liabilities 5,797,977 5,747,570 Long-term liabilities Income taxes payable 719,628 659,186 Operating lease liability 1,472,100 2,152,180 Contingent consideration liabilities 607,526 748,109 Total long-term liabilities 2,799,254 3,559,475 Total liabilities 8,597,231 9,307,045 Commitments and contingencies (Note 10) Stockholders' equity Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $0.001 par value; 100,000,000 shares authorized; 36,778,430 shares issued and 31,929,752 shares outstanding as of September 30, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023 36,778 36,108 Treasury stock, at cost; 4,848,678 shares held as of September 30, 2024 and December 31, 2023, respectively (15,575,795) (15,575,795) Additional paid-in capital 100,924,241 96,808,436 Accumulated other comprehensive income 408,366 146,700 Accumulated earnings (deficit) (22,009,650) 4,598,166 Total stockholders' equity 63,783,940 86,013,615 Total liabilities and stockholders' equity $ 72,381,171 $ 95,320,660 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three Months Ended September 30, 2024 2023 Product revenue $ 206,876 $ 136,533 Grant revenue 434,265 2,320,565 Total revenue 641,141 2,457,098 Cost of revenue 297,403 255,772 Gross profit 343,738 2,201,326 Operating expenses Sales and marketing 1,059,745 1,904,395 General and administrative 4,287,380 3,147,753 Research and development 4,880,315 5,788,789 Depreciation and amortization 351,235 296,340 Total operating expenses 10,578,675 11,137,277 Loss from operations (10,234,937) (8,935,951) Other income, net Interest income 263,335 322,877 Realized gain on investments 293,067 425,446 Gain on disposition of assets 3,513 (2,578) Gain (loss) on remeasurement of acquisition contingencies (11,927) 140,296 Gain (loss) on equity method investment in joint venture 12,683 (45,865) Total other income, net 560,671 840,176 Loss before income taxes (9,674,266) (8,095,775) Income tax provision (benefit) 22,189 (2,113,581) Net loss $ (9,696,455) $ (5,982,194) Other comprehensive loss Change in net unrealized gains on marketable securities, net of tax 37,158 33,522 Total other comprehensive income $ 37,158 $ 33,522 Comprehensive loss $ (9,659,297) $ (5,948,672) Loss per common share: Basic and Diluted $ (0.32) $ (0.20) Weighted average shares outstanding: Basic and Diluted 30,494,206 29,361,300 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES (Unaudited) Reconciliation of net loss to adjusted EBITDA: Three Months Ended September 30, 2024 2023 Net loss $ (9,696,455) $ (5,982,194) Interest income (263,335) (322,877) Realized gain on investments (293,067) (425,446) Depreciation and amortization 351,235 296,340 Gain on disposition of assets (3,513) 2,578 Stock-based compensation expense 1,045,583 2,172,165 Income tax provision (benefit) 22,189 (2,113,581) Change in fair value of contingent consideration 11,927 (140,296) Adjusted EBITDA $ (8,825,436) $ (6,513,311) Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/co-diagnostics-inc-reports-third-quarter-2024-financial-results-302299334.html SOURCE Co-Diagnostics View Comments Terms and Privacy Policy Privacy Dashboard Recommended Stories
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