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Co-Diagnostics fighting coronavirus (COVID-19) with flagship test, plans at-home PCR-based platform

Last updated: 09:52 11 Nov 2022 EST, First published: 16:50 04 Nov 2021 EDT

Snapshot

  • Co-Diagnostics ends 3Q with $86.5M in cash; makes significant progress on its Co-Dx PCR Home platform
  • Co-Diagnostics to reach wider audience with FDA Emergency Use Authorization for its coronavirus test
Co-Diagnostics - Co-Diagnostics joins fight against coronavirus with diagnostic test

About the company

Co-Diagnostics Inc. is passionate about providing the most robust and innovative molecular tools for detection of infectious diseases in humans, mosquitoes, and animals, liquid biopsy for cancer screening, and agricultural applications, especially to those regions where pricing is paramount. The comopany's proprietary molecular diagnostics technology is paving the way for innovation in disease detection and life sciences research through it's enhanced detection of genetic material. Because the company owns its platform, it is able to accomplish this faster and more economically, allowing for wider margins while still positioning Co-Diagnostics to be the worldwide low-cost leader of molecular diagnostics services.

How it is doing

11 Nov 2022

Co-Diagnostics Inc (NASDAQ:CODX) posted financial results for the third quarter that revealed ample cash on hand, giving the company scope to further advance its Co-Dx PCR Home testing platform for infectious diseases.  

As of September 30, 2022, the Salt Lake City, Utah-based molecular diagnostics company, had cash, equivalents, and marketable securities of $86.5 million.  

Co-Diagnostics reported that it had a cash flow from operations of $10.6 million for the nine months ended September 30, 2022, of which $1.1 million was generated in the 3Q.  With sufficient funds, Co-Diagnostics repurchased 2.9 million shares during the quarter at an average price of $3.61 per share. 

For the period ended September 30, 2022, Co-Diagnostics reported revenue of $5.1 million, compared to $30.1 million in 3Q 2021, due primarily to lower demand for the Logix Smart COVID-19 test. However, the firm logged a 1.4% sequential increase in revenue from the 2Q this year.

01 Nov 2022

Co-Diagnostics Inc (NASDAQ:CODX) has announced the appointment of Mark Poritz as the company's new chief scientific officer (CSO).

Poritz is a Harvard University-educated molecular biologist with more than 30 years of experience in the application of polymerase chain reaction (PCR) and related methods to gene cloning, drug discovery, infectious disease diagnostics and aptamer selection.

11 Aug 2022

Co-Diagnostics Inc (NASDAQ:CODX) ended its second quarter of 2022 with a cash balance of US$96 million to help it progress development of its Co-Dx PCR Home testing platform for infectious diseases.

During the three-month period to end June 30, 2022, the company completed the principal design for a monkeypox virus test and shipped testing reagents to its international distributor. Also, its Indian joint venture partner CoSara received clearance from Indian regulators for the Hepatitis C viral load test.

What management says

07 Apr 2020

Co-Diagnostics Inc (NASDAQ:CODX) CEO Dwight Egan tells Proactive the molecular diagnostics company's Logix Smart coronavirus test has obtained Emergency Use Authorization from the FDA to be used to diagnose SARS-CoV-2.

Egan says the authorization confirms the quality and performance of the Logix Smart coronavirus (COVID-19) test and helps it to reach an even wider audience.

Co-Diagnostics to reach wider audience with FDA Emergency Use Authorization...

Co-Diagnostics Inc (NASDAQ:CODX) CEO Dwight Egan tells Proactive the molecular diagnostics company's Logix Smart coronavirus test has obtained Emergency Use Authorization from the FDA to be used to diagnose SARS-CoV-2. Egan says the authorization confirms the quality and performance of the...

on 04/07/2020