logo-loader

Co-Diagnostics ends 3Q with $86.5M in cash; makes significant progress on its Co-Dx PCR Home platform

Published: 09:52 11 Nov 2022 EST

Co-Diagnostics Inc - ends 3Q with $86.5M in cash; makes significant progress on its Co-Dx PCR Home platform
“Our patented CoPrimer technology and patent-pending design of the new Co-Dx PCR Home platform extend our capabilities, aspirations, and potential far beyond COVID-19," noted Co-Diagnostics boss Egan

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. 

READ: Co-Diagnostics appoints veteran molecular biologist Mark Poritz as its new chief scientific officer

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.

The company reported a net loss of $1.4 million or $0.08 per fully diluted share and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $4.1 million.

During the quarter, Co-Diagnostics announced the shipment of its Monekypox Virus Test and expansion of its original equipment manufacturer (OEM) agreement with Bio Molecular Systems.

In a statement accompanying the numbers, Co-Diagnostics CEO Dwight Egan said: "While our third quarter results were impacted by lower demand for our COVID-19 test, we made significant progress on our Co-Dx PCR Home platform which is nearing its final stages. In addition to expecting clinical trials to begin in the very near future, our ability to generate positive cash flow from operations during the quarter supported further development and optimization efforts for our Co-Dx PCR Home platform.”

“Our team remains driven by enhancing the platform so it becomes the new standard for PCR at-home and point-of-care testing, while also expanding our suite of tests for our clinical laboratory business segment," he added.

Egan noted that he was “proud" of the team's "focused execution.”

“We remain confident in our strategy and our unique portfolio of innovative testing products which is further reflected by our team repurchasing almost 10% of shares outstanding during the quarter,” added Egan. “Our patented CoPrimer technology and patent-pending design of the new Co-Dx PCR Home platform extend our capabilities, aspirations, and potential far beyond COVID-19 and together with our efficient operations will drive future value for our shareholders."

Co-Diagnostics technology is used for tests 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 to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.

The firm will host a conference call and webcast at 4:30 pm ET on Friday to discuss its financial results. The conference call and webcast will be available via Webcast at: ir.codiagnostics.com on the Events and Webcasts page, and conference call: 877-317-6789 (domestic) or 412-317-6789 (international).

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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