Co-Diagnostics, Inc. Expands Vector Control Customer Base to 25 Customers across 15 U.S. States

Rhea-AI Summary

Co-Diagnostics (CODX), a molecular diagnostics company, announced the extension of its vector control customer base to 25 customers across 15 U.S. states. The expansion follows the upcoming installation of its vector control technology in Nevada. Co-Dx's Vector Smart® PCR tests are utilized in environmental surveillance of mosquito pools for diseases like West Nile virus, Zika, dengue, and chikungunya. The technology allows mosquito abatement districts to receive same-day results, facilitating quicker and more efficient disease prevention. CEO Dwight Egan highlighted the importance of this growth in combating the spread of mosquito-borne illnesses amid increasing threats from climate change.

Positive

• Expansion of customer base to 25 across 15 states, indicating market growth.
• Proprietary Vector Smart® PCR tests providing same-day results, enhancing disease prevention.

Negative

• None.

Market Research Analyst

The expansion of Co-Diagnostics Inc.'s customer base for their vector control technology to 25 customers across 15 U.S. states represents a notable development in their market penetration. This growth suggests an increasing demand for their Vector Smart® PCR tests, which enables same-day results for mosquito-borne disease surveillance.

Market implications: With climate change potentially expanding the range of mosquito-borne illnesses, the need for efficient surveillance and control will likely rise, enhancing the relevance of Co-Dx’s products. Key points to consider:

• Expansion into 15 states indicates a growing acceptance and trust in their technology among various mosquito abatement districts and vector control customers.
• As states adopt more comprehensive vector control measures, there could be potential for further growth in both their customer base and revenue streams.
• However, competition from other molecular diagnostic firms and technological advancements in the field could pose challenges.

Financial perspective: Investors should monitor subsequent quarterly earnings reports to assess how this state-wise expansion translates into revenue growth. The company's ability to maintain and expand this customer base will be important for sustained financial performance.

Medical Research Analyst

The use of Co-Diagnostics’ Vector Smart® PCR tests for environmental surveillance of mosquito-borne illnesses like West Nile virus, Zika, dengue and chikungunya is an important advancement in public health initiatives. These tests help in the quick identification and subsequent control of disease vectors, potentially preventing outbreaks.

Public health impact: The real-time data provided by Vector Smart® tests allows for timely intervention, reducing the risk of large-scale disease transmission. Given the projected increase in mosquito populations due to climate change, the importance of these tests will likely grow.

• Innovation: Co-Dx’s technology offers same-day results, which is a significant advantage over traditional methods that can take days or even weeks.
• Utility: The technology’s utility is maximized in areas with high incidences of mosquito-borne diseases, suggesting strategic market expansion in the future.

In summary, the expansion of Co-Dx’s vector control technology not only bolsters their business but also enhances public health defenses against vector-borne diseases.

SALT LAKE CITY, July 2, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or "Co-Dx™"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that use of the Company's vector control technology will expand to the 15^th U.S. state following an installation in Nevada next week.

Co-Dx vector control technology includes Vector Smart® PCR tests used in environmental (non-diagnostic) surveillance of mosquito pools for mosquito-borne illnesses like West Nile virus, Zika, dengue and chikungunya. Mosquito abatement districts (MADs) and other vector control customers can use Vector Smart tests as well as other equipment sold and installed by Co-Diagnostics to receive same-day results of mosquito pool testing, allowing for quicker and more efficient prevention of disease transmission to humans and animals.

Dwight Egan, Co-Diagnostics CEO, remarked, "We are pleased with the continued growth of our vector control platform and products. The importance of providing front-line surveillance against the spread of these mosquito-borne pathogens is increasing, as many experts believe that climate change is driving an expansion of mosquitos capable of carrying deadly illnesses to more areas.

"The broader vector control industry extends beyond mosquito surveillance to other vectors, including birds and livestock. Providing industry-leading PCR tests and equipment can support vector control activities to keep our communities safe from infectious diseases, and aligns with our mission of leveraging our technology platform to improve the quality of life on a global scale."

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.

Forward-Looking Statements:
Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Forward-looking statements include statements made with respect to the use of Vector Smart tests and other equipment will allow for quicker and more efficient prevention of disease transmission to humans and animals and that climate change is driving an expansion of mosquitos capable of carrying deadly illnesses to more areas. 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 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.

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SOURCE Co-Diagnostics

FAQ

What recent expansion has Co-Diagnostics (CODX) announced?

Co-Diagnostics announced expanding its vector control customer base to 25 customers across 15 U.S. states.

What technology does Co-Diagnostics (CODX) use for vector control?

Co-Diagnostics uses Vector Smart® PCR tests for environmental surveillance of mosquito pools.

Which diseases does Co-Diagnostics (CODX) Vector Smart technology monitor?

The Vector Smart technology monitors diseases like West Nile virus, Zika, dengue, and chikungunya.

How does Co-Diagnostics' (CODX) technology benefit mosquito abatement districts?

The technology provides same-day results, allowing for quicker and more efficient disease prevention.

Why is the expansion of Co-Diagnostics (CODX) vector control technology significant?

The expansion is significant due to the increasing threat of mosquito-borne illnesses driven by climate change.