STOCK TITAN

Co-Diagnostics, Inc. Reports Full Year 2024 Financial Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

Co-Diagnostics (NASDAQ: CODX) reported its full-year 2024 financial results, showing a decline in revenue to $3.9 million from $6.8 million in 2023. The company's financial performance included:

- Operating expenses of $43.0 million, down 5.2% year-over-year
- Operating loss of $40.1 million
- Net loss of $37.6 million ($1.24 per share)
- Cash position of $29.7 million as of December 31, 2024

Key developments included opening new manufacturing facilities in India and South Salt Lake, and withdrawing their initial FDA 510(k) application for the Co-Dx™ PCR Pro™ Platform to submit an enhanced version. The company plans to commence clinical evaluations for tuberculosis, HPV multiplex, and upper respiratory multiplex tests later in 2025.

Co-Diagnostics (NASDAQ: CODX) ha riportato i risultati finanziari per l'intero anno 2024, evidenziando un calo dei ricavi a $3,9 milioni rispetto ai $6,8 milioni del 2023. Le performance finanziarie dell'azienda hanno incluso:

- Spese operative di $43,0 milioni, in diminuzione del 5,2% rispetto all'anno precedente
- Perdita operativa di $40,1 milioni
- Perdita netta di $37,6 milioni ($1,24 per azione)
- Posizione di liquidità di $29,7 milioni al 31 dicembre 2024

Sviluppi chiave hanno incluso l'apertura di nuove strutture di produzione in India e South Salt Lake, e il ritiro della loro iniziale domanda FDA 510(k) per la piattaforma Co-Dx™ PCR Pro™ al fine di presentare una versione migliorata. L'azienda prevede di avviare valutazioni cliniche per test su tubercolosi, HPV multiplex e test multiplex per le vie respiratorie superiori entro la fine del 2025.

Co-Diagnostics (NASDAQ: CODX) informó sus resultados financieros para el año completo 2024, mostrando una disminución en los ingresos a $3.9 millones desde $6.8 millones en 2023. El rendimiento financiero de la empresa incluyó:

- Gastos operativos de $43.0 millones, una caída del 5.2% interanual
- Pérdida operativa de $40.1 millones
- Pérdida neta de $37.6 millones ($1.24 por acción)
- Posición de efectivo de $29.7 millones al 31 de diciembre de 2024

Los desarrollos clave incluyeron la apertura de nuevas instalaciones de fabricación en India y South Salt Lake, y la retirada de su solicitud inicial de FDA 510(k) para la plataforma Co-Dx™ PCR Pro™ para presentar una versión mejorada. La empresa planea comenzar evaluaciones clínicas para pruebas de tuberculosis, multiplex de HPV y multiplex de vías respiratorias superiores a finales de 2025.

Co-Diagnostics (NASDAQ: CODX)는 2024년 전체 재무 결과를 발표하며 2023년 680만 달러에서 390만 달러로 매출이 감소했음을 보여주었습니다. 회사의 재무 성과는 다음과 같습니다:

- 운영 비용: $4300만, 전년 대비 5.2% 감소
- 운영 손실: $4010만
- 순손실: $3760만 ($1.24 per 주식)
- 2024년 12월 31일 기준 현금 보유액: $2970만

주요 개발 사항으로는 인도와 사우스 솔트 레이크에 새로운 제조 시설을 열고, Co-Dx™ PCR Pro™ 플랫폼의 초기 FDA 510(k) 신청을 철회하여 개선된 버전을 제출하기로 한 것입니다. 회사는 2025년 말에 결핵, HPV 다중 및 상부 호흡기 다중 테스트를 위한 임상 평가를 시작할 계획입니다.

Co-Diagnostics (NASDAQ: CODX) a annoncé ses résultats financiers pour l'année complète 2024, montrant une baisse des revenus à 3,9 millions de dollars contre 6,8 millions de dollars en 2023. Les performances financières de l'entreprise comprenaient :

- Dépenses d'exploitation de 43,0 millions de dollars, en baisse de 5,2 % par rapport à l'année précédente
- Perte d'exploitation de 40,1 millions de dollars
- Perte nette de 37,6 millions de dollars (1,24 $ par action)
- Position de liquidités de 29,7 millions de dollars au 31 décembre 2024

Les développements clés comprenaient l'ouverture de nouvelles installations de fabrication en Inde et à South Salt Lake, ainsi que le retrait de leur demande initiale FDA 510(k) pour la plateforme Co-Dx™ PCR Pro™ afin de soumettre une version améliorée. L'entreprise prévoit de commencer des évaluations cliniques pour des tests de tuberculose, de multiplex HPV et de multiplex des voies respiratoires supérieures d'ici fin 2025.

Co-Diagnostics (NASDAQ: CODX) hat seine finanziellen Ergebnisse für das gesamte Jahr 2024 veröffentlicht und einen Rückgang des Umsatzes auf 3,9 Millionen US-Dollar von 6,8 Millionen US-Dollar im Jahr 2023 festgestellt. Die finanzielle Leistung des Unternehmens umfasste:

- Betriebskosten von 43,0 Millionen US-Dollar, ein Rückgang um 5,2 % im Vergleich zum Vorjahr
- Betriebsverlust von 40,1 Millionen US-Dollar
- Nettoverlust von 37,6 Millionen US-Dollar (1,24 US-Dollar pro Aktie)
- Liquiditätsposition von 29,7 Millionen US-Dollar zum 31. Dezember 2024

Wichtige Entwicklungen umfassten die Eröffnung neuer Produktionsstätten in Indien und South Salt Lake sowie den Rückzug des ursprünglichen FDA 510(k)-Antrags für die Co-Dx™ PCR Pro™ Plattform, um eine verbesserte Version einzureichen. Das Unternehmen plant, Ende 2025 klinische Bewertungen für Tuberkulose-, HPV-Multiplex- und obere Atemwegsmultiplex-Tests zu beginnen.

Positive
  • Operating expenses decreased by 5.2% year-over-year
  • Operating loss improved to $40.1M from $42.7M in 2023
  • Opened new manufacturing facilities in India and South Salt Lake
Negative
  • Revenue declined 42.6% to $3.9M from $6.8M year-over-year
  • Net loss increased to $37.6M from $35.3M in 2023
  • FDA 510(k) application withdrawal delays product commercialization
  • Product revenue only $0.8M, showing weak commercial sales

Insights

Co-Diagnostics' financial results reveal serious deterioration in its commercial position with $3.9 million in 2024 revenue, down 43% from $6.8 million in 2023. Most concerning is that actual product revenue comprised just $0.8 million of the total, with the majority ($3.1 million) coming from non-recurring grant funding.

The company's operating loss of $40.1 million against a cash position of $29.7 million creates an alarming burn rate situation. Simple mathematics suggests less than one year of runway at current spending levels without additional financing. While operating expenses decreased by 5.2%, this modest improvement was vastly insufficient to offset the revenue collapse.

The withdrawal of their 510(k) application for the Co-Dx PCR Pro platform represents a significant setback to their commercialization timeline. Though management frames this as a strategic enhancement opportunity, the reality is that their entire diagnostic pipeline depends on this platform receiving regulatory approval.

The product-to-expense ratio is particularly troubling – generating just $0.8 million in product revenue against $43 million in operating expenses. This 1.9% ratio highlights the fundamental challenges in their business model and the extended pathway to commercial viability.

SALT LAKE CITY, March 27, 2025 /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 fourth quarter and full year ended December 31, 2024.

Full Year 2024 Financial Results:

  • Revenue of $3.9 million, which declined from $6.8 million during the prior year primarily due to higher Grant revenue in 2023. Grant revenue totaled $3.1 million while product revenue totaled $0.8 million
  • Operating expenses of $43.0 million decreased by 5.2% from the prior year due to higher expenses in 2023 related to platform development and regulatory submission preparation
  • Operating loss of $40.1 million compared to operating loss of $42.7 million in 2023
  • Net loss of $37.6 million, compared to net loss of $35.3 million in the prior year, representing a loss of $1.24 per fully diluted share, compared to a loss of $1.20 per fully diluted share in the prior year
  • Adjusted EBITDA loss of $33.5 million
  • Cash, cash equivalents, and marketable securities of $29.7 million as of December 31, 2024

Full Year 2024 and Recent Business Highlights:

  • Inaugurated CoSara Diagnostics Pvt. Ltd.'s oligonucleotide synthesis facility in India to manufacture the Company's patented Co-Primers® chemistry
  • Attended a number of trade shows and expos throughout 2024, including UHCA/UCAL Fall Convention & Expo, Medlab Africa in Cape Town, and MEDICA Trade Fair in Germany
  • Inaugurated a new manufacturing facility in South Salt Lake to manufacture our patented Co-Primers oligonucleotides, the Co-Dx™ PCR Pro™ instrument, and test cups for the new Co-Dx PCR platform
  • Advanced regulatory strategy through completion of an initial 510(k) application to the U.S. Food and Drug Administration (FDA) for the Co-Dx™ PCR Pro™ Platform, which has subsequently been withdrawn with the intention of submitting an enhanced version of the test and instrument for 510(k) clearance

"We are pleased by the progress of our pipeline development in 2024," said Dwight Egan, Co-Diagnostics' Chief Executive Officer. "We recently announced our decision to withdraw our 510(k) application for the Co-Dx PCR Pro and Co-Dx PCR COVID-19 test from the FDA, as we now prepare to gather updated clinical data in support of a new submission for an enhanced version of the test and instrument. We firmly believe that this decision will allow us to offer an even better test upon our initial launch and streamline the associated operational and manufacturing processes, which will be leveraged for future commercialization plans across our development pipeline. Elsewhere, we have made great progress on our tuberculosis test and anticipate clinical evaluations for this indication, as well as for the HPV multiplex and upper respiratory multiplex tests, all to commence later this year. We remain well positioned to execute our development and regulatory goals in 2025 and strongly believe in the potential of the platform, our people, and the company to make a positive impact on the state of global health."

"We are pleased with how our progress in 2024 has moved us closer to commercializing the new platform, and are now actively focused on achieving our 2025 goals. As we advance our diagnostic test pipeline, we are committed to generating operational efficiencies to help offset development costs. We look forward to updating you on our further progress throughout the year," 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.

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 identify 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, stock-based compensation, change in fair value of contingent consideration, and realized gain on investments. 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 (i) that our decision to withdraw our 510(k) application for the PCR Pro and associated COVID-19 test from the FDA and gather updated clinical will allow us to offer an even better test upon our initial launch and streamline the associated operational and manufacturing processes, and (ii) that we anticipate clinical evaluations for our tuberculosis test, as well as for the HPV multiplex and upper respiratory multiplex tests to commence later this year. 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 27, 2025, 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




December 31,
2024



December 31,
2023


Assets









Current assets









Cash and cash equivalents


$

2,936,544



$

14,916,878


Marketable investment securities



26,811,098




43,631,510


Accounts receivable, net



132,570




303,926


Inventory, net



1,072,724




1,664,725


Income taxes receivable



-




26,955


Prepaid expenses and other current assets



1,338,762




1,597,114


Total current assets



32,291,698




62,141,108


Property and equipment, net



2,761,280




3,035,729


Operating lease right-of-use asset



2,114,876




2,966,774


Intangible assets, net



26,101,000




26,403,667


Investment in joint venture



731,065




773,382


Total assets


$

63,999,919



$

95,320,660


Liabilities and stockholders' equity









Current liabilities









Accounts payable


$

3,294,254



$

1,482,109


Accrued expenses



2,562,169




2,172,959


Operating lease liability, current



915,619




838,387


Contingent consideration liabilities, current



502,819




891,666


Deferred revenue



40,857




362,449


Total current liabilities



7,315,718




5,747,570


Long-term liabilities









Income taxes payable



713,643




659,186


Operating lease liability



1,236,560




2,152,180


Contingent consideration liabilities



422,080




748,109


Total long-term liabilities



2,372,283




3,559,475


Total liabilities



9,688,001




9,307,045


Commitments and contingencies (Note 12)









Stockholders' equity









Convertible preferred stock, $0.001 par value; 5,000,000 shares
authorized; 0 shares issued and outstanding as of December 31,
2024 and December 31, 2023, respectively



-




-


Common stock, $0.001 par value; 100,000,000 shares
authorized; 37,902,222 shares issued and 33,053,544 shares
outstanding as of December 31, 2024 and 36,108,346 shares
issued and 31,259,668 shares outstanding as of December 31,
2023



37,902




36,108


Treasury stock, at cost; 4,848,678 shares held as of December
31, 2024 and December 31, 2023, respectively



(15,575,795)




(15,575,795)


Additional paid-in capital



102,472,210




96,808,436


Accumulated other comprehensive income



418,443




146,700


Accumulated earnings (deficit)



(33,040,842)




4,598,166


Total stockholders' equity



54,311,918




86,013,615


Total liabilities and stockholders' equity


$

63,999,919



$

95,320,660


 

CO-DIAGNOSTICS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS




Years Ended December 31,




2024



2023


Product revenue


$

770,048



$

991,473


Grant revenue



3,145,112




5,820,565


Total revenue



3,915,160




6,812,038


Cost of revenue



999,124




4,184,949


Gross profit



2,916,036




2,627,089


Operating expenses









Sales and marketing



4,483,339




6,860,815


General and administrative



16,157,152




14,279,441


Research and development



20,979,589




22,962,593


Depreciation and amortization



1,377,266




1,230,474


Total operating expenses



42,997,346




45,333,323


Loss from operations



(40,081,310)




(42,706,234)


Other income, net









Interest income, net



1,091,825




1,161,913


Realized gain on investments



870,745




2,243,059


Gain (loss) on disposition of assets



8,291




(2,578)


Gain on remeasurement of acquisition contingencies



714,876




1,092,581


Gain (loss) on equity method investment in joint venture



(186,067)




100,703


Total other income, net



2,499,670




4,595,678


Loss before income taxes



(37,581,640)




(38,110,556)


Income tax provision (benefit)



57,368




(2,777,691)


Net loss


$

(37,639,008)



$

(35,332,865)


Other comprehensive loss









Change in net unrealized gains on marketable securities, net of tax



271,743




(146,440)


Total other comprehensive income (loss)


$

271,743



$

(146,440)


Comprehensive loss


$

(37,367,265)



$

(35,479,305)











Loss per common share:









Basic and Diluted


$

(1.24)



$

(1.20)


Weighted average shares outstanding:









Basic and Diluted



30,335,350




29,346,599


 

CO-DIAGNOSTICS, INC. AND SUBSIDIARIES

GAAP AND NON-GAAP MEASURES


Reconciliation of net loss to adjusted EBITDA: 




Years Ended December 31,




2024



2023


Net loss


$

(37,639,008)



$

(35,332,865)


Interest income, net



(1,091,825)




(1,161,913)


Realized gain on investments



(870,745)




(2,243,059)


Depreciation and amortization



1,377,266




1,230,474


(Gain) loss on disposition of assets



(8,291)




2,578


Change in fair value of contingent consideration



(714,876)




(1,092,581)


Stock-based compensation expense



5,434,904




8,336,856


Income tax provision (benefit)



57,368




(2,777,691)


Adjusted EBITDA


$

(33,455,207)



$

(33,038,201)


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/co-diagnostics-inc-reports-full-year-2024-financial-results-302413567.html

SOURCE Co-Diagnostics

FAQ

What caused CODX's revenue decline in 2024?

Revenue declined to $3.9M from $6.8M primarily due to higher Grant revenue in 2023, with 2024 consisting of $3.1M in Grant revenue and $0.8M in product revenue.

Why did CODX withdraw its FDA 510(k) application for the PCR Pro Platform?

CODX withdrew to gather updated clinical data and submit an enhanced version of the test and instrument, aiming to offer a better product upon initial launch.

What are CODX's planned clinical evaluations for 2025?

CODX plans to commence clinical evaluations for tuberculosis, HPV multiplex, and upper respiratory multiplex tests.

What is CODX's current cash position as of December 2024?

CODX reported $29.7 million in cash, cash equivalents, and marketable securities as of December 31, 2024.

How much did CODX's operating expenses decrease in 2024?

Operating expenses decreased by 5.2% to $43.0 million due to higher expenses in 2023 related to platform development and regulatory submission preparation.
Co-Diagnostics Inc

NASDAQ:CODX

CODX Rankings

CODX Latest News

CODX Stock Data

10.35M
31.43M
6.7%
18.02%
0.61%
Medical Devices
Surgical & Medical Instruments & Apparatus
Link
United States
SALT LAKE CITY