Co-Diagnostics, Inc. Reports Full Year 2024 Financial Results
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.
- 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
- 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
The company's operating loss of
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
Full Year 2024 Financial Results:
- Revenue of
, which declined from$3.9 million during the prior year primarily due to higher Grant revenue in 2023. Grant revenue totaled$6.8 million while product revenue totaled$3.1 million $0.8 million - Operating expenses of
decreased by$43.0 million 5.2% from the prior year due to higher expenses in 2023 related to platform development and regulatory submission preparation - Operating loss of
compared to operating loss of$40.1 million in 2023$42.7 million - Net loss of
, compared to net loss of$37.6 million in the prior year, representing a loss of$35.3 million per fully diluted share, compared to a loss of$1.24 per fully diluted share in the prior year$1.20 - Adjusted EBITDA loss of
$33.5 million - Cash, cash equivalents, and marketable securities of
as of December 31, 2024$29.7 million
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 inGermany - 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
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, | December 31, | |||||||
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, | - | - | ||||||
Common stock, | 37,902 | 36,108 | ||||||
Treasury stock, at cost; 4,848,678 shares held as of December | (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) |
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SOURCE Co-Diagnostics