Connect with us

Company News

Co-Diagnostics, Inc. reports first quarter 2024 financial results

Co-Diagnostics, Inc. announced financial results for the quarter ended March 31, 2024.

First quarter 2024 financial results:

  • Revenue of $0.5 million, down from $0.6 million during the prior year. Grant revenue totaled $0.2 million while product revenue totaled $0.3 million
  • Operating expenses of $10.5 million increased by 4.4% from the prior year due to an increase in research and development costs incurred for the development of tests currently in our pipeline
  • Operating loss of $10.3 million compared to operating loss of $10.0 million in Q1 2023
  • Net loss of $9.3 million, compared to net loss of $5.8 million in the prior year, representing a loss of $0.31 per fully diluted share, compared to a loss of $0.20 per fully diluted share in the prior year
  • Adjusted EBITDA loss of $8.4 million compared to $7.2 million in Q1 2023
  • Cash, cash equivalents, and marketable securities of $50.0 million as of March 31, 2024

“We are extremely encouraged by our first quarter progress and believe that we are well positioned to meet our 2024 goals,” said Dwight Egan, Co-Diagnostics’ Chief Executive Officer. “Co-Diagnostics was pleased to announce the opening of our new manufacturing facility in Salt Lake and continued facility expansion in India, which will soon enable in-house Co-Primers, instrument, and test manufacturing at a low cost. We remain committed to delivering a 510(k) submission to the FDA for our new instrument and Covid-19 test kit in the near future and driving development of our TB, multiplex respiratory, and HPV tests throughout the remainder of the year.”

“This is an exciting time for Co-Diagnostics and we truly believe in the disruptive and unique nature of our new platform. We look forward to beginning clinical evaluations for our multiplex test later this year and plan to provide updates on our new platform and pipeline progress as they come,” said Brian Brown, Co-Diagnostics’ Chief Financial Officer.
MB Bureau

Copyright © 2024 Medical Buyer

error: Content is protected !!