Co-Diagnostics Inc
NASDAQ:CODX

  • LAST PRICE
    0.9900
  • TODAY'S CHANGE (%)
    -0.0200 (-1.9802%)
  • Bid / Lots
    0.9824/ 19
  • Ask / Lots
    1.0200/ 19
  • Open / Previous Close
    1.0100 / 1.0100
  • Day Range
    0.9899
    1.0410
  • 52 Week Range
    0.9899
    2.2299
  • Volume
    366,372

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  • Nov 11, 2024

  • Nov 7, 2024

      Show headlines and story abstract

    • 4:13PM ET on Thursday Nov 07, 2024 by MT Newswires
      Companies Mentioned: CODX
      04:13 PM EST, 11/07/2024 (MT Newswires) -- ...

    • 4:01PM ET on Thursday Nov 07, 2024 by PR Newswire
      Companies Mentioned: CODX

      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 quarter ended September 30, 2024.

    • 4:01PM ET on Thursday Nov 07, 2024 by Dow Jones
      Companies Mentioned: CODX
      Accrued expenses 1,826,297 2,172,959 Operating lease liability, current 896,745 838,387 Contingent consideration liabilities, current 838,032 891,666 Deferred revenue 60,477 362,449 ---------------- --------------- Total current liabilities 5,797,977 5,747,570 Long-term liabilities Income taxes payable 719,628 659,186 Operating lease liability 1,472,100 2,152,180 Contingent consideration liabilities 607,526 748,109 ---------------- --------------- Total long-term liabilities 2,799,254 3,559,475 ---------------- --------------- Total liabilities 8,597,231 9,307,045 ---------------- --------------- Commitments and contingencies (Note 10) Stockholders' equity Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $0.001 par value; 100,000,000 shares authorized; 36,778,430 shares issued and 31,929,752 shares outstanding as of September 30, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023 36,778 36,108 Treasury stock, at cost; 4,848,678 shares held as of September 30, 2024 and December 31, 2023, respectively (15,575,795) (15,575,795) Additional paid-in capital 100,924,241 96,808,436 Accumulated other comprehensive income 408,366 146,700 Accumulated earnings (deficit) (22,009,650) 4,598,166 ---------------- --------------- Total stockholders' equity 63,783,940 86,013,615 ---------------- --------------- Total liabilities and stockholders' equity $ 72,381,171 $ 95,320,660 ================ =============== CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three Months Ended September 30, ------------------------------------ 2024 2023 ------------------- --------------- Product revenue $ 206,876 $ 136,533 Grant revenue 434,265 2,320,565 --------------- -------------- Total revenue 641,141 2,457,098 Cost of revenue 297,403 255,772 --------------- -------------- Gross profit 343,738 2,201,326 --------------- -------------- Operating expenses Sales and marketing 1,059,745 1,904,395 General and administrative 4,287,380 3,147,753 Research and development 4,880,315 5,788,789 Depreciation and amortization 351,235 296,340 --------------- -------------- Total operating expenses 10,578,675 11,137,277 --------------- -------------- Loss from operations (10,234,937) (8,935,951) --------------- -------------- Other income, net Interest income 263,335 322,877 Realized gain on investments 293,067 425,446 Gain on disposition of assets 3,513 (2,578) Gain (loss) on remeasurement of acquisition contingencies (11,927) 140,296 Gain (loss) on equity method investment in joint venture 12,683 (45,865) --------------- -------------- Total other income, net 560,671 840,176 --------------- -------------- Loss before income taxes (9,674,266) (8,095,775) Income tax provision (benefit) 22,189 (2,113,581) --------------- -------------- Net loss $ (9,696,455) $ (5,982,194) =============== ============== Other comprehensive loss Change in net unrealized gains on marketable securities, net of tax 37,158 33,522 --------------- -------------- Total other comprehensive income $ 37,158 $ 33,522 --------------- -------------- Comprehensive loss $ (9,659,297) $ (5,948,672) =============== ============== Loss per common share: Basic and Diluted $ (0.32) $ (0.20) Weighted average shares outstanding: Basic and Diluted 30,494,206 29,361,300 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES (Unaudited) Reconciliation of net loss to adjusted EBITDA: Three Months Ended September 30, ------------------------------------ 2024 2023 ------------------- --------------- Net loss $ (9,696,455) $ (5,982,194) Interest income (263,335) (322,877) Realized gain on investments (293,067) (425,446) Depreciation and amortization 351,235 296,340 Gain on disposition of assets (3,513) 2,578 Stock-based compensation expense 1,045,583 2,172,165 Income tax provision (benefit) 22,189 (2,113,581) Change in fair value of contingent consideration 11,927 (140,296) --------------- -------------- Adjusted EBITDA $ (8,825,436) $ (6,513,311) =============== ==============

    • 4:01PM ET on Thursday Nov 07, 2024 by Dow Jones
      Companies Mentioned: CODX
      Accrued expenses 1,826,297 2,172,959 Operating lease liability, current 896,745 838,387 Contingent consideration liabilities, current 838,032 891,666 Deferred revenue 60,477 362,449 ---------------- --------------- Total current liabilities 5,797,977 5,747,570 Long-term liabilities Income taxes payable 719,628 659,186 Operating lease liability 1,472,100 2,152,180 Contingent consideration liabilities 607,526 748,109 ---------------- --------------- Total long-term liabilities 2,799,254 3,559,475 ---------------- --------------- Total liabilities 8,597,231 9,307,045 ---------------- --------------- Commitments and contingencies (Note 10) Stockholders' equity Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $0.001 par value; 100,000,000 shares authorized; 36,778,430 shares issued and 31,929,752 shares outstanding as of September 30, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023 36,778 36,108 Treasury stock, at cost; 4,848,678 shares held as of September 30, 2024 and December 31, 2023, respectively (15,575,795) (15,575,795) Additional paid-in capital 100,924,241 96,808,436 Accumulated other comprehensive income 408,366 146,700 Accumulated earnings (deficit) (22,009,650) 4,598,166 ---------------- --------------- Total stockholders' equity 63,783,940 86,013,615 ---------------- --------------- Total liabilities and stockholders' equity $ 72,381,171 $ 95,320,660 ================ =============== CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) Three Months Ended September 30, ------------------------------------ 2024 2023 ------------------- --------------- Product revenue $ 206,876 $ 136,533 Grant revenue 434,265 2,320,565 --------------- -------------- Total revenue 641,141 2,457,098 Cost of revenue 297,403 255,772 --------------- -------------- Gross profit 343,738 2,201,326 --------------- -------------- Operating expenses Sales and marketing 1,059,745 1,904,395 General and administrative 4,287,380 3,147,753 Research and development 4,880,315 5,788,789 Depreciation and amortization 351,235 296,340 --------------- -------------- Total operating expenses 10,578,675 11,137,277 --------------- -------------- Loss from operations (10,234,937) (8,935,951) --------------- -------------- Other income, net Interest income 263,335 322,877 Realized gain on investments 293,067 425,446 Gain on disposition of assets 3,513 (2,578) Gain (loss) on remeasurement of acquisition contingencies (11,927) 140,296 Gain (loss) on equity method investment in joint venture 12,683 (45,865) --------------- -------------- Total other income, net 560,671 840,176 --------------- -------------- Loss before income taxes (9,674,266) (8,095,775) Income tax provision (benefit) 22,189 (2,113,581) --------------- -------------- Net loss $ (9,696,455) $ (5,982,194) =============== ============== Other comprehensive loss Change in net unrealized gains on marketable securities, net of tax 37,158 33,522 --------------- -------------- Total other comprehensive income $ 37,158 $ 33,522 --------------- -------------- Comprehensive loss $ (9,659,297) $ (5,948,672) =============== ============== Loss per common share: Basic and Diluted $ (0.32) $ (0.20) Weighted average shares outstanding: Basic and Diluted 30,494,206 29,361,300 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES (Unaudited) Reconciliation of net loss to adjusted EBITDA: Three Months Ended September 30, ------------------------------------ 2024 2023 ------------------- --------------- Net loss $ (9,696,455) $ (5,982,194) Interest income (263,335) (322,877) Realized gain on investments (293,067) (425,446) Depreciation and amortization 351,235 296,340 Gain on disposition of assets (3,513) 2,578 Stock-based compensation expense 1,045,583 2,172,165 Income tax provision (benefit) 22,189 (2,113,581) Change in fair value of contingent consideration 11,927 (140,296) --------------- -------------- Adjusted EBITDA $ (8,825,436) $ (6,513,311) =============== ==============

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