Co-Diagnostics Inc

NASDAQ:CODXUnited States

May 9, 2024

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• Co-Diagnostics, Inc. Reports First Quarter 2024 Financial Results, from 4:01PM ET on Thursday May 09, 2024 by PR Newswire

  4:01PM ET on Thursday May 09, 2024 by PR Newswire
  Companies Mentioned: CODX

  Co-Diagnostics, Inc. (NASDAQ: CODX) ("Co-Dx," or the "Company"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced financial results for the quarter endedMarch 31, 2024.

• Co-Diagnostics, Inc. Reports First Quarter 2024 Financial Results, from 4:01PM ET on Thursday May 09, 2024 by Dow Jones

  4:01PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: CODX
  ------------ --------------- Total current liabilities 5,269,652 5,747,570 Long-term liabilities Income taxes payable 679,018 659,186 Operating lease liability 1,931,164 2,152,180 Contingent consideration liabilities 438,638 748,109 ------------ --------------- Total long-term liabilities 3,048,820 3,559,475 ------------ --------------- Total liabilities 8,318,472 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 March 31, 2024 and December 31, 2023, respectively - - Common stock, $0.001 par value; 100,000,000 shares authorized; 36,127,096 shares issued and 31,278,418 shares outstanding as of March 31, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023 36,127 36,108 Treasury stock, at cost; 4,848,678 shares held as of March 31, 2024 and December 31, 2023, respectively (15,575,795) (15,575,795) Additional paid-in capital 98,379,651 96,808,436 Accumulated other comprehensive income 226,555 146,700 Accumulated earnings (deficit) (4,713,877) 4,598,166 ------------ --------------- Total stockholders' equity 78,352,661 86,013,615 ------------ --------------- Total liabilities and stockholders' equity $ 86,671,133 $ 95,320,660 ============ =============== CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended March 31, -------------------------------- 2024 2023 ----------------- ------------- Product revenue $ 252,745 $ 601,957 Grant revenue 215,109 - ------------- ------------ Total revenue 467,854 601,957 Cost of revenue 234,505 502,241 ------------- ------------ Gross profit 233,349 99,716 ------------- ------------ Operating expenses Sales and marketing 1,563,682 1,706,331 General and administrative 2,918,803 3,013,965 Research and development 5,679,678 5,014,060 Depreciation and amortization 330,573 316,010 ------------- ------------ Total operating expenses 10,492,736 10,050,366 ------------- ------------ Loss from operations (10,259,387) (9,950,650) ------------- ------------ Other income, net Interest income 362,733 202,372 Realized gain on investments 228,070 418,082 Gain on remeasurement of acquisition contingencies 450,260 1,037,672 Gain (loss) on equity method investment in joint venture (70,955) 277,322 ------------- ------------ Total other income, net 970,108 1,935,448 ------------- ------------ Loss before income taxes (9,289,279) (8,015,202) Income tax provision (benefit) 22,764 (2,259,811) ------------- ------------ Net loss $ (9,312,043) $ (5,755,391) ============= ============ Other comprehensive loss Change in net unrealized gains on marketable securities, net of tax 79,855 178,621 ------------- ------------ Total other comprehensive income $ 79,855 $ 178,621 ------------- ------------ Comprehensive loss $ (9,232,188) $ (5,576,770) ============= ============ Loss per common share: Basic and diluted $ (0.31) $ (0.20) Weighted average shares outstanding: Basic and diluted 29,842,874 29,483,540 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES (Unaudited) Reconciliation of net loss to adjusted EBITDA: Three Months Ended March 31, -------------------------------- 2024 2023 ----------------- ------------- Net loss $ (9,312,043) $ (5,755,391) Interest income (362,733) (202,372) Realized gain on investments (228,070) (418,082) Depreciation and amortization 330,573 316,010 Change in fair value of contingent consideration (450,260) (1,037,672) Stock-based compensation expense 1,571,234 2,168,742 Income tax provision (benefit) 22,764 (2,259,811) ------------- ------------ Adjusted EBITDA $ (8,428,535) $ (7,188,576) ============= ============
  

• *DJ Co-Diagnostics 1Q Loss/Shr 31c >CODX, from 4:01PM ET on Thursday May 09, 2024 by Dow Jones

  4:01PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: CODX
  ------------ --------------- Total current liabilities 5,269,652 5,747,570 Long-term liabilities Income taxes payable 679,018 659,186 Operating lease liability 1,931,164 2,152,180 Contingent consideration liabilities 438,638 748,109 ------------ --------------- Total long-term liabilities 3,048,820 3,559,475 ------------ --------------- Total liabilities 8,318,472 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 March 31, 2024 and December 31, 2023, respectively - - Common stock, $0.001 par value; 100,000,000 shares authorized; 36,127,096 shares issued and 31,278,418 shares outstanding as of March 31, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023 36,127 36,108 Treasury stock, at cost; 4,848,678 shares held as of March 31, 2024 and December 31, 2023, respectively (15,575,795) (15,575,795) Additional paid-in capital 98,379,651 96,808,436 Accumulated other comprehensive income 226,555 146,700 Accumulated earnings (deficit) (4,713,877) 4,598,166 ------------ --------------- Total stockholders' equity 78,352,661 86,013,615 ------------ --------------- Total liabilities and stockholders' equity $ 86,671,133 $ 95,320,660 ============ =============== CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended March 31, -------------------------------- 2024 2023 ----------------- ------------- Product revenue $ 252,745 $ 601,957 Grant revenue 215,109 - ------------- ------------ Total revenue 467,854 601,957 Cost of revenue 234,505 502,241 ------------- ------------ Gross profit 233,349 99,716 ------------- ------------ Operating expenses Sales and marketing 1,563,682 1,706,331 General and administrative 2,918,803 3,013,965 Research and development 5,679,678 5,014,060 Depreciation and amortization 330,573 316,010 ------------- ------------ Total operating expenses 10,492,736 10,050,366 ------------- ------------ Loss from operations (10,259,387) (9,950,650) ------------- ------------ Other income, net Interest income 362,733 202,372 Realized gain on investments 228,070 418,082 Gain on remeasurement of acquisition contingencies 450,260 1,037,672 Gain (loss) on equity method investment in joint venture (70,955) 277,322 ------------- ------------ Total other income, net 970,108 1,935,448 ------------- ------------ Loss before income taxes (9,289,279) (8,015,202) Income tax provision (benefit) 22,764 (2,259,811) ------------- ------------ Net loss $ (9,312,043) $ (5,755,391) ============= ============ Other comprehensive loss Change in net unrealized gains on marketable securities, net of tax 79,855 178,621 ------------- ------------ Total other comprehensive income $ 79,855 $ 178,621 ------------- ------------ Comprehensive loss $ (9,232,188) $ (5,576,770) ============= ============ Loss per common share: Basic and diluted $ (0.31) $ (0.20) Weighted average shares outstanding: Basic and diluted 29,842,874 29,483,540 CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES (Unaudited) Reconciliation of net loss to adjusted EBITDA: Three Months Ended March 31, -------------------------------- 2024 2023 ----------------- ------------- Net loss $ (9,312,043) $ (5,755,391) Interest income (362,733) (202,372) Realized gain on investments (228,070) (418,082) Depreciation and amortization 330,573 316,010 Change in fair value of contingent consideration (450,260) (1,037,672) Stock-based compensation expense 1,571,234 2,168,742 Income tax provision (benefit) 22,764 (2,259,811) ------------- ------------ Adjusted EBITDA $ (8,428,535) $ (7,188,576) ============= ============