Co-Diagnostics, Inc. (NASDAQ:CODX) Q4 2023 Earnings Conference Call March 14, 2024 4:30 PM ET Company Participants Andrew Benson - Head, Investor Relations Dwight Egan - Chief Executive Officer Brian Brown - Chief Financial Officer Conference Call Participants Yi Chen - H.C. Wainwright Operator Good day, and welcome to the Co-Diagnostics Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock CODX The Nasdaq Capital Market (Mark One) For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 CO-DIAGNOSTICS, INC. (Exact Name of Registrant as Specified in Its Charter) Utah 46-2609396 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Co-Diagnostics, Inc. Reports Full Year 2023 Financial Results Full Year 2023 Business Highlights: "We are pleased to have made great progress towards our strategic goals in the fourth quarter, highlighted by an Emergency Use Authorization submission to the FDA for our Co-Dx PCR Pro™ instrument, mobile app, and COVID-19 test," said Dwight Egan, CoDiagnostics' Chief Executive Officer. "We believe that our EUA submission will serve as a steppingstone in our effort to decentralize PCR diagnostics and to expand ...

The clinical laboratory real-time PCR multiplex test was designed using Co-Dx Co-Primers™ and licensed by the CDSCO for use in diagnostic procedures SALT LAKE CITY, March 7, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or "Co-Dx"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that CoSara Diagnostics Pvt Ltd ("CoSara," or the "JV"), its joint venture for manufacturing and sales in India, has rece ...

SALT LAKE CITY, Feb. 29, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today it will release its fourth quarter and full year 2023 financial results on Thursday, March 14, 2024, after the market close. The Company will also host a conference call and webcast on the same day at 4:30 p.m. ET to discuss its financial results with analysts and institutional investors.  Manage ...

SALT LAKE CITY, Feb. 1, 2024 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq-CM: CODX) (the "Company" or "Co-Dx"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today the list of events it has chosen to exhibit at or participate in during February, 2024, and which strategically align with the Company's vision. At each event, Co-Dx will discuss its upcoming at-home and point-of-care Co-Dx™ PCR platform technology*, which has been de ...

Co-Diagnostics, Inc. (NASDAQ:CODX) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Andrew Benson - Head of Investor Relations Dwight Egan - Chief Executive Officer Brian Brown - Chief Financial Officer Conference Call Participants Operator Hello. Welcome to the Co-Diagnostics Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note today’s event is being recorded. I would now like to turn the conference o ...

At September 30, 2023, we had cash and cash equivalents of $10,239,898. Additionally, we had $53,188,999 of marketable investment securities that could readily be converted into cash if needed. Additionally, our total current assets of September 30, 2023, were $71,310,781 compared to total current liabilities of $5,097,740. Net cash used in operating activities during the nine months ended September 30, 2023 was $17,303,239, compared to cash provided by operating activities of $10,578,544 for the nine month ...

Co-Diagnostics, Inc. (NASDAQ:CODX) Q2 2023 Earnings Call Transcript August 10, 2023 4:30 PM ET Company Participants Andrew Benson - Head, Investor Relations Dwight Egan - Chief Executive Officer Brian Brown - Chief Financial Officer Conference Call Participants Operator Welcome to the Co-Diagnostics Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructio ...

Financial Performance - Revenue for Q2 2023 was $197,806, a significant decrease of 96.1% compared to $5,023,226 in Q2 2022[37] - Gross profit for Q2 2023 was $(261,289), compared to a gross profit of $4,107,794 in Q2 2022[37] - Net loss for Q2 2023 was $(8,918,825), compared to a net loss of $(2,686,303) in Q2 2022[37] - The company reported a comprehensive loss of $(8,811,459) for Q2 2023, compared to $(2,686,303) in Q2 2022[37] - Net loss for the six months ended June 30, 2023, was $(14,674,216), compared to a net income of $9,028,292 for the same period in 2022[38] - For the six months ended June 30, 2023, the company generated revenues of $799,763, a decrease of $26,922,507 compared to $27,722,270 for the same period in 2022, primarily due to lower sales of the Logix Smart COVID-19 test[169] Operating Expenses - Total operating expenses for Q2 2023 were $11,733,150, an increase of 42.5% from $8,254,832 in Q2 2022[37] - Total operating expenses for the six months ended June 30, 2023, were $21,783,516, an increase from $17,847,766 in the same period of 2022, mainly due to higher personnel expenses and increased investment in research and development[171] - General and administrative expenses increased from $5,390,616 for the six months ended June 30, 2022, to $6,727,860 for the same period in 2023, primarily due to increased insurance and professional fees[172] Cash and Liquidity - Cash and cash equivalents as of June 30, 2023, were $13,830,846, down from $22,973,803 at the end of 2022[36] - Cash used in operating activities was $(10,708,797) for the six months ended June 30, 2023, compared to cash provided of $9,460,222 in the prior year[38] - Cash and cash equivalents at the end of the period were $13,830,846, down from $86,045,405 at the end of June 30, 2022[38] - Net cash provided by investing activities was $2,603,770 for the six months ended June 30, 2023, compared to $(9,600,444) in the same period of 2022[38] Research and Development - Research and development expenses for Q2 2023 were $5,981,043, up from $3,889,844 in Q2 2022[37] - The Company expensed $5,981,043 and $10,995,103 in research and development costs for the three and six months ended June 30, 2023, respectively, compared to $3,889,844 and $7,661,171 for the same periods in 2022, representing increases of 54% and 44%[89] - Research and development expenses rose from $3,889,844 for the three months ended June 30, 2022, to $5,981,043 for the same period in 2023, reflecting increased personnel and clinical trial expenses[186] - Research and development expenses increased from $7,661,171 for the six months ended June 30, 2022, to $10,995,103 for the six months ended June 30, 2023, reflecting a significant rise in personnel-related expenses and clinical trials[208] Assets and Liabilities - Total assets decreased to $112,801,186 as of June 30, 2023, from $123,086,281 at the end of 2022[36] - Total current liabilities increased to $5,115,655 as of June 30, 2023, compared to $3,873,423 at the end of 2022[36] - Total accounts receivable as of June 30, 2023, was $4,510,545, with an allowance for uncollectible accounts of $3,413,152, resulting in a net amount of $1,097,393[65] - The Company recorded a liability for contingent consideration related to acquisitions, with a fair value of $1,335,279 as of June 30, 2023, down from $2,732,356 at December 31, 2022, reflecting a decrease of approximately 51%[101] Taxation - The Company recognized a benefit from income taxes of $2,238,320 for the three months ended June 30, 2023, representing an effective tax rate of 20.1%[144] - The Company’s effective tax rate for the six months ended June 30, 2023, was 23.5%, differing from the U.S. Federal statutory rate of 21.0% due to various factors[144] - The effective tax rate and potential tax exposure items require significant judgment and expertise, with uncertain income tax positions noted in the financial statements[112] Shareholder Activities - The company repurchased 4,559,479 outstanding common shares for a total of $15.2 million under a repurchase program authorized for up to $30 million[175] - The Company has approximately $13.8 million of unrecognized stock-based compensation expense related to outstanding RSUs, expected to be recognized over a weighted-average period of 2.0 years[141] - The Company has a share repurchase program authorized for up to $30.0 million, allowing flexibility in timing and amount of repurchases based on market conditions[147] Legal and Regulatory Matters - The company is involved in ongoing legal proceedings, with a claim against it for $2,860,809.79 related to an alleged breach of contract[219] - The company filed a shelf registration statement with the SEC to register the sale of up to $150 million of its securities, including an equity distribution agreement for up to $50 million of common stock[212] - The company has no off-balance sheet arrangements, ensuring transparency in its financial reporting[214] Product Development - The company is developing a groundbreaking portable PCR device, the Co-Dx PCR Home™ platform, which is currently under FDA review[32] - The Company is developing a groundbreaking portable PCR device and proprietary test cups, which are currently under FDA review and not yet available for sale[164] - The proprietary test design system and reagents have received regulatory approval for various PCR diagnostic tests, including COVID-19, in multiple countries[180] - The Company has developed three multiplexed tests for identifying diseases carried by mosquitoes, aiding municipalities in managing mosquito populations[157]