CDI(CODX) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 was $0.6 million, a decline of 76$2.5 million in Q3 2023, primarily due to timing of grant revenue recognition[2] - Net loss for Q3 2024 was $9.7 million, compared to a net loss of$6.0 million in the prior year, representing a loss of $0.32 per fully diluted share[2] - Adjusted EBITDA loss was$8.8 million for the quarter[2] - Net loss for the three months ended September 30, 2024, was $9,696,455, compared to a net loss of$5,982,194 for the same period in 2023[15] - Adjusted EBITDA for the three months ended September 30, 2024, was $(8,825,436), an increase in loss from$(6,513,311) in the prior year[15] Operating Expenses - Operating expenses decreased by 5% to $10.6 million compared to the prior year, attributed to higher expenses in 2023 related to platform development and regulatory submission preparation[2] - Stock-based compensation expense was$1,045,583 for the three months ended September 30, 2024, down from $2,172,165 in the same period last year[15] - Depreciation and amortization increased to$351,235 in the three months ended September 30, 2024, compared to $296,340 in the prior year[15] Cash and Assets - Cash, cash equivalents, and marketable securities totaled$37.7 million as of September 30, 2024[2] - The total assets decreased from $95.3 million at the end of 2023 to$72.4 million as of September 30, 2024[11] Regulatory and Business Developments - The company is actively engaging with the FDA regarding its 510(k) application and advancing tests in its pipeline towards regulatory submission and commercialization[3] - An oligonucleotide manufacturing facility in India is preparing for inauguration in early December 2024[3] - The company expanded its vector control business line to customers across 15 states[3] Investment and Income - Interest income decreased to $(263,335) from$(322,877) year-over-year[15] - Realized gain on investments was $(293,067) for the three months ended September 30, 2024, compared to$(425,446) in the same period last year[15] - Income tax provision showed a benefit of $22,189, contrasting with a benefit of$(2,113,581) in the prior year[15] - Change in fair value of contingent consideration was $11,927, compared to$(140,296) in the same period last year[15] - Gain on disposition of assets was $(3,513) for the three months ended September 30, 2024, compared to a gain of$2,578 in the prior year[15] Product Development - The Co-Dx™ Logix Smart® Mpox 2-Gene RUO test showed full reactivity against newer strains in in silico analysis[3]