CDI(CODX) - 2024 Q1 - Quarterly Results

Co-Diagnostics, Inc. Q1 2024 Financial Results First Quarter 2024 Financial & Business Highlights Co-Diagnostics reported a Q1 2024 net loss of $9.3 million while making operational progress on its new manufacturing facility and product pipeline Financial Performance Q1 2024 revenue decreased to $0.5 million while the net loss widened to $9.3 million, driven by higher R&D expenses Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $0.5 million | $0.6 million | Down | | Operating Loss | $10.3 million | $10.0 million | Increased Loss | | Net Loss | $9.3 million | $5.8 million | Increased Loss | | Loss per Share | $0.31 | $0.20 | Increased Loss | | Adjusted EBITDA Loss | $8.4 million | $7.2 million | Increased Loss | | Cash & Marketable Securities | $50.0 million | N/A | N/A | - The 4.4% increase in operating expenses was primarily driven by higher research and development costs for pipeline tests[4] Business & Operational Highlights The company strengthened its leadership team and advanced manufacturing capabilities with new facilities in Salt Lake and India - Key executive appointments were made: Richard Abbott as President, David Nielsen as COO, Christopher Thurston as CTO, and Seth Egan as CCO[5] - A new manufacturing facility was inaugurated in South Salt Lake to produce Co-Primers®, the Co-Dx™ PCR Pro™ instrument, and test cups[5] - The CoSara manufacturing facility in India is being expanded to increase capacity for in-house manufacturing of reagents, equipment, and consumables, including Co-Primers[5] Management Commentary Management is focused on a near-future 510(k) submission for its PCR platform and advancing its infectious disease test pipeline - The company remains committed to delivering a 510(k) submission to the FDA for its new instrument and COVID-19 test kit in the near future[5] - Development of TB, multiplex respiratory, and HPV tests will be a key focus for the remainder of the year[5] - Clinical evaluations for the company's multiplex test are planned to begin later in 2024[5] Consolidated Financial Statements The statements detail a financial position with $86.7 million in assets and a quarterly net loss of $9.3 million Consolidated Balance Sheets Total assets decreased to $86.7 million as of March 31, 2024, reflecting a reduction in marketable investment securities Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $23.1 million | $14.9 million | | Marketable investment securities | $26.9 million | $43.6 million | | Total current assets | $53.7 million | $62.1 million | | Total assets | $86.7 million | $95.3 million | | Total current liabilities | $5.3 million | $5.7 million | | Total liabilities | $8.3 million | $9.3 million | | Total stockholders' equity | $78.4 million | $86.0 million | Consolidated Statements of Operations For Q1 2024, total revenue was $467,854, and the net loss widened to $9.3 million from $5.8 million year-over-year Consolidated Statement of Operations (Unaudited, Three Months Ended March 31) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Total revenue | $467,854 | $601,957 | | Gross profit | $233,349 | $99,716 | | Research and development | $5,679,678 | $5,014,060 | | Total operating expenses | $10,492,736 | $10,050,366 | | Loss from operations | ($10,259,387) | ($9,950,650) | | Net loss | ($9,312,043) | ($5,755,391) | | Loss per share (basic and diluted) | ($0.31) | ($0.20) | Non-GAAP Financial Measures The adjusted EBITDA loss increased to $8.4 million in Q1 2024 from $7.2 million in the prior-year period - Adjusted EBITDA is defined as net income excluding depreciation, amortization, income tax, net interest, realized gains on investments, and stock-based compensation[9] Reconciliation of Net Loss to Adjusted EBITDA (Unaudited) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | ($9,312,043) | ($5,755,391) | | Adjusted EBITDA | ($8,428,535) | ($7,188,576) | Forward-Looking Statements Future plans for product submissions and clinical evaluations are outlined, subject to considerable risks and uncertainties - Forward-looking statements include plans for a near-future 510(k) submission for the new instrument and COVID-19 test, and the start of clinical evaluations for the multiplex test later in the year[11] - The company cautions that actual results may differ materially and directs readers to the Risk Factors disclosure in its Form 10-K[11]