CDI(US:CODX)2021-05-14 02:35Financial Data and Key Metrics Changes - Revenue for Q1 2021 increased to $20.0 million from $1.5 million in Q1 2020, primarily due to continued sales of the Logix Smart COVID-19 test [47] - Gross profit rose from $1.1 million in Q1 2020 to $16.8 million in Q1 2021, representing 83.7% of consolidated revenue [47] - Net income for Q1 2021 was $7.9 million or $0.26 per fully diluted share, compared to a net loss of $1.1 million in Q1 2020 [50] Business Line Data and Key Metrics Changes - Sales of COVID-19 tests continued to drive overall sales momentum, with strong demand expected to persist [11][20] - The ABC test's share of testing orders increased from 1% in Q4 2020 to 5% in Q1 2021 and 14% in Q2 2021 [31] Market Data and Key Metrics Changes - The company anticipates a shift towards international sales, with expectations of a 40% domestic and 60% international revenue mix by the end of 2021 [78] - The global market for liquid biopsy testing is expected to grow from over $1 billion in 2019 to over $5 billion by 2027 [59] Company Strategy and Development Direction - The company is focused on expanding its international footprint and leveraging its CoPrimer technology to develop a broader range of diagnostic products [55][58] - The Eikon testing platform is positioned as a revolutionary product that will enable rapid, low-cost PCR testing in various settings, including at home [40][86] Management's Comments on Operating Environment and Future Outlook - Management noted that while vaccination rates are rising in the U.S., global infection rates remain high, indicating ongoing demand for testing [14][19] - The company is optimistic about its long-term prospects, driven by a growing suite of molecular diagnostics and the introduction of the Eikon platform [97] Other Important Information - The company ended Q1 2021 with cash, cash equivalents, and marketable securities totaling $60.1 million, an increase of $12.8 million from the previous quarter [51] - The company has no debt and is well-capitalized, allowing for continued investment in growth opportunities [52] Q&A Session Summary Question: Is CoSara operation in any way negatively impacted by the pandemic in India? - Management confirmed that while there were periods of lockdown affecting personnel, the operation itself has been able to meet demand for tests [73][74] Question: Do you expect to maintain the gross margin demonstrated in the first quarter going forward? - Management indicated that while some pricing pressures are expected, they anticipate maintaining a similar gross margin [75] Question: Do you foresee the export of COVID tests to ex-U.S. territories being a major revenue driver in 2021? - Management expressed confidence in the growth of international business and the anticipated shift towards a higher percentage of international sales [78] Question: Are you considering any other potential partnership opportunities outside of the U.S.? - Currently, there are no new joint ventures being explored outside of the U.S., with a focus on expanding the existing CoSara partnership in India [80] Question: Is the Eikon testing platform essentially a lab in a box for home use? - Management described the Eikon platform as a unique, compact device that allows for self-administered testing with results delivered in under 30 minutes [86][88]