The following is a summary of the Co-Diagnostics, Inc. (CODX) Q4 2023 Earnings Call Transcript:
Financial Performance:
Co-Diagnostics reported a total revenue decrease to $6.8 million in 2023, compared to $34.2 million in the prior year.
The gross profit for 2023 decreased to $2.6 million versus $28.7 million in the previous year, primarily due to decreased global demand for COVID-19 testing.
Total operating expenses for 2023 were $45.3 million, lower than $55.7 million in 2022, primarily due to goodwill impairment charges.
Net loss for 2023 was $35.3 million or a loss of $1.20 per fully diluted share, compared to a net loss of $14.2 million or a loss of $0.45 per fully diluted share in the prior year.
The company ended the year with $58.5 million in cash, cash equivalents and marketable securities.
The company repurchased about 1.0 million shares at an average price of $1.41 per share in 2023.
Business Progress:
Co-Diagnostics increased its R&D expenses to $23.0 million in 2023 to support the development of the Co-Dx PCR platform and other tests in the pipeline.
The company submitted an Emergency Use Authorization Application to the FDA for its Co-Dx PCR PRO instrument mobile app and Co-Dx COVID-19 test kit.
Expanding its manufacturing capacity and making its first regulatory submission has significantly expanded the company's presence.
Co-Diagnostics is developing tests for numerous diseases including COVID-19, Tuberculosis, HPV, and Strep Throat.
It has started creating in-house manufacturing capabilities for its oligonucleotides or CoPrimers in Salt Lake City and India and is working towards securing regulatory clearance for its Tuberculosis test.
The company is preparing to launch its Co-Dx PCR Pro system in the US market and has expanding manufacturing capabilities in India under the 'Make in India' initiative.
Co-Diagnostics has actively engaged in grant applications and industry conferences like the Piper Sandler Conference, Utah Life Sciences Summit, Association for Molecular Pathology, Consumer Electronics Show, MEDLAB Africa, and MEDLAB Middle East.
More details: Co-diagnostics IR
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