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Mar 31, 2020
Co-Diagnostics Q1 2020 Earnings Report
Reported robust sales of COVID-19 tests and generated net profit through middle of second quarter.
Key Takeaways
Co-Diagnostics reported strong Q1 2020 results driven by robust sales of COVID-19 tests and achieved net profitability through the middle of the second quarter of 2020.
Increased production capacity to meet growing demand for tests.
Positioned to continue making an important contribution in meeting the enormous demand for tests around the world.
Value proposition of accurate, high-throughput, and cost-effective tests continues to resonate with customers globally.
Generated net profit through middle of second quarter
Co-Diagnostics
Co-Diagnostics
Forward Guidance
The press release contains forward-looking statements regarding the use of funding proceeds, expansion of product distribution, acceleration of initiatives in liquid biopsy and SNP detection, use of the Company’s liquid biopsy tests by laboratories, capital resources and runway needed to advance the Company’s products and markets, increased sales in the near-term, flexibility in managing the Company’s balance sheet, anticipation of business expansion, and benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages.
Positive Outlook
- Use of funding proceeds
- Expansion of product distribution
- Acceleration of initiatives in liquid biopsy and SNP detection
- Use of the Company’s liquid biopsy tests by laboratories
- Benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages.
Challenges Ahead
- Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances.
- Actual results may differ materially from those contemplated or anticipated by such forward-looking statements.
- Readers of this press release are cautioned not to place undue reliance on any forward-looking statements.
- The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.