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Mar 31, 2022
Co-Diagnostics Q1 2022 Earnings Report
Reported solid first quarter with record revenue and diluted EPS.
Key Takeaways
Co-Diagnostics reported a strong first quarter in 2022, achieving record revenue of $22.7 million and a diluted EPS of $0.34.
Delivered another solid quarter of growth following record results in 2021.
Made substantial progress in the development of new Co-Dx PCR home diagnostic testing platform.
Focused on completing development and FDA submission of the new platform.
Strong balance sheet and liquidity continue to position the company well for additional investments in research and development.
Co-Diagnostics
Co-Diagnostics
Forward Guidance
The company is not providing quarterly guidance at this time and will reassess this position in the future due to uncertainty in forecasting Logix Smart COVID-19 Test sales.
Positive Outlook
- Completing development and FDA submission for approval of the new Co-Dx at-home/point-of-care PCR testing device
- Forecast of strong demand for our broad product portfolio across all end markets
- Strong balance sheet and liquidity will continue to position us well for additional investments in research and development that will fund our future growth initiatives
Challenges Ahead
- Ability to accurately forecast Logix Smart COVID-19 Test sales through the balance of the year has diminished
- Decreased mask mandates in the United States
- Continued emergence and spread of new variants
- Persistently low vaccination rates in many parts of the world
- It has become difficult to predict with any level of precision the cumulative impact of these and other factors on our future financial results