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Mar 31, 2023
Co-Diagnostics Q1 2023 Earnings Report
Reported a decline in COVID-related sales year-over-year but advanced the longer-term strategy with progress in clinical evaluations for the Co-Dx PCR Home™ platform.
Key Takeaways
Co-Diagnostics reported a decline in financial performance due to decreased COVID-related sales. However, they continued to advance their longer-term strategy, particularly with the Co-Dx PCR Home™ platform, and received grant awards.
Financial performance reflects the expected decline in COVID-related sales year-over-year.
Continued to advance longer-term strategy with progress in clinical evaluations for Co-Dx PCR Home™ platform.
Innovation of new platform validated after receiving notification of various grant awards.
Focused on leveraging assets and team to deliver innovative and affordable diagnostic testing solutions.
Forward Guidance
Co-Diagnostics anticipates completing clinical evaluations for its Co-Dx PCR Home™ platform and submitting it to the FDA by the end of the year. They also anticipate clinical trials for their ABC+RSV tests to commence during the upcoming flu season.
Positive Outlook
- Completion of clinical evaluations for Co-Dx PCR Home™ platform expected.
- FDA submission for approval of Co-Dx PCR Home platform anticipated.
- Clinical trials for ABC+RSV tests to commence during upcoming flu season.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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