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Mar 31, 2024
Co-Diagnostics Q1 2024 Earnings Report
Reported financial results for the quarter ended March 31, 2024.
Key Takeaways
Co-Diagnostics announced its first quarter financial results, highlighting progress with new manufacturing facilities and plans for FDA submissions and test development.
Cash, cash equivalents, and marketable securities totaled $50.0 million as of March 31, 2024.
Opened new manufacturing facility in Salt Lake City.
Continued facility expansion in India to enable in-house manufacturing.
Committed to delivering a 510(k) submission to the FDA for new instrument and COVID-19 test kit.
Revenue by Segment
Forward Guidance
Co-Diagnostics is focused on expanding manufacturing capabilities, submitting to the FDA, and developing new tests.
Positive Outlook
- Expanding manufacturing facility in India.
- Planning clinical evaluations for multiplex test later this year.
- Committing to deliver a 510(k) submission to the FDA for new instrument and COVID-19 test kit in the near future.
- Driving development of TB, multiplex respiratory, and HPV tests throughout the remainder of the year.
- Believing in the disruptive and unique nature of new platform.
Challenges Ahead
- PCR platform is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale.
- PCR Pro instrument and Co-Dx COVID-19 Test are currently under review by the FDA.
- Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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