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Mar 31
Co-Diagnostics Q1 2025 Earnings Report
Co-Diagnostics reported its financial results for the first quarter ended March 31, 2025.
Key Takeaways
Co-Diagnostics reported a significant decrease in revenue for Q1 2025, primarily due to the timing of grant revenue recognition, with total revenue at $0.1 million. Despite this, the company managed to reduce its operating expenses and net loss compared to the prior year, while maintaining a healthy cash position.
Revenue for Q1 2025 was $0.1 million, a decrease from $0.5 million in Q1 2024.
Operating expenses decreased by 18.2% to $8.6 million compared to the prior year first quarter.
Net loss improved to $7.5 million, or $0.24 per fully diluted share, from $9.3 million, or $0.31 per fully diluted share, in Q1 2024.
Cash, cash equivalents, and marketable securities stood at $21.5 million as of March 31, 2025.
Co-Diagnostics
Co-Diagnostics
Forward Guidance
Co-Diagnostics remains focused on advancing its PCR platform to market, with clinical evaluations and regulatory submissions for key tests underway, and manufacturing facility completion in India by year-end 2025.
Positive Outlook
- Remain on track for initiation of clinical evaluations for 4 tests in product pipeline.
- Completion of manufacturing facility in India by year-end 2025.
- Advancing towards clinical evaluations and regulatory submissions for the 4 main tests in the pipeline.
- Belief that the Co-Dx PCR platform will play a key role in transforming global accessibility of diagnostic testing solutions.
- Maintaining operational efficiency while advancing towards several development milestones.
Challenges Ahead
- The Co-Dx PCR platform (including the PCR Home™, PCR Pro™, mobile app, and all associated tests) is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale.
- No specific revenue guidance provided for future periods.
- Reliance on timely completion of clinical evaluations and regulatory approvals.
- Potential for inherent uncertainties, risks, and changes in circumstances to affect actual results.
- No specific negative forward-looking statements were made in the report, but general risks associated with regulatory approvals and market adoption apply.