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Jun 30, 2022
Co-Diagnostics Q2 2022 Earnings Report
Second quarter results were impacted by volume declines due to reduction in mandated testing and government funding.
Key Takeaways
Co-Diagnostics reported lower volumes for its Logix Smart™ COVID-19 Test in the second quarter, attributed to a reduction in mandated testing and government funding. The company is focusing on growing its international distributor network, expanding its infectious disease testing menu, and developing its at-home/point-of-care testing platform.
Second quarter results reflect lower volumes for Logix Smart™ COVID-19 Test.
Decline in testing volumes is primarily due to a reduction in mandated testing and government funding for testing programs.
Company is actively addressing these pressures by expanding its international distributor network and infectious disease testing menu.
Progress continues in the development and optimization of the Co-Dx™ PCR Home testing platform.
Co-Diagnostics
Co-Diagnostics
Forward Guidance
Co-Diagnostics is focused on the development and FDA submission for approval of the new Co-Dx at-home/point-of-care PCR testing device, the possibility of recurring COVID surges, and the confidence that the need for accurate and reliable COVID-19 testing will persist as new variants emerge.
Positive Outlook
- Completion of development
- FDA submission for approval of the new Co-Dx at-home/point-of-care PCR testing device
- Recurring COVID surges
- Need for accurate and reliable COVID-19 testing will persist as new variants emerge
- Expanding its infectious disease testing menu
Challenges Ahead
- Volume declines
- Reduction in mandated testing
- Reduction government funding for testing programs
- The Co-Dx PCR Home platform is subject to FDA review and is not currently for sale
- Uncertainties, risks and changes in circumstances