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Jun 30, 2023
Co-Diagnostics Q2 2023 Earnings Report
Reported financial results for the quarter ended June 30, 2023.
Key Takeaways
Co-Diagnostics reported its Q2 2023 financial results, noting a decline in COVID diagnostic kit sales but highlighted progress in expanding their PCR technology and advancements towards the FDA submission of the Co-Dx PCR Home platform.
Awarded $1.2 million from NIH under the RADx® Tech program for the upper respiratory panel on the Co-Dx PCR Home platform.
Received two grants from the Bill & Melinda Gates Foundation totaling $2.317 million for TB and HPV test development.
Signed a lease and started building a new manufacturing facility with a capacity of up to 12 production lines, with the first lines expected to be operational by the end of 2023.
Remains on track for FDA submission of the Co-Dx PCR Home platform and initial testing product by the end of the year.
Co-Diagnostics
Co-Diagnostics
Forward Guidance
The company anticipates completing development and submitting for FDA approval of the Co-Dx PCR Home platform by the end of the year, along with the expectation of having the first production lines operational in the new manufacturing facility by the same time.
Positive Outlook
- Completion of development of Co-Dx PCR Home platform.
- FDA submission for approval of the Co-Dx PCR Home platform.
- First lines of production expected to be operational by end of 2023.
- Expansion of PCR technology reach.
- Making affordable, high-quality real-time PCR diagnostics available.
Challenges Ahead
- Uncertainties related to forward-looking statements.
- Risks and changes in circumstances.
- Potential for actual results to differ materially.
- Reliance on forward-looking statements.
- Decline in COVID diagnostic kits sales.