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• Total Revenue: $0.6 million, down from $2.5 million in the prior year same period.

• Grant Revenue: $0.4 million in the third quarter of 2024.

• Product Revenue: $0.2 million in the third quarter of 2024.

• Gross Profit: $0.3 million, compared to $2.2 million in the prior year comparable period.

• Total Operating Expenses: $10.6 million, decreased from $11.1 million in the third quarter of 2023.

• Research and Development Expenses: $4.9 million, compared to $5.8 million in the prior year period.

• Income Before Taxes: Loss of $9.7 million, compared to a loss of $8.1 million in the prior year.

• Net Loss: $9.7 million or $0.32 per fully diluted share, compared to a net loss of $6.0 million or $0.20 per fully diluted share in the prior year.

• Adjusted EBITDA: Loss of $8.8 million, compared to a loss of $6.5 million in the prior year.

• Cash, Cash Equivalents, and Marketable Investment Securities: $37.7 million at the end of the quarter.

• Warning! GuruFocus has detected 5 Warning Signs with CODX.

Release Date: November 07, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Co-Diagnostics Inc (NASDAQ:CODX) has made significant progress in developing its Co-Dx PCR platform, which includes a low-cost, easy-to-use, and highly portable point-of-care real-time PCR instrument.

• The company is actively engaging with the FDA for the clearance of its Co-Dx PCR Pro instrument and COVID-19 test cup for over-the-counter use, which could expand its market reach.

• Co-Diagnostics Inc (NASDAQ:CODX) is targeting international markets with unmet needs, such as Central and South America, Africa, the Middle East, and India, for its tuberculosis, HPV, and respiratory multiplex tests.

• The company has completed several preliminary analytical studies for its tuberculosis test and plans to initiate clinical trials in South Africa and India in early 2025.

• Co-Diagnostics Inc (NASDAQ:CODX) is expanding its manufacturing capacity with a new facility in India, which will allow for cost-effective in-country manufacturing of its patented co-primer technology.

Negative Points

• Total revenue for the third quarter of 2024 decreased significantly to $0.6 million compared to $2.5 million in the same period last year.

• The company reported a net loss of $9.7 million for the third quarter of 2024, which is an increase from the $6.0 million loss reported in the prior year.

• Gross profit for the quarter decreased to $0.3 million from $2.2 million in the prior year comparable period.

• Co-Diagnostics Inc (NASDAQ:CODX) cannot predict the timeline or outcomes of the FDA review process for its Co-Dx PCR platform, which adds uncertainty to its regulatory approval path.

• The company is facing challenges in maintaining a healthy balance sheet, with a focus on managing cash position and reducing expenses to position itself for future growth.