In This Article:
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Total Revenue: $3.9 million for fiscal year 2024, down from $6.8 million in the prior year.
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Grant Revenue: $3.1 million in 2024.
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Product Revenue: $0.8 million in 2024.
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Gross Profit: Increased to $2.9 million in 2024 from $2.6 million in the prior year.
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Total Operating Expenses: Decreased to $43.0 million in 2024 from $45.3 million in 2023.
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Research and Development Expenses: $21.0 million in 2024, down from $23.0 million in 2023.
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Legal Expenses: Increased to $7.0 million in 2024 from $1.7 million in 2023.
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Income Before Taxes: Loss of $37.6 million in 2024 compared to a loss of $38.1 million in the prior year.
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Net Loss: $37.6 million or a loss of $1.24 per fully diluted share in 2024, compared to a net loss of $35.3 million or a loss of $1.20 per fully diluted share in the prior year.
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Adjusted EBITDA: Loss of $33.5 million in 2024 compared to a loss of $33.0 million in the prior year.
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Cash, Cash Equivalents, and Marketable Investment Securities: $29.7 million at the end of the quarter.
Release Date: March 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Co-Diagnostics Inc (NASDAQ:CODX) advanced the development of the Co-Dx PCR platform and associated test pipeline in 2024, strengthening the foundation for commercialization.
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The company completed its first application to the U.S. FDA for 510(k) clearance for the Co-Dx PCR Pro instrument and COVID-19 test for over-the-counter use.
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Co-Diagnostics Inc (NASDAQ:CODX) has identified a procedure to simplify and affordably prepare patient TB samples for PCR analysis, with clinical evaluations planned in South Africa and India.
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The company inaugurated new manufacturing facilities in Utah and India, enhancing its capacity to support commercialization efforts and meet anticipated demand.
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Co-Diagnostics Inc (NASDAQ:CODX) received a test license from the CDSCO in India, a vital step towards regulatory submission and IVD clearance for its products.
Negative Points
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Total revenue for fiscal year 2024 decreased to $3.9 million from $6.8 million in the prior year.
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The company experienced a net loss of $37.6 million in 2024, compared to a net loss of $35.3 million in the prior year.
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Legal expenses increased significantly to $7.0 million in 2024 due to funding the defense of securities class action lawsuits.
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The company had to withdraw its 510(k) submission for the COVID-19 test due to the need for updated clinical data, delaying regulatory clearance.
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Adjusted EBITDA was a loss of $33.5 million in 2024, slightly higher than the adjusted EBITDA loss of $33.0 million in the prior year.