Co-diagnostics, inc. reports second quarter 2024 financial results

Salt lake city , august 8, 2024 /prnewswire/ -- co-diagnostics, inc. (nasdaq: codx), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced financial results for the quarter ended june 30, 2024. second quarter 2024 financial results: revenue of $2.7 million, up from $0.2 million during the prior year primarily due to the achievement of certain milestones under various grant agreements the company was awarded operating expenses of $10.1 million decreased by 13.7% from the prior year due to lower stock-based compensation expense, bad debt expense, and expenses related to clinical trials for the co-dx pcr platform operating loss of $7.7 million compared to operating loss of $12.0 million in 2023 net loss of $7.6 million, compared to net loss of $8.9 million in the prior year, representing a loss of $0.25 per fully diluted share, compared to a loss of $0.31 per fully diluted share in the prior year adjusted ebitda loss of $5.9 million compared to $9.6 million in the prior year cash, cash equivalents, and marketable securities of $44.9 million as of june 30, 2024 second quarter and recent 2024 business highlights: submitted first 510(k) application to the u.s. food and drug administration (fda) for the co-dx™ pcr pro™ platform, which includes the co-dx pcr pro instrument and the co-dx pcr covid-19 test for over-the-counter (otc) use inaugurated a new manufacturing facility in south salt lake to manufacture our patented co-primers® oligonucleotides, the co-dx™ pcr pro™ instrument, and test cups for the new co-dx pcr platform expanded co-dx vector control technology to a 15th u.s. state, nevada, which includes vector smart® pcr tests in environmental surveillance of mosquito pools for mosquito-borne illnesses attended and participated in the fime 2024 trade show in miami beach, florida, which included exhibitors from 116 countries and over 15,000 professional attendees, to display the new co-dx pcr platform "we are very pleased by the progress co-diagnostics has made so far this year," said dwight egan, co-diagnostics' chief executive officer.
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