Co-diagnostics, inc. reports second quarter 2023 financial results

Co-dx receives grant awards from the bill & melinda gates foundation; nih radx® tech to develop tests on our new co-dx pcr home™ platform salt lake city , aug. 10, 2023 /prnewswire/ -- co-diagnostics, inc. (nasdaq: codx), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today financial results for the quarter ended june 30, 2023. second quarter 2023 financial results: revenue of $0.2 million, down from $5.0 million during the prior year primarily due to the anticipated decline in global demand for the logix smart® covid-19 tests operating expenses of $11.7 million increased by 42.1% from the prior year same period due to our pre-commercialization investments in our co-dx pcr home platform* operating loss of $12.0 million compared to operating loss of $4.1 million a year ago net loss of $8.9 million, compared to net loss of $2.7 million in the prior year second quarter, representing eps loss of $0.31 per fully diluted share, compared to eps loss of $0.08 in the prior year period adjusted ebitda loss of $9.6 million repurchased 0.4 million shares of common stock at an average price of $1.51 per share for an aggregate purchase price of approximately $0.6 million cash, cash equivalents, and marketable securities of $69.1 million as of june 30, 2023 2023 recent business highlights: nih awarded the company $1.2 million as part of the rapid acceleration of diagnostics (radx®) tech program for completion of its upcoming upper respiratory panel on the company's co-dx pcr home testing platform the company was awarded two grants by the bill & melinda gates foundation in the amounts of $1.33 million and $987k, to support the development of tb and hpv tests, respectively signed lease and began build-out of new manufacturing facility with capacity for up to 12 lines of production; first lines expected to be operational by end of 2023 received results from a recent usability and analytical study conducted by path, which investigated the limit-of-detection and ease-of-use of the company's co-dx pcr home platform, running the platform's covid-19 assay dwight egan, co-diagnostics' chief executive officer, said, "while sales of our covid diagnostic kits declined as expected, we continue to strengthen our position as we seek to expand our advanced pcr technology reach beyond the four walls of the lab to the places of greatest unmet need.
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