Co-diagnostics reports fourth-quarter and full-year 2020 financial results

Salt lake city, march 25, 2021 /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 fourth quarter and full year ended december 31, 2020. fourth quarter 2020 financial results: revenue of $27.1 million, primarily due to sales of the logix smart™ covid-19 test gross profit increased to $22.8 million, representing 84.1% of consolidated revenue due to improved product mix as compared to the prior-year period operating income improved to $16.0 million, due to record revenue and gross profit income before taxes of $15.8 million net income of $12.8 million, compared to a net loss of $1.7 million in the prior-year fourth quarter, representing $0.43 per fully diluted share full year 2020 financial results: revenue of $74.6 million, an increase of $74.3 million, primarily due to sales of logix smart covid-19 tests throughout the world gross profit increased to $58.0 million, representing 77.7% of consolidated revenue operating income improved to $41.7 million due to record revenue and gross profit for the year income before taxes of $42.6 million net income of $42.5 million, compared to a loss of $5.6 million from the prior year, representing $1.52 per fully diluted share, and reflecting a full utilization of historical net operating losses cash, cash equivalents, and marketable securities totaled $47.3 million as of december 31, 2020, an increase of $46.4 million from december 31, 2019 "this year marked a critical inflection point in our ability to establish co-diagnostics as a leading global molecular diagnostic company, driving innovation through our proprietary technologies across the infectious disease market," said dwight egan, co-diagnostics' chief executive officer.
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