Co-Diagnostics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 04:06 pm EDT
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Co-Diagnostics, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.197806 million compared to USD 5.02 million a year ago. Net loss was USD 8.92 million compared to USD 2.69 million a year ago. Basic loss per share from continuing operations was USD 0.31 compared to USD 0.08 a year ago. Diluted loss per share from continuing operations was USD 0.31 compared to USD 0.08 a year ago.
For the six months, sales was USD 0.799763 million compared to USD 27.72 million a year ago. Net loss was USD 14.67 million compared to net income of USD 9.03 million a year ago. Basic loss per share from continuing operations was USD 0.5 compared to basic earnings per share from continuing operations of USD 0.28 a year ago. Diluted loss per share from continuing operations was USD 0.5 compared to diluted earnings per share from continuing operations of USD 0.27 a year ago.
Co-Diagnostics, Inc. is a molecular diagnostics company, which develops, manufactures and markets diagnostics technologies. The Companyâs technologies are utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR platform and to locate genetic markers for use in applications other than infectious disease. Its diagnostics systems enable dependable, low-cost, molecular testing for organisms and genetic diseases by automating or simplifying historically complex procedures in both the development and administration of tests. It is developing a portable diagnostic device and test system designed for point-of-care and at-home use. The system consists of its PCR instrument that it refers to as the Co-Dx PCR Pro instrument, its proprietary diagnostic test cup system and a mobile application to be installed on the userâs mobile device.