Co-Diagnostics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:06 pm EST
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Co-Diagnostics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.136533 million compared to USD 5.09 million a year ago. Revenue was USD 2.46 million compared to USD 5.09 million a year ago. Net loss was USD 5.98 million compared to USD 1.36 million a year ago. Basic loss per share from continuing operations was USD 0.2 compared to USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.2 compared to USD 0.04 a year ago.
For the nine months, sales was USD 0.936296 million compared to USD 32.82 million a year ago. Revenue was USD 3.26 million compared to USD 32.82 million a year ago. Net loss was USD 20.66 million compared to net income of USD 7.67 million a year ago. Basic loss per share from continuing operations was USD 0.7 compared to basic earnings per share from continuing operations of USD 0.24 a year ago. Diluted loss per share from continuing operations was USD 0.7 compared to diluted earnings per share from continuing operations of USD 0.23 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.