Co-Diagnostics Q1 revenue drops 97% to $0.6M; net loss of $5.8M vs prior-year profit

Co-Diagnostics, Inc.

2023-Q1 EPS reported -$0.20 revenue$601,957

Revenue of $0.6M, down from $22.7M a year ago due to lower COVID-19 test demand.
Net loss of $5.8M ($0.20 diluted EPS loss) vs net income of $11.7M ($0.34 EPS) in Q1 2022.
Operating loss of $10.0M vs operating income of $9.8M; adjusted EBITDA loss of $7.2M.
Cash, cash equivalents, and marketable securities of $75.3M as of March 31, 2023.
Co-Dx PCR Home platform clinical trials on track; FDA submission expected by end of 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Co-Diagnostics, Inc. reported first quarter ended March 31, 2023 results: revenue $0.6 million, net income $5.8 million, EPS $0.20 per fully diluted share.

Period: first quarter ended March 31, 2023
Revenue: $0.6 million
Net income: $5.8 million
EPS: $0.20 per fully diluted share
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results: ● Revenue of $0.6 million, down from $22.7 million during the prior year primarily due to lower global demand for the Logix SmartTM COVID-19 tests ● Gross profit of $0.1 million, representing 16.6% of consolidated revenue ● Operating loss of $10.0 million compared to operating income of $9.8 million a year ago, due to lower revenue and continued investments into research and development for the Co-Dx PCR HomeTM Platform ● Net loss of $5.8 million, compared to net income of $11.7 million in the prior year, representing EPS loss of $0.20 per fully diluted share

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Source: SEC EDGAR

accession 0001493152-23-016376

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