Co-Diagnostics ( (CODX) ) has released its Q4 earnings. Here is a breakdown of the information Co-Diagnostics presented to its investors.
Co-Diagnostics, Inc., based in Salt Lake City, is a molecular diagnostics company known for its patented platform used in developing molecular diagnostic tests, primarily focusing on the detection and analysis of nucleic acid molecules. The company operates in the healthcare sector, offering innovative solutions for infectious disease testing and other applications.
In its latest earnings report for the full year 2024, Co-Diagnostics announced a revenue decline to $3.9 million from $6.8 million in the previous year, primarily due to a decrease in grant revenue. The company reported an operating loss of $40.1 million, slightly improved from the previous year’s loss of $42.7 million, and a net loss of $37.6 million, which increased from $35.3 million in 2023.
Key financial highlights include a reduction in operating expenses by 5.2% and an adjusted EBITDA loss of $33.5 million. The company also emphasized its strategic advancements, such as inaugurating new manufacturing facilities in India and South Salt Lake and progressing its regulatory strategy with the FDA for its Co-Dx PCR Pro Platform.
Looking ahead, Co-Diagnostics is focused on enhancing its product offerings and streamlining operational processes. The company plans to resubmit an improved version of its Co-Dx PCR Pro test for FDA clearance and anticipates clinical evaluations for its tuberculosis, HPV multiplex, and upper respiratory multiplex tests later this year. Management remains optimistic about achieving its development and regulatory goals in 2025, aiming to make a significant impact on global health.