SALT LAKE CITY, May 14, 2020 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today the filing of its operating results for the three-month period ending March 31, 2020, and provided updates on Company developments.

Co-Diagnostics Official Logo (PRNewsfoto/Co-Diagnostics)

Q1 2020 Highlights:

  • Company commences COVID-19 test sales and reports $1.5 Million of revenue in Q1
  • Gross margins of 71.5% on sales of Logix Smart™ COVID-19 test kits
  • Raised capital with net proceeds of $18 million
  • First US company to receive CE marking for COVID-19 test kit (February 24)

Q2 2020 Mid-Quarter Highlights:

  • Receives FDA Emergency Use Authorization on COVID-19 test kit on April 3, 2020;
  • Company manufactures more than 6 million COVID-19 tests to date, and has ordered components for more than 20 million additional tests to fill existing and expected orders in the near future;
  • Records COVID-19 test and equipment sales of over $18 Million YTD through mid-second quarter (unaudited);
  • Receives COVID-19 test orders from public and private organizations in nearly 50 countries and over 15 states in the U.S.;
  • COVID-19 test kit shows 100% specificity and 100% sensitivity in several independent evaluations;

"Co-Diagnostics has increased production capacity to meet growing demand for our tests," said Dwight Egan, Chief Executive Officer. "We have positioned the company to continue to make an important contribution in meeting the enormous demand for tests around the world. Our value proposition of accurate, high-throughput, and cost-effective tests continues to resonate with customers around the globe."

The Company will host an earnings call at 4:30 pm EDT today. Analysts providing coverage for Co-Diagnostics will also be invited participate in a question and answer session. U.S. callers may dial toll free at 1-877-309-2073. International callers can access the call by dialing +1-646-749-3129. The access code to join the call is: 531-241-589. The call will be recorded and later made available on the Company's website.

About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company's technology is 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 to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.

Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions.  Forward-looking statements in this release include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in liquid biopsy and SNP detection, (iv) use of the Company's liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company's products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company's balance sheet, (viii) anticipation of business expansion, and (ix) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances.  Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.

CO – DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)




March 31, 2020



December 31, 2019

ASSETS:








Current Assets








Cash and cash equivalents


$

17,369,323



$

893,138

Accounts receivables, net



1,055,738




131,382

Inventory



686,078




197,168

Prepaid expenses



499,327




362,566

Total current assets



19,610,466




1,584,254

Other Assets








Property and equipment, net



276,454




186,832

Investment in joint venture



593,421




434,240

Total other assets



869,875




631,072









Total assets


$

20,480,341



$

2,215,326









LIABILITIES AND STOCKHOLDERS' EQUITY:
















Current Liabilities








Accounts payable


$

132,516



$

5,959

Accrued expenses



496,524




200,788

Accrued expenses (related party)



120,000




120,000

Deferred revenue



444,332




1,323

Total current liabilities



1,193,372




328,070

Long-term Liabilities, net of current portion








Accrued expenses-long-term (related party)



120,000




150,000

Total long-term liabilities, net of current portion



120,000




150,000

Total liabilities



1,313,372




478,070









STOCKHOLDERS' EQUITY








Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 and 25,600 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively






26









Common stock, $0.001 par value, 100,000,000 shares authorized; 27,451,064 and 17,342,922 shares issued and outstanding, as of March 31, 2020 and December 31, 2019, respectively.



27,451




17,343

Additional paid-in capital



45,172,525




26,687,701

Accumulated deficit



(26,033,007)




(24,967,814)

Total stockholders' equity



19,166,969




1,737,256









Total liabilities and stockholders' equity


$

20,480,341



$

2,215,326

 

CO – DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) 




For the Three Months
Ended March 31,



2020



2019

Net sales


$

1,548,528



$

3,400

Cost of sales



481,740




452

Gross profit



1,066,788




2,948

Operating expenses:








Sales and marketing



268,483




256,103

Administrative and general



1,459,484




640,363

Research and development



400,022




347,306

Depreciation and amortization



20,748




13,668

Total operating expenses



2,148,737




1,257,440

Loss from operations



(1,081,949)




(1,254,492)

Other expense:








Interest income



7,575




408

Interest expense






(106,427)

Gain on disposition of assets






850

Gain (loss) on equity method investment in joint venture



9,181




(8,728)

Total other expense



16,756




(113,897)

Loss before income taxes



(1,065,193)




(1,368,389)

Provision for income taxes






Net loss


$

(1,065,193)



$

(1,368,389)









Basic and diluted income (loss) per common share


$

(0.05)



$

(0.09)









Weighted average common shares outstanding, basic and diluted



22,820,450




16,066,633

 

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SOURCE Co-Diagnostics

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