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.
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