Co-Diagnostics, Inc Reports Quarter on Quarter Sales Growth for Q2 2019
August 14 2019 - 5:05PM
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 on SEC Form 10-Q for the 3 month
period ending June 30, 2019, a copy of which will be available on
the Company’s website.
Management Discussion
Dwight Egan, Chairman and CEO of Co-Diagnostics:
“This quarter brought several exciting milestones to the Company,
including the beginning of domestic revenue from our mosquito
abatement products and CoDx Design™ services related to our AgBio
vertical, both of which we expect to increase over time. In
addition, the Company maintains a strong financial position and
remains debt-free.
“Domestic sales of our mosquito abatement
equipment and products followed our expectation at the end of Q1
that revenue generated from this vertical would be initiated. More
recent announcements and earned media resulting from products
released to this market have continued into the current quarter,
and sales are indicated to increase as we gain visibility and
traction among the 1000+ abatement districts across North
America.
“Q2 also began with the inauguration of the
manufacturing facility in India for CoSara Diagnostics, our joint
venture with Synbiotics Pvt Ltd. With the facility complete—among
the first of its kind in India—and all quality processes in place,
submissions for IVD approval by the Central Drugs Standard Control
Organization (CDSCO) are complete for several diagnostic assays.
Commercial sales are expected to commence shortly.
“The Company also added to its suite of
intellectual property over the past few months with the provisional
patent filing for our single-step next-generation sequencing (NGS)
library preparation method. We anticipate near-term revenue
opportunities in the US and abroad associated with providing more
affordable NGS solutions, which fall outside of the definition of
an in-vitro diagnostic and therefore do not require the same degree
of regulatory oversight as IVDs.
“Product development continues to be driven by
market demand as we expand our product pipeline and intellectual
property. Nowhere is this more evident than in the work recently
completed by Company scientists demonstrating the applications of
our CoPrimer™ technology platform in the fast-growing field of
liquid biopsy, an industry projected to be worth as much as $12
billion by 2025.”
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.
Company
Contact:
Andrew
Benson
Head of Investor
Relations
+1
801-438-1036
investors@codiagnostics.com
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