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Co-Diagnostics says it has sold 10 million of its Logix Smart COVID-19 Test Kits to US and global network of labs, hospitals, and distributors

Last updated: 16:40 14 Dec 2020 GMT, First published: 16:15 14 Dec 2020 GMT

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In addition to its Logix Smart COVID-19 test, the company also has regulatory OKs for other in vitro diagnostics including Flu A/Flu B/COVID-19, a SARS-CoV-2 2-gene multiplex test, and a multiplex test for Zika/dengue/chikungunya

Co-Diagnostics Inc (NASDAQ:CODX) announced Monday that it has sold over 10 million of its Logix Smart COVID-19 Test Kits to its domestic and international network of laboratories, hospitals, and distributors.

In conjunction with this milestone, the Utah-based company also said strong fourth-quarter revenue is expected to exceed 3Q numbers -- further underscoring the success of Co-Diagnostics’ business model.

"We are pleased to be able to share this milestone with our shareholders and are proud of what we have been able to accomplish this year, including launching three critical COVID-19 tests," said CEO Dwight Egan in a statement.

READ: Co-Diagnostics says India JV receives CDSO clearance for its COVID-19 2-gene multiplex test

"These products enable us to address the needs of different countries of the world in the battle against the coronavirus, and to differentiate COVID-19 from influenza which the World Health Organization has estimated may afflict one to 1 billion people per year. To be able to excel in an efficient, profitable manner is a credit to the quality of our patented CoPrimer technology platform, our valuable distributor and customer network, and dedication of our growing team of personnel.”

Egan noted that the company’s achievements over the past year underscore its diverse, successful business model that has propelled the company into an internationally recognized brand of molecular diagnostics that will continue to drive the success of its COVID-19 tests and other molecular diagnostic tools and applications. 

“Management remains committed to achieving our long-term goals of improving the lives of our customers and their families by providing safe, high quality and cost-effective diagnostics across the globe, as we have already done for millions of people during the coronavirus pandemic," he added.

In addition to its Logix Smart COVID-19 test, the company also has regulatory approvals for other in vitro diagnostics (IVDs) including Flu A/Flu B/COVID-19, a SARS-CoV-2 2-gene multiplex test, and a multiplex test for Zika/dengue/chikungunya, among others. 

Co-Diagnostics also markets an array of vector control multiplex products to test mosquito populations for the presence of certain viruses, and is actively developing products for use for liquid biopsy as well as for next-gen sequencing ag-bio applications. 

The company's joint venture in India, CoSara Diagnostics Pvt Ltd, has received CDSCO clearance for RT-PCR tests for COVID-19, a SARS-CoV-2 (2-gene multiplex test), Mycobacterium tuberculosis, malaria, hepatitis B, hepatitis C and human papillomavirus (HPV) to be manufactured and sold as IVDs in the Indian market.

Co-Diagnostics’ stock recently traded 8.5% higher to $11.04 a share in New York. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

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