Co-Diagnostics (NASDAQ:CODX) Inc saw a healthy jump in year-over-year revenue driven by global sales of its Logix Smart COVID-19 tests, according to its latest financial results.
The molecular diagnostics company clocked up $97.9 million in full-year 2021 revenue, an increase of $23.3 million over 2020 levels, and adjusted EBITDA of $52.1 million compared to $45.3 million in 2020.
Operating income also improved to $46.1 million due to record revenue and gross profit for the year, the Salt Lake City-based company said.
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Other highlights from the 2021 balance sheet include gross profit of $86.3 million, representing 88.2% of consolidated revenue, and a strengthened cash balance of $88.6 million compared to $43 million in the same year-ago period.
Net income came in at $36.7 million or $1.27 per share, compared to $42.5 million or $1.59 per share.
Over the 12-month period to end December 31, 2021, Co-Diagnostics (NASDAQ:CODX) finalized the acquisitions of Idaho Molecular Inc and Advanced Conceptions, Inc, which are expected to streamline the commercialization of the Co-Dx YourTest PCR device as it nears completion. The company also received authorizations for its COVID-19 test to be sold and used as an in vitro diagnostic in Mexico, India, and Australia, among others.
"Our record performance during Fiscal 2021 reflects the strength of our innovative product portfolio, and our ability to quickly adapt and deliver our products to customers in regions experiencing increased demand,” Co-Diagnostics CEO Dwight Egan said in a statement.
Looking ahead, the company is forecasting first-quarter revenue in the range of $21 million to $22 million, with adjusted EBITDA in the range of $9 million to $10 million.
"(W)e believe that the demand for our COVID-19 tests and other diagnostic products will persist as our reputation has now been established and continues to grow among the diagnostic testing community and organizations implement COVID-19 testing as part of normal protocol,” Egan told investors.
“We remain focused in our long-term strategy and we expect that the Co-Dx YourTest PCR platform will contribute to future growth. The platform, along with our innovative portfolio of tests, provides a strong foundation for 2022."
Contact Angela at angela@proactiveinvestors.com
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