Co-Diagnostics (NASDAQ:CODX) Inc has reported record 1Q revenue as the company says it plans to leverage its strong financial position to fund future growth initiatives.
For the quarter ending March 31, 2022, the company reported revenue of $22.7 million, up from $20 million for the same quarter in 2021, which it attributed primarily to sales of its Logix Smart COVID-19 test.
Profits reached $11.7 million, or $0.34 per share for the quarter, compared to $7.9 million, or $0.26 per share, for the same period last year.
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Cash, cash equivalents, and marketable securities totalled $97.4 million at the end of the quarter, up $7.5 million from the previous quarter ending December 31, 2021.
In a statement, Co-Diagnostics (NASDAQ:CODX) CEO Dwight Egan said the company was at an important point in its growth trajectory that would allow it to expand into new verticals, new markets, and innovative molecular diagnostics solutions.
“Our strong balance sheet and liquidity continue to position us well for additional investments in research and development that will fund our future growth initiatives,” Egan said.
Egan highlighted the company’s substantial progress in developing its new Co-Dx PCR home diagnostic testing platform during the quarter.
“Looking forward, we are focused on completing development and FDA submission of the new platform,” he said.
Egan noted, while the company remained confident about its long-term potential, that it would not be providing quarterly guidance because it is unable to accurately forecast Logix Smart COVID-19 test sales due to factors including decreased mask mandates in the US, the emergence and spread of new variants, and persistent low vaccination rates in many parts of the world.
“For these reasons, we are not providing quarterly guidance at this time and will reassess this position in the future,” he said.
Based in Utah, Co-Diagnostics (NASDAQ:CODX) Inc is a molecular diagnostics company that develops, manufactures, and markets new, state-of-the-art diagnostics technologies.
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