The following is a summary of the Co-Diagnostics, Inc. (CODX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Co-Diagnostics Q1 2024 recorded a revenue of $0.5 million, a decrease from the previous year. However, gross profit increased to $0.2 million from $0.1 million year on year.

• There was an increase in operating expenses to $10.5 million, due to investments in research and development. Consequently, the company reported a net loss of $9.3 million, a significant increase from $5.8 million the previous year.

• Liquidity position was strong with $50 million in cash and marketable securities by the close of the quarter.

Business Progress:

• The company has made strides in commercializing the Co-Dx PCR platform, coming close to completing the 510(k) submission to the FDA for associated products.

• It is ramping up manufacturing capacity, with a new facility opening in Salt Lake City and another expansion in India.

• Several leadership changes were made including the appointment of a new president. Additionally, progress was noted on the development and clinical evaluations of various tests for illnesses including tuberculosis and respiratory infections.

• Co-Diagnostics is keen to establish itself as a global leader in point-of-care molecular diagnostics, focusing on underserved populations.

More details: Co-diagnostics IR

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