Co-Diagnostics, Inc. (CODX) reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in cash and cash equivalents, which decreased to $10.8 million from $14.9 million at the end of 2023. Marketable investment securities also fell sharply to $26.9 million from $43.6 million, contributing to a total asset reduction from $95.3 million to $72.4 million over the same period. Despite a decrease in total liabilities from $9.3 million to $8.6 million, total stockholders’ equity dropped significantly from $86.0 million to $63.8 million, primarily due to accumulated losses.
For the three months ended September 30, 2024, Co-Diagnostics reported total revenue of $641,141, a substantial decrease from $2.5 million in the same period of 2023. Product revenue increased slightly to $206,876 from $136,533, but grant revenue plummeted to $434,265 from $2.3 million, attributed to the timing of milestone achievements under various grants. For the nine-month period, total revenue rose to $3.8 million from $3.3 million, driven by increased grant revenue of $3.1 million compared to $2.3 million in 2023.
The company reported a gross profit of $343,738 for Q3 2024, down from $2.2 million in Q3 2023, with total operating expenses slightly reduced to $10.6 million from $11.1 million. The net loss for the quarter widened to $(9.7 million) from $(6.0 million) in the prior year, while the nine-month net loss increased to $(26.6 million) from $(20.7 million). The loss per share for Q3 2024 was $(0.32), compared to $(0.20) in Q3 2023.
In terms of strategic developments, Co-Diagnostics has been focusing on its Co-Dx PCR platform, with ongoing FDA applications for its products. The company has also entered into a services agreement with CoSara Diagnostics, which resulted in increased expenses compared to the previous year. Additionally, the company has not repurchased any shares under its $30 million share repurchase program during the reported periods.
Overall, Co-Diagnostics continues to navigate a challenging financial landscape, with a focus on product development and regulatory approvals while managing operational costs and cash flow.
About Co-Diagnostics, Inc.
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