Co-Diagnostics Reports 43% Revenue Decline and Increased Net Loss for Fiscal Year 2024

Co-Diagnostics, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenue falling to $3.9 million, a 43% decrease from $6.8 million in 2023. This decline was primarily driven by a 46% drop in grant revenue, which fell from $5.8 million to $3.1 million. Product revenue also decreased by 22%, from $991,473 in 2023 to $770,048 in 2024. Despite the revenue drop, the company managed to reduce its cost of revenue significantly, leading to an 11% increase in gross profit, which rose to $2.9 million.

Operating expenses decreased slightly by 5% to $43 million, down from $45.3 million in the previous year. The reduction in expenses was largely attributed to decreased sales and marketing costs, which fell by 35% to $4.5 million, and a 9% decrease in research and development expenses, which totaled $21 million. However, general and administrative expenses increased by 13% to $16.2 million, primarily due to higher legal costs. The company reported a net loss of $37.6 million, compared to a loss of $35.3 million in 2023, reflecting a 7% increase in losses year-over-year.

In terms of operational developments, Co-Diagnostics is actively pursuing the development of its Co-Dx PCR platform, which aims to provide affordable and reliable PCR testing for infectious diseases in point-of-care and at-home settings. The company withdrew its 510(k) application for the Co-Dx PCR platform in February 2025, following discussions with the FDA regarding shelf-life stability issues. The company plans to submit an enhanced version of the test after collecting additional clinical evaluation data. Co-Diagnostics has also received funding from the National Institutes of Health (NIH) to develop a multiplex test for respiratory viruses, including influenza and COVID-19.

As of December 31, 2024, Co-Diagnostics had cash and cash equivalents of $2.9 million and marketable investment securities totaling $26.8 million. The company reported a total of 132 employees, reflecting its commitment to maintaining a strong workforce to support its ongoing projects. The company’s liquidity position remains a concern, as it continues to incur operating losses and may need to raise additional capital to fund its operations. The company has entered into an Equity Distribution Agreement to sell shares of common stock, which could provide up to $17.1 million in additional funding.

Looking ahead, Co-Diagnostics faces significant challenges, including the need to secure regulatory approvals for its products and to increase market acceptance of its diagnostic tests. The company acknowledges that its ability to continue as a going concern is dependent on its ability to obtain necessary financing and generate profitable operations in the future. The management remains focused on executing its business strategy while navigating the competitive landscape of the molecular diagnostics industry.