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Utah Life Sciences News & Events

Co-Diagnostics Anticipates Reporting Highest Quarterly Revenue Following Demand for COVID-19 Diagnostic Products

January 8, 2021

Based on its preliminary internal financial reporting for the fourth quarter 2020, Co-Diagnostics has announced that unaudited quarterly revenue for the company is anticipated to be the highest in the company’s history and to surpass analyst estimates.

Analysts’ estimates for the fourth quarter ranged from $24 million to $25.98 million. Quarterly revenue is anticipated to exceed the highest estimate and to show 20-25% growth over third quarter 2020 revenue of $21.82 million.

Dwight Egan, Co-Diagnostics CEO, remarked, “We believe that the recent global surges of COVID-19 have played a large part in increased quarter-over-quarter revenues beating analyst estimates. We are grateful to see that our diagnostic products are being used for COVID-19 testing, and we remain committed to doing our part to stop this global pandemic.”

Salt Lake City-based, Co-Diagnostics, Inc., is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.

Last month, the company completed principal design work for a PCR test that would allow researchers to identify certain mutations in a newly detected variant of SARS-CoV-2 known as VUI 202012/01.