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Co-Diagnostics Reports Full Year 2021 Financial Results

March 24, 2022

Achieved Record Full Year Revenue of $97.9 Million; Strength in Sales Momentum Provides Foundation to Achieve Solid FY’22

SALT LAKE CITY, March 24, 2022 /PRNewswire/ — Co-Diagnostics, Inc. (NASDAQ: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today financial results for the full year ended December 31, 2021.

Full Year 2021 Financial Results:

  • Revenue of $97.9 million, an increase of $23.3 million year-over-year, primarily due to sales of Logix Smart™ COVID-19 Tests throughout the world
  • Gross profit increased to $86.3 million year-over-year, representing 88.2% of consolidated revenue
  • Operating income improved to $46.1 million due to record revenue and gross profit for the year
  • Income before taxes of $45.6 million
  • Net income of $36.7 million, compared to a $42.5 million from the prior year, representing $1.23 per fully diluted share compared to $1.52 in 2020
  • Adjusted EBITDA of $52.1 million in 2021 improved from $45.3 million in 2020
  • Cash, cash equivalents, and marketable securities totaled $89.9 million at December 31, 2021, compared to $47.3 million as of December 31, 2020

Dwight Egan, Co-Diagnostics’ Chief Executive Officer, said, “Our record performance during Fiscal 2021 reflects the strength of our innovative product portfolio, and our ability to quickly adapt and deliver our products to customers in regions experiencing increased demand. We strengthened our executive management team and welcomed Brian Brown as Chief Financial Officer, and Dr. Jesse Montgomery as Chief Scientific Officer. The Company also announced the existence of our new at-home/point-of-care diagnostics platform and completed two strategic acquisitions during the year to further enhance efficiencies related to this platform, which includes the addition of two key team members in Dr. Kirk Ririe and Dr. Carl Wittwer, pioneers of rapid and real-time PCR. The addition of Mr. Brown, Dr. Montgomery, Dr. Ririe and Dr. Wittwer reinforce our goal of becoming a leading global molecular diagnostic company. We are confident that this next-generation healthcare solution is the path to achieving growth and increasing value for our shareholders. We look forward to continuing to develop and iterate new, groundbreaking products on the Co-Dx YourTest PCR™ platform.”

Egan continued, “Looking ahead, we believe that the demand for our COVID-19 tests and other diagnostic products will persist as our reputation has now been established and continues to grow among the diagnostic testing community and organizations implement COVID-19 testing as part of normal protocol. We remain focused in our long-term strategy and we expect that the Co-Dx YourTest PCR platform will contribute to future growth. The platform, along with our innovative portfolio of tests, provides a strong foundation for 2022.”

2021 Business Highlights:

  • Completed the acquisition of Idaho Molecular Inc. and Advanced Conceptions, Inc., which are expected to streamline the commercialization of the Co-Dx YourTest PCR device as it nears completion.
  • JV CoSara received clearance by the Central Drugs Standard Control Organization (“CDSCO”) in India to manufacture and sell its SARAPLEX™ Flu A/Flu B/COVID-19 (ABC) RT-PCR test as an in vitro diagnostic (“IVD”).
  • Received approval for Logix Smart SARS-CoV-2 2-Gene multiplex test from the United Kingdom Health Security Agency’s (“UKHSA”) Medical Devices (Coronavirus Test Device Approvals) (Amendment) Regulations 2021 (“CTDA”).
  • Received authorizations for COVID-19 test to be sold and used as an in vitro diagnostic (IVD) in Mexico, India, and Australia, among others.
  • Awarded a patent from the Republic of Korea’s Intellectual Property Office for the Company’s CoPrimer™ technology.
  • Logix Smart™ COVID-19 Test Kit was used by Australian researchers to demonstrate rapidly deployable mobile molecular diagnostics support for remote locations, with the peer-reviewed results published in the Journal of Medical Microbiology.
  • Announced the development of a new at-home/point-of-care PCR diagnostic testing, screening and surveillance platform designed to perform COVID-19 testing at businesses, schools, homes, hotels, cruise ships, airports, airplanes and other locations.

Read the Full Report Here »