Q3 2024 Co-Diagnostics Inc Earnings Call Transcript
Key Points
- Co-Diagnostics Inc (CODX) has made significant progress in developing its Co-Dx PCR platform, which includes a low-cost, easy-to-use, and highly portable point-of-care real-time PCR instrument.
- The company is actively engaging with the FDA for the clearance of its Co-Dx PCR Pro instrument and COVID-19 test cup for over-the-counter use, which could expand its market reach.
- Co-Diagnostics Inc (CODX) is targeting international markets with unmet needs, such as Central and South America, Africa, the Middle East, and India, for its tuberculosis, HPV, and respiratory multiplex tests.
- The company has completed several preliminary analytical studies for its tuberculosis test and plans to initiate clinical trials in South Africa and India in early 2025.
- Co-Diagnostics Inc (CODX) is expanding its manufacturing capacity with a new facility in India, which will allow for cost-effective in-country manufacturing of its patented co-primer technology.
- Total revenue for the third quarter of 2024 decreased significantly to $0.6 million compared to $2.5 million in the same period last year.
- The company reported a net loss of $9.7 million for the third quarter of 2024, which is an increase from the $6.0 million loss reported in the prior year.
- Gross profit for the quarter decreased to $0.3 million from $2.2 million in the prior year comparable period.
- Co-Diagnostics Inc (CODX) cannot predict the timeline or outcomes of the FDA review process for its Co-Dx PCR platform, which adds uncertainty to its regulatory approval path.
- The company is facing challenges in maintaining a healthy balance sheet, with a focus on managing cash position and reducing expenses to position itself for future growth.
Good afternoon and welcome to Co-Diagnostics third quarter, 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on a touchtone phone to withdraw your question. Please press star, then two. Please note this event is being recorded. I would like now to introduce Andrew Benson, head of Investor relations. Please go ahead.
Good afternoon, everyone. Thank you all for participating in today's conference call. On the line today from Co-Diagnostics we have Dwight Egan, Chief Executive Officer and Brian Brown, Chief Financial Officer. Earlier today, Co-Diagnostics released financial results from the third quarter ended September 30th 2024. A copy of the press release is available on the company's website.
We will begin the call with management's prepared remarks and then
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