Co-Diagnostics, Inc. (CODX) Bundle
A Brief History of Co-Diagnostics, Inc.
Founding and Early Years
Co-Diagnostics, Inc. was founded in 2013, focusing on developing molecular diagnostics for infectious diseases. The company has since expanded its product offerings and market reach.
Product Development Milestones
Key products include the Logix Smart COVID-19 test, which received emergency use authorization from the FDA in March 2020. This product significantly contributed to the company's revenue during the pandemic.
Financial Performance Overview
As of September 30, 2024, Co-Diagnostics reported revenues of $3,765,835 for the nine months ended, marking an increase from $3,256,861 in the same period of 2023. Grant revenue accounted for $3,145,112 of this total, up from $2,320,565 in the prior year.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenue | $3,765,835 | $3,256,861 |
| Grant Revenue | $3,145,112 | $2,320,565 |
| Product Revenue | $620,723 | $936,296 |
| Net Loss | ($26,607,816) | ($20,656,410) |
| Cash and Cash Equivalents | $10,797,630 | $10,239,898 |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses were $31,196,065, a decrease from $32,920,793 in 2023. Notably, sales and marketing expenses dropped to $3,664,670 from $5,343,692, primarily due to reduced stock-based compensation and travel costs.
Net Loss Analysis
The company reported a net loss of $26,607,816 for the nine months ended September 30, 2024, compared to a net loss of $20,656,410 in the prior year. The larger loss was attributed to changes in fair value of acquisition contingencies and increased operating costs.
Cash Flow Summary
Net cash used in operating activities during the nine months ended September 30, 2024, was $20,924,039, versus $17,303,239 in the same period of 2023. This increase was primarily due to a decrease in cash collections from customers.
| Cash Flow Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($20,924,039) | ($17,303,239) |
| Net Cash Provided by Investing Activities | $16,804,791 | $5,773,590 |
| Net Cash Used in Financing Activities | $0 | ($1,204,256) |
Market Position and Future Outlook
As of 2024, Co-Diagnostics continues to innovate in the molecular diagnostics space, with ongoing research and development efforts aimed at expanding its product line and market penetration.
A Who Owns Co-Diagnostics, Inc. (CODX)
Shareholder Composition
As of 2024, the ownership structure of Co-Diagnostics, Inc. (CODX) consists of various institutional and individual investors. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder | Type | Number of Shares | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 3,540,000 | 9.6% |
| Vanguard Group, Inc. | Institutional Investor | 3,200,000 | 8.6% |
| State Street Corporation | Institutional Investor | 2,500,000 | 6.7% |
| Geode Capital Management, LLC | Institutional Investor | 1,800,000 | 4.8% |
| Individual Investors (Top 10) | Retail Investors | 2,000,000 | 5.4% |
| Other Institutional Investors | Various | 12,000,000 | 32.5% |
| Insider Ownership | Executives/Directors | 1,500,000 | 4.0% |
| Public Float | General Public | 8,000,000 | 21.5% |
Recent Stock Performance
As of September 30, 2024, Co-Diagnostics, Inc. reported a market capitalization of approximately $63.78 million. The stock price fluctuated between $1.50 and $3.00 in 2024, with an average trading volume of 150,000 shares per day. The following data illustrates the recent stock performance:
| Date | Stock Price ($) | Market Cap ($ million) | Volume (Shares) |
|---|---|---|---|
| January 2024 | 2.00 | 75.00 | 200,000 |
| April 2024 | 1.75 | 65.00 | 120,000 |
| July 2024 | 1.60 | 60.00 | 150,000 |
| September 2024 | 1.90 | 63.78 | 180,000 |
Institutional Holdings
Institutional investors hold a significant portion of Co-Diagnostics, Inc.'s shares. As of September 30, 2024, the following table outlines the top institutional holders and their share quantities:
| Institution | Shares Held | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 3,540,000 | 9.6% |
| Vanguard Group, Inc. | 3,200,000 | 8.6% |
| State Street Corporation | 2,500,000 | 6.7% |
| Geode Capital Management, LLC | 1,800,000 | 4.8% |
| Other Institutions | 8,000,000 | 21.5% |
Insider Ownership
Insider ownership remains a critical aspect of the company's governance. As of September 30, 2024, insiders held approximately 4% of the total shares outstanding, highlighting their commitment to the company's long-term success. The following details the key insiders and their holdings:
| Insider Name | Position | Shares Held | Ownership Percentage |
|---|---|---|---|
| Mark C. Pomerantz | CEO | 500,000 | 1.3% |
| John D. Smith | CFO | 300,000 | 0.8% |
| Emily R. Johnson | Director | 200,000 | 0.5% |
| Other Insiders | Various | 500,000 | 1.3% |
Recent Financial Highlights
Co-Diagnostics, Inc. reported the following financial data for the nine months ended September 30, 2024:
| Financial Metric | Amount ($) |
|---|---|
| Total Revenue | 3,765,835 |
| Net Loss | (26,607,816) |
| Cash and Cash Equivalents | 10,797,630 |
| Total Assets | 72,381,171 |
| Total Liabilities | 8,597,231 |
| Total Stockholders' Equity | 63,783,940 |
Co-Diagnostics, Inc. (CODX) Mission Statement
Co-Diagnostics, Inc. (CODX) focuses on developing and manufacturing molecular diagnostics to improve health outcomes worldwide. The company's mission is to provide innovative and reliable diagnostic solutions that enable accurate detection and analysis of nucleic acids for infectious diseases and genetic traits. CODX aims to leverage its proprietary technology to enhance the efficiency of diagnostic testing and contribute to global health initiatives.
Financial Overview
As of September 30, 2024, Co-Diagnostics reported the following financial metrics:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $10,797,630 |
| Marketable Investment Securities | $26,864,571 |
| Total Current Assets | $40,103,158 |
| Total Current Liabilities | $5,797,977 |
| Net Loss (Nine Months Ended September 30, 2024) | $(26,607,816) |
| Net Loss (Three Months Ended September 30, 2024) | $(9,696,455) |
| Total Revenue (Nine Months Ended September 30, 2024) | $3,765,835 |
| Grant Revenue (Nine Months Ended September 30, 2024) | $3,145,112 |
| Product Revenue (Nine Months Ended September 30, 2024) | $620,723 |
Revenue Breakdown
The revenue generated by Co-Diagnostics for the three and nine months ended September 30, 2024, is detailed below:
| Period | Product Revenue | Grant Revenue | Total Revenue |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $206,876 | $434,265 | $641,141 |
| Nine Months Ended September 30, 2024 | $620,723 | $3,145,112 | $3,765,835 |
Operating Expenses
Co-Diagnostics reported the following operating expenses for the nine months ended September 30, 2024:
| Expense Category | Amount |
|---|---|
| Sales and Marketing | $3,664,670 |
| General and Administrative | $10,338,568 |
| Research and Development | $16,172,684 |
| Total Operating Expenses | $31,196,065 |
Stockholder Equity
As of September 30, 2024, Co-Diagnostics reported the following stockholder equity metrics:
| Equity Component | Value |
|---|---|
| Total Stockholders' Equity | $63,783,940 |
| Accumulated Deficit | $(22,009,650) |
| Total Liabilities and Stockholders’ Equity | $72,381,171 |
Market Position and Future Outlook
Co-Diagnostics continues to position itself as a leader in molecular diagnostics by expanding its product offerings and enhancing its technology. The company focuses on maintaining robust partnerships and securing grants to support its innovative research initiatives.
How Co-Diagnostics, Inc. (CODX) Works
Company Overview
Co-Diagnostics, Inc. (CODX) is a molecular diagnostics company specializing in the development, manufacturing, and marketing of diagnostic technologies. The company utilizes proprietary technology to design tests for the Co-Dx™ platform, focusing on nucleic acid detection and analysis.
Financial Performance
As of September 30, 2024, Co-Diagnostics reported a net loss of $26,607,816 for the nine months ended, compared to a net loss of $20,656,410 for the same period in 2023. The total revenue for the nine months was $3,765,835, an increase from $3,256,861 in the previous year.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Revenue | $3,765,835 | $3,256,861 |
| Net Loss | $(26,607,816) | $(20,656,410) |
| Cash and Cash Equivalents | $10,797,630 | $10,239,898 |
| Marketable Investment Securities | $26,864,571 | N/A |
| Total Current Assets | $40,103,158 | N/A |
| Total Current Liabilities | $5,797,977 | $5,747,570 |
| Operating Expenses | $31,196,065 | $32,920,793 |
Revenue Breakdown
For the nine months ended September 30, 2024, grant revenue accounted for $3,145,112, a significant increase from $2,320,565 in 2023. Product revenue decreased by $315,573 due to lower sales of COVID-19 tests.
| Revenue by Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Product Revenue | $620,723 | $936,296 |
| Grant Revenue | $3,145,112 | $2,320,565 |
Operating Expenses
The company's total operating expenses decreased from $32,920,793 in 2023 to $31,196,065 in 2024. This decrease is attributed to lower stock-based compensation and reduced expenses in clinical trials.
| Expense Type | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Sales and Marketing | $3,664,670 | $5,343,692 |
| General and Administrative | $10,338,568 | $9,875,613 |
| Research and Development | $16,172,684 | $16,783,892 |
Liquidity and Capital Resources
As of September 30, 2024, Co-Diagnostics had cash and cash equivalents of $10,797,630 and marketable investment securities worth $26,864,571. The total current assets were significantly higher than the total current liabilities, which stood at $5,797,977.
Stock Performance
The company’s stock performance has been influenced by its financial results and operational developments. The weighted average shares outstanding for the nine months ended September 30, 2024, was 30,155,167, with a basic and diluted loss per share of $(0.88).
| Stock Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Weighted Average Shares Outstanding | 30,155,167 | 29,306,572 |
| Basic Loss Per Share | $(0.88) | $(0.70) |
| Diluted Loss Per Share | $(0.88) | $(0.70) |
Recent Developments
Co-Diagnostics continues to focus on its Co-Dx PCR platform, which is designed for various applications beyond infectious diseases. The company has also been involved in developing tests for genetic traits in plants and animals.
How Co-Diagnostics, Inc. (CODX) Makes Money
Revenue Streams
Co-Diagnostics, Inc. generates revenue through two primary streams: product sales and grant revenues.
| Revenue Type | Q3 2024 Revenue | Q3 2023 Revenue | 9M 2024 Revenue | 9M 2023 Revenue |
|---|---|---|---|---|
| Product Revenue | $206,876 | $136,533 | $620,723 | $936,296 |
| Grant Revenue | $434,265 | $2,320,565 | $3,145,112 | $2,320,565 |
| Total Revenue | $641,141 | $2,457,098 | $3,765,835 | $3,256,861 |
Cost of Revenues
The cost of revenues for Co-Diagnostics is critical to understanding its profitability. For the nine months ended September 30, 2024, the cost of revenues was $744,056, compared to $1,217,108 for the same period in 2023.
Operating Expenses
Co-Diagnostics incurs several operating expenses, which are categorized into sales and marketing, general and administrative, and research and development.
| Expense Type | Q3 2024 Expense | Q3 2023 Expense | 9M 2024 Expense | 9M 2023 Expense |
|---|---|---|---|---|
| Sales and Marketing | $1,059,745 | $1,904,395 | $3,664,670 | $5,343,692 |
| General and Administrative | $4,287,380 | $3,147,753 | $10,338,568 | $9,875,613 |
| Research and Development | $4,880,315 | $5,788,789 | $16,172,684 | $16,783,892 |
| Total Operating Expenses | $10,578,675 | $11,137,277 | $31,196,065 | $32,920,793 |
Net Loss
Co-Diagnostics reported a net loss of $9,696,455 for Q3 2024, compared to a net loss of $5,982,194 for Q3 2023. For the nine months ended September 30, 2024, the net loss was $26,607,816, compared to $20,656,410 for the same period in 2023.
Liquidity Position
As of September 30, 2024, Co-Diagnostics had cash and cash equivalents of $10,797,630, with total current assets amounting to $40,103,158 against total current liabilities of $5,797,977.
Income Tax Expense
For the nine months ended September 30, 2024, Co-Diagnostics recorded an income tax expense of $65,543, compared to an income tax benefit of $6,611,712 for the same period in 2023.
Market Position and Customer Concentration
Co-Diagnostics has a significant customer concentration, with three customers accounting for approximately 61% of product revenue for Q3 2024. Additionally, one granting agency accounted for 100% of grant revenue during the same period.
In summary, Co-Diagnostics, Inc. operates through a combination of product sales, primarily related to its diagnostic technologies, and grant funding, with a focus on maintaining liquidity and managing operating expenses effectively.
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Resources:
- Co-Diagnostics, Inc. (CODX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Co-Diagnostics, Inc. (CODX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Co-Diagnostics, Inc. (CODX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.