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Friday, August 12, 2022

Co-Diagnostics results impacted by volume declines

 Second Quarter 2022 Financial Results:

  • Revenue of $5.0 million, down from $27.4 million during the prior year period, due primarily to lower demand of the Logix Smart™ COVID-19 Test

  • Gross profit of $4.1 million, representing 81.8% of consolidated revenue stemming from inefficiencies in lower sales volumes

  • Operating loss of $4.1 million compared to operating income of $11.8 million a year ago, due to lower sales volumes and continued investments into research and development

  • Net loss of $2.7 million, compared to a net income of $9.8 million in the prior-year second quarter, representing a loss of $0.08 per fully diluted share

  • Adjusted EBITDA loss of $2.3 million

  • Cash, cash equivalents, and marketable securities of $96.0 million as of June 30, 2022

  • Cash flow from operations of $1.7 million for the second quarter ended June 30, 2022

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