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Co-Diagnostics Inc. (CODX-5.15%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $3.9 million for the year, a decrease from $6.8 million in 2023. This decline is attributed primarily to lower grant revenues.
Cost of revenue for the year was $999,124, down from $4,184,949 in the previous year, resulting in a gross profit of $2,916,036 compared to $2,627,089 in 2023.
Operating expenses totaled $42,997,346, a decrease from $45,333,323 in the prior year. This was due to reduced expenses in sales, marketing, and research and development.
The company reported a net loss of $37,639,008, compared to a net loss of $35,332,865 in 2023. The increased loss was primarily due to decreased grant revenue and changes in the fair value of acquisition contingencies.
Co-Diagnostics Inc. highlighted its development of a portable diagnostic device and test system for point-of-care and at-home use, which is currently under FDA review.
The company maintains a cash and cash equivalents balance of $2.9 million and marketable investment securities of $26.8 million as of December 31, 2024.
Co-Diagnostics Inc. is actively pursuing regulatory approvals for its Co-Dx PCR platform and plans to submit a revised 510(k) application following discussions with the FDA.
The company acknowledges the challenges of achieving profitability and the need for additional financing to continue its operations and strategic initiatives.
Co-Diagnostics Inc. is involved in ongoing litigation, including class action claims and shareholder derivative suits, which it intends to defend vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Co-Diagnostics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.