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Co-Diagnostics 2021 Revenues Grow on Continued Demand for COVID-19 Testing

NEW YORK — Co-Diagnostics on Thursday posted revenues of $97.9 million for 2021, a 31 percent increase over the $74.6 million in revenues the firm reported in 2020, primarily due to sales of its Logix Smart COVID-19 test for SARS-CoV-2.

The firm missed the consensus Wall Street estimate of $98.4 million in revenues for the year.

For the 12-month period ended Dec. 31, 2021, Co-Diagnostics reported a net profit of $36.7 million, or $1.23 per share, versus a year-ago profit of $42.5 million, or $1.52 per share. It topped the analysts' average estimate of $1.10 per share.

Its R&D spending in 2021 grew nearly fivefold to $15.0 million from $3.2 million. Its SG&A costs, meantime, climbed 93 percent to $24.9 million from $12.9 million.

Among the company's highlights for 2021, in December, Co-Diagnostics acquired biotech firms Idaho Molecular and Advanced Conceptions for up to $50 million in stock and warrants.

"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," Co-Diagnostics CEO Dwight Egan said in a statement. "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."

At the end of 2021, Salt Lake City-based Co-Diagnostics had cash and cash equivalents of $88.6 million and marketable securities totaling $1.3 million.

The firm is forecasting Q1 2022 revenues between $21 million and $22 million and EPS of $.17 to $.20.