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Co-Diagnostics 2020 Revenues Spike on Coronavirus Testing

NEW YORK — Co-Diagnostics on Thursday posted revenues of $74.6 million for 2020, a sharp increase over the $214,974 in revenues the firm reported the year before, primarily due to sales of its Logix Smart COVID-19 test for SARS-CoV-2.

The PCR-based test received the CE-IVD mark in February 2020 and Emergency Use Authorization from the US Food and Drug Administration a couple of months later. Sales of Logix Smart COVID-19 accounted for the lion's share of Co-Diagnostics' revenues for 2020.

"Demand for our Logix Smart COVID-19 test drove record sales this year and, although COVID-19 test sales may not be as robust as in 2020, we anticipate demand for our portfolio of products to continue in 2021," Co-Diagnostics CEO Dwight Egan said in a statement. "As the world seeks normalization, we anticipate continued demand for our COVID-19 tests and other diagnostic products as testing becomes a part of the long-term protocol for many organizations."

In 2019, the majority of Co-Diagnostics' revenues came from sales of equipment and tests for the detection of mosquito-borne viruses in abatement districts.

For the 12-month period ended Dec. 31, Co-Diagnostics reported a net profit of $42.5 million, or $1.52 per share, versus a year-ago loss of $6.2 million, or $.37 per share.

Its R&D spending in 2020 jumped 129 percent to $3.2 million from $1.4 million, primarily due to an increase in salaries and related benefits as Co-Diagnostics added additional employees to support growing product development efforts. Its SG&A costs, meantime, climbed 182 percent to $13.0 million from $4.6 million on higher employee-related expenses.

At the end of 2020, Salt Lake City-based Co-Diagnostics had cash and cash equivalents totaling $43.0 million and marketable investment securities of $4.3 million.

For the fourth quarter of 2020, Co-Diagnostics posted revenues of $27.1 million and a net profit of $12.8 million, or $.43 per share.