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Co-Diagnostics Posts 'Nominal' Revenues for 2017

NEW YORK (GenomeWeb) – Newly public Co-Diagnostics reported today revenues of $7,662 in 2017 versus no revenues in the prior year.

For the 12-month period ended Dec. 31, Co-Diagnostics' net loss swelled to $7 million, or $.63 per share, from $1.9 million, or $.20 per share, in 2016.

R&D costs climbed to $1 million from $731,474, while SG&A expenses rose to $3.5 million from $919,001.

During 2017, Co-Diagnostics — which completed a $7.1 million initial public offering on the Nasdaq in July — broke ground on a manufacturing facility in India to support a molecular diagnostics joint venture with Synbiotics in that market. It also signed an agreement to sell up to 36,000 tests for hepatitis B, hepatitis C, HIV, and human papillomavirus to Medcis Pathlabs India; launched a number of products in key Caribbean markets; and signed a lease on a new Biological Safety Level 2 laboratory facility in Salt Lake City to support its efforts to develop diagnostics for the US.

"While we anticipated revenue in 2017 to be nominal, we continued to build our infrastructure and client relationships during our first six months as a public company in order to support a growing and sustainable company for many years to come," Co-Diagnostics Chairman and CEO Dwight Egan said in a statement. "In 2018, we look forward to launching the commercial operations of our joint venture in India, including generating sales from both India and the Caribbean region, and providing molecular testing solutions to various industry sectors."

At the end of 2017, Co-Diagnostics had cash and cash equivalents totaling $3.5 million.

During early morning trading, shares of Co-Diagnostics were up 5 percent to $2.21.