NEW YORK — Co-Diagnostics on Thursday after the close of the market reported a massive jump in first quarter revenues, largely due to sales of its Logix Smart COVID-19 test for SARS-CoV-2.
For the three-month period ended March 31, Co-Diagnostics' revenues were $20.0 million, a more than 13-fold increase versus $1.5 million in the same period a year earlier.
Sales of the PCR-based Logix Smart test, which was CE-IVD marked in February 2020 and received Emergency Use Authorization from the US Food and Drug Administration shortly thereafter, accounted for most of those revenues.
Co-Diagnostics posted a first quarter net profit of $7.9 million, or $.26 per share, compared with a year-ago net loss of $1.1 million, or $.05 per share.
R&D spending in the quarter increased fivefold to $2.2 million from $400,022 the year before, reflecting the costs of developing a rapid point-of-care device for SARS-CoV-2 and other infectious diseases, as well as the impact of additional hires made to support the company's new product development activities.
SG&A expenses were up 141 percent to $4.1 million from $1.7 million, mostly due to increased compensation expenses.
At the end of March, Salt Lake City-based Co-Diagnostics had cash and cash equivalents of $57.8 million and marketable securities of $2.3 million.
Looking ahead, Co-Diagnostics said it expects second quarter revenues in the range of $20.0 million to $22.0 million, with earnings between $.19 and $.23 per share. Wall Street analysts, on average, are expecting $16.3 million in Q2 revenues.
In Friday morning trading on the Nasdaq, shares of Co-Diagnostics were up almost 11 percent at $7.93.