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Co-Diagnostics Q1 Revenues Surge on Coronavirus Test Sales

NEW YORK — Co-Diagnostics on Thursday reported first quarter 2020 revenues of $1.5 million, up from $3,400 the year before, primarily due to sales the company's recently launched Logix Smart COVID-19 test for SARS-CoV-2.

Since the commercial launch of Logix Smart COVID-19 in March, Co-Diagnostics has manufactured more than six million tests and recorded COVID-19-related test and equipment sales of over $18 million. The Salt Lake City-based company added that it has also ordered components for more than 20 million additional tests to fill existing and expected orders.

The test uses the company's CoPrimer technology to detect the RdRp gene of the SARS-CoV-2 virus and has demonstrated 100 percent specificity and sensitivity. It received CE-IVD marking in February and Emergency Use Authorization from the US Food and Drug Administration in April.

Co-Diagnostics said in a filing with the US Securities and Exchange Commission that of the approximately 34 customers it sold products to in the first quarter, more than half of the sales were with two customers. Those two customers are not expected to account for the same percentage of sales going forward, however, "and if we were to sell nothing to those customers in the future, it would not have a material effect on the future sales," the firm said.

Co-Diagnostics noted that it currently has SARS-CoV-2 test orders from public and private organizations in nearly 50 countries and over 15 states in the US.

The company's net loss for the three months ended March 31 fell to $1.1 million, or $.05 per share, from $1.4 million, or $.09 per share, in the year-ago quarter.

R&D spending for Q1 climbed 15 percent year over year to $400,022 from $347,306, while SG&A expenses jumped 90 percent to $1.7 million from $896,466.

At the end of March, Co-Diagnostics had cash and cash equivalents totaling $17.4 million.

During midday trading on the Nasdaq Friday, shares of Co-Diagnostics were down 25 percent at $16.59.