NEW YORK — Israeli diagnostics firm Todos Medical on Friday reported a nearly 13 percent year-over-year increase in revenues for the fourth quarter on increased demand for its COVID-19 testing products and services, as well as nutritional supplements.
For the three-month period ended Dec. 31, 2021, Todos' revenues rose to $4.5 million from $4.0 million in the year-ago quarter. The company attributed the growth to its COVID-19 testing portfolio, which includes Osang Healthcare's GeneFinder COVID-19 Plus RealAmp Kit that was recently in-licensed in the US. The company also offers PCR-based SARS-CoV-2 testing through the newly acquired Provista Diagnostics. Also driving revenues was Tollovid, a dietary supplement for immune system health distributed through a joint venture.
Todos' net loss for the fourth quarter was $18.8 million, or $.12 per share on 586.8 million weighted average shares outstanding, up from $4.5 million the year before, or $.11 per share on 259.2 million weighted average shares outstanding.
At the end of 2021, Todos had cash and cash equivalents totaling $189,000.
For full-year 2021, Todos' revenues jumped 135 percent to $12.3 million from $5.2 million.
Net loss for the year was $43.3 million, or $.06 per share, compared with a net loss of $29.8 million, or $.11 per share, the year before.
R&D spending in 2021 dropped 91 percent to $824,000 from $9.9 million in 2020, while SG&A expenses jumped 121 percent to $12.8 million from $5.8 million a year earlier.
Looking ahead, Todos President and CEO Gerald Commissiong said in a statement that Todos has been investing in Provista and now expects to launch that company's Videssa blood-based proteomic breast cancer test in early 2023.
Todos also said that it anticipates revenues from Provista's testing operations to continue to grow as it expands the menu of tests it offers beyond COVID-19 to include other respiratory infections, sexually transmitted infections, uterine tract infections, gastrointestinal disease, cancer, and pharmacogenomics.
Additionally, results are expected in the coming months from an ongoing trial of LymPro, a functional assay for Alzheimer's disease that measures immune response in the blood that mimics ongoing pathology in the brain to identify patients who may benefit from amyloid treatment.
Todos — which trades on the Over-the-Counter Market — also said that it intends to go public on a US national stock exchange in the second quarter of this year.