CoDiagnostics Inc Reports Q2 Financial Results
Intellectia.AI Updated: 1970-01-01
Co-Diagnostics, Inc. Reports Q2 Financial Results
Co-Diagnostics, Inc. (CODX) has reported its financial results for the second quarter ended June 30, 2024.
Financial Highlights
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $2,656,840 | $197,806 | +1243% |
| Net Income (Loss) | -$7,599,318 | -$8,918,825 | +15% |
Interpretation: Co-Diagnostics reported a significant increase in total revenue compared to Q2 2023, mainly due to increased grant revenue. The net loss reduced slightly year-over-year, reflecting better cost management despite increased operational expenses and additional expenditures.
Revenue Breakdown by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Product Revenue | $161,102 | $197,806 | -18.5% |
| Grant Revenue | $2,495,738 | $0 | N/A |
Interpretation: The significant uptick in overall revenue in Q2 2024 is driven by grant revenue, which was non-existent in the previous year. However, product revenue saw a decline as compared to Q2 2023.
Dividends and Share Repurchase Program
The Company did not declare any dividends during the quarter. Regarding its share repurchase program authorized in March 2022, no shares were repurchased during the three or six months ended June 30, 2024.
Stock Price Movement
Following the earnings release, Co-Diagnostics' stock price saw an increase of approximately 0.47%.
This concise earnings summary provides a snapshot of Co-Diagnostics’ financial performance in Q2 2024, focusing on key financial metrics, revenue breakdown, and other relevant information as per the provided report.
