Co-Diagnostics, Inc. (NASDAQ:CODX) Q1 2024 Earnings Call Transcript May 9, 2024
Co-Diagnostics, Inc. misses on earnings expectations. Reported EPS is $-0.31204 EPS, expectations were $-0.21. CODX isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, and welcome to the Co-Diagnostics First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Andrew Benson, Investor Relations. Please go ahead.
Andrew Benson: Good afternoon, everyone. Thank you all for participating in today’s conference call. On the line today from Co-Diagnostics, we have Dwight Egan, Chief Executive Officer; and Brian Brown, Chief Financial Officer. Earlier today, Co-Diagnostics released financial results from the first quarter ended March 31, 2024. A copy of the press release is available on the company’s website. We will begin the call with management’s prepared remarks and then open up the call to analyst Q&A. Before we begin, we would like to inform the listeners that certain statements made by Co-Diagnostics during this call are not historical facts and are forward-looking statements. This include statements concerning the company’s forthcoming Co-Dx PCR testing platform, which requires regulatory approval and marketing authorization for diagnostic use is currently being reviewed by the U.S. FDA and is not currently for sale.
Actual outcomes and results may differ materially from what is expressed or implied in any statement. Important factors which could cause actual results to differ materially from those in these forward-looking statements are detailed in Co-Diagnostics filings with the SEC. Co-Diagnostics assumes no obligation and expressly disclaims any duty to update any forward-looking statements to reflect events or circumstances occurring after this call or to reflect the occurrence of unanticipated events. In addition, the company may discuss certain non-GAAP financial measures during today’s call. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. We refer you to the company’s earnings release out shortly before this call, which contains reconciliations to the non-GAAP financial measures presented to their most comparable GAAP results.
At this time, I would like to turn the call over to Co-Diagnostics Chief Executive Officer, Dwight Egan. Dwight?
Dwight Egan: Thank you, Andrew, and good afternoon, everyone. Thank you all for joining Co-Diagnostics first quarter 2024 earnings call. We are pleased with the progress we have made across several key initiatives in the first quarter that will bring us closer to the commercialization of our Co-Dx PCR platform. In recent months, we have added additional manufacturing capacity, implemented strategic changes to our organizational structure and nearly completed our 510(k) submission to the FDA for our Co-Dx PCR Pro and Co-Dx PCR COVID-19 test kit. We believe that these recent and upcoming developments serve to advance Co-Diagnostics mission to establish ourselves as a disruptive point-of-care PCR diagnostics company. As mentioned, we are excited that our 510(k) submission to the FDA for our Co-Dx PCR Pro and Co-Dx PCR COVID-19 test kit is nearly complete.
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