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1 month ago
Co-Diagnostics Reports First Quarter 2026 Financial Results
Advancing Global Commercialization Through CoSara Regulatory Progress and Regional Expansion Executing Clinical Strategy with Upper Respiratory Submission Preparation and TB Study Initiation Expanding International Presence and Reinforcing Platform Differentiation Through Partnerships and IP SALT LAKE CITY, May 14, 2026 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) ("Co-Dx," or "the Company"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced its financial results for the first quarter ended March 31, 2026. First Quarter 2026 Business Highlights: Received CDSCO license to manufacture and sell the CoSara PCR Pro® instrument in India, marking a key regulatory milestone and supporting commercialization readiness Received ISO 13485 certification for CoSara's manufacturing facility in India, supporting regulatory submissions and meeting international quality standards Entered into an agreement to expand CoSara Diagnostics' commercial and distribution territory across South Asia to include Bangladesh, Pakistan, Nepal, and Sri Lanka, increasing the regional total addressable market to approximately $13 billion Initiated shipments of PCR Pro* instruments and tuberculosis (TB) test materials to India to support upcoming clinical performance studies, with the instrument and test kits designed to support testing approaches reflected in recent WHO guidance on TB testing Strengthened distributor relationships and expanded market presence through CoSara Diagnostics' participation in regional conferences in India Showcased the Co-Dx PCR platform at industry events including Medical Korea 2026 in Seoul, South Korea and World Health Expo Labs Dubai in Dubai, UAE, highlighting the Company's point-of-care testing platform and engaging with global stakeholders Expanded the intellectual property portfolio with the issuance of a new international patent in Japan First Quarter 2026 Financial Results: Revenue of $0.15 million, compared to $0.05 million in the first quarter of 2025 Operating expenses of $9.2 million, compared to $8.6 million in the same period last year, driven by research and development spending on clinical studies and to advance other growth initiatives Operating loss of $9.2 million, compared to $8.6 million in the first quarter of 2025 Net loss of $9.1 million, or $4.06 per share, compared to a net loss of $7.5 million, or $7.05 per share, in the same period last year, primarily driven by higher operating expenses and lower other income, including the absence of certain remeasurement gains recognized in the prior-year period Adjusted EBITDA loss of $8.7 million, compared to a loss of $7.4 million in the first quarter of 2025 Cash and cash equivalents totaled $8.2 million as of March 31, 2026, compared to $11.9 million as of December 31, 2025.