Co-Diagnostics Q3 revenue rises, operating expenses fall 12%
CODX•Co-Diagnostics reported Q3 revenue of $282,881, while operating expenses fell 12% year over year and its adjusted EBITDA loss narrowed. The company completed $2.1 million in convertible debt financing after the quarter ended.
1. Quarterly results
Co-Diagnostics said Q3 revenue rose year over year to $282,881, while losses continued. Operating expenses fell 12% year over year, narrowing the adjusted EBITDA loss, and the company completed $2.1 million in convertible debt financing after the quarter ended.
2. Regulatory and platform work
Two regulatory submissions are under review in India and the United States, including a tuberculosis test and a Flu A/B & RSV test. The company also launched cloud and mobile infrastructure in India, completed its first international deployment of the Vector Smart platform, and demonstrated a manufacturing-line automation initiative that reduced cycle time by 45% and increased output by 74%.
