To maintain testing specificity and sensitivity, we expect this test to be complete before the end of the current quarter.Īfter having achieved significant earnings during the second quarter, and having established a robust distribution network and client base around the world, the current mission of Co-Diagnostics is focused on the durability of our product offerings, not only as it relates to COVID-19, but to other ongoing infectious disease targets, which are going to be with us for decades to come. In order to proactively respond to global concerns about potential genetic drift and viral strains, we have also completed principle design and feasibility for the next iteration of this test to include them additional genetic target. The Logix Smart COVID-19 tests designed to target the RDRP gene of SARS-CoV-2 which target continues to show 100% coverage for all strains of the virus in the global genetic databases. Authorizations from visa in Brazil and Health Canada are also in process. FDA, India, and the European community, our COVID-19 test has also been granted clearance in several other large markets, including Mexico, Australia, Colombia, Argentina, South Africa and others. This includes the sales and activity from our India joint venture, which we are also pleased to announce also which achieved profitability in the second quarter. In that regard, I'm pleased to report that the company has received and is currently fulfilling orders, approaching $50 million a year-to-date business. The sales momentum we are experiencing midway through the third quarter not only provides important context for understanding the progress that the company's past success, but more importantly, a window on where we are going over the coming months and years. The company has established a durable production and distribution platform designed to continue sales and profitability is our test of gain widespread acceptance in the market.Īnd while the Whirlwind pace of activity during the second quarter has taken the company to record revenues, leading to Co-Diagnostics crossing well into profitability. states and validations of test accuracy from numerous regulatory and reference institutions from around the world. Since that time, the company has successfully launched an internationally recognized business and brand, with clients in over 50 countries over 25 U.S. At the beginning of the second quarter Co-Diagnostics received emergency use authorization from the FDA for our Logix Smart COVID-19 test. Hello, everyone and thank you for joining us on the call. ![]() I'll now turn the time over to Dwight H Egan, CEO of Co-Diagnostics. We refer you to the company's earnings release out certainly before this call which contains reconciliation to the non-GAAP financial measures presented to their most comparable GAAP results. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. In addition, the company will discuss certain non-GAAP financial measures during today's call. 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. Important factors which could cause actual results to differ materially from those in these forward-looking statements are detail Co-Diagnostics filings with the SEC. However, these statements are not guarantees or performance and may involve known and unknown risks and uncertainties that may cause the actual results to be materially different from any future results expressed or implied by such statements. ![]() The company believes these statements are based on reasonable assumptions. For example, statements concerning 2020 financial operational guidance, the development and regulatory clearance, commercialization and features of new products, plans and objectives of management and market trends are all forward-looking statements. In these statement of our company expectations, beliefs, plans, objectives, assumptions of future events or performance our forward-looking statements. Before we begin, we would like to inform the listeners that certain statements made by Co-Diagnostics during the course of this call may constitute forward-looking statements. And thank you everybody for joining us today. Please also note today's event is being recorded.Īt this time, I'd like to turn the conference call over to Andrew Benson. All participants are currently in a listen only mode. Good afternoon, everyone, and welcome to the Co-Diagnostics Q2 2020 Earnings Conference Call. Theodore O'Neill - Litchfield Hills Research ( NASDAQ: CODX) Q2 2020 Earnings Conference Call Aug4:30 PM ET
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