CODX - Earnings call transcript Q1 2022

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Operator

Good day, and welcome to the Co-Diagnostics Inc.

First Quarter 2022 Earnings Results Conference Call. [Operator Instructions]. Please note that this event is being recorded. I would now like to turn the conference over to Andrew Benson, Head of Investor Relations. ahead. go Please

Andrew Benson

Officer. am are I Dwight and me Chief joining Chief Thank of Andrew the afternoon Financial Brown, Brian members Officer; including Co-Diagnostics' this Executive you. and Benson, management Egan, team,

then We will begin analysts. the call with our to from open remarks questions management's call up prepared the and

company Co-Diagnostics objectives, like forward-looking of course this of may constitute we Before the or forward-looking that the we would performance begin, plans, certain statements. during listeners Any expectations, statement future events about statements. inform assumptions to statements beliefs, made by are call

operational For yet features example, are platform, which statements believes company's available guidance, and market concerning not on the to products, This subject company these new statements is assumptions. forward-looking regulatory XXXX objectives and the review financial include commercialization are PCR management and concerning is and and for trends forthcoming clearance, testing plans based FDA The of development, sale. of statements. statements reasonable

or of with the statements occurring detailed are any performance reflect cause forward-looking events these and the statements guarantees in implied those to after could may to materially be from cause factors, Co-Diagnostics to in the these of results Co-Diagnostics Important this results materially that events. actual known or from expressed statements. different and occurrence and assumes risks disclaims differ duty circumstances are by statements to or reflect uncertainties actual not forward-looking which to However, future unknown and filings any SEC. call expressly such obligation results no unanticipated update any involve

measures for comparable with you results. to Chief should turn today's considered measures which replacement would Dwight reconciliation be read call. company's discuss refer may Executive company should call In and contain addition, over Egan. Dwight? this results. to measures the financial financial presented non-GAAP We call, the Co-Diagnostics' their the release the a during before I These be like financial shortly earnings to not to non-GAAP GAAP to together GAAP non-GAAP this most At out may time, Officer, certain

Dwight Egan

all metrics this provide and Thank performance quarter, results key your you progress we on against questions. a financial our take strategy. of an you, updates discussion for Then thank joining we Andrew, and call, the us. overview will our for of will On

achieved The first saw we proud quarter that we exceed sales strong been to of and able XXXX gross solid Co-Diagnostics margins, with continued have expectations. are

the future with continue to expected This commercialization quarter Advanced Molecular Co-Dx Inc. announced acquisition diagnostic assets was We and of providing previously Co-Dx period streamline platform. to integrate Inc., we at-home that intellectual the all to in existing property PCR and Co-Diagnostics platform. this new is point-of-care company's a Idaho as momentous upcoming related and history the Conceptions, our

utilizing lines of include as the diseases the designed features specialized with other for production future innovative additional company's its as to expanded lines suite accommodate expand device the CoPrimer and infectious multiplexed have The device. incorporate technology. production highly cups to STI optics assays other we space well patented products as manufacturing for We sample respiratory has to been and

technology recognizes of Scientific Annual be later or solutions through XXXX the Expo July. in care Meeting We patient competition access & X diagnostic connection Lab in named improve testing Chicago testing. to are innovative Disruptive only and Award with that performance in AACC's proud Technology high-quality semifinalists Disruptive AACC Award Technology to as Clinical the X this disruptive

patient that considered market review, are that confident will the diagnostics the this has worldwide. a transform we We underway, final for for care. innovative revolutionary capable that pending able platform are Dr. of search Ririe, next honored testing to the be leadership experienced solution and in Under Kirk PCR the be are optimizations product to ramifications new of will we FDA molecular the and launch

We the like call of We FDA earnings will represent of level to this are commencement that PCR extending we in following submission the August on point-of-care to trials far for to beyond emphasize this anticipation quarter applications, trials. of clinical for device would those second platform believe of of our the the come by at-home track highest successful COVID. completion utility

XX While facilitates we name a PCR. cartridge that like sample the in that a PCR collection gold names have than and expensive cup minutes, offerings. considerably fact other COVID-XX product standard different for the molecular used non-PCR working this disposable in than it the YourTest important results Eikon is past, platform around is less or utilizing More

the significant introduce for will addition, test factor if users over be we for are which test having the limiting overlapping with between Syndromic for test illness. each pathogens a process see a panels expects differentiate to than to to or reason allows symptomology, X other that disease to patients multiple This which time. technologies. and individual non-PCR of states numerous from an by to the of is its company any platform multiplex, X one rather individuals with is symptoms causes Ultimately, physicians to the test ability is end able simultaneously potential anticipate In molecular diseases suffering caregivers underlying to for their benefit of similar through have syndromic that multiplex a that is testing sample. perform multiple

molecule and associated new our to has intend PCR, PCR Co-Dx multiplexing our unique technology with of we CoPrimer capabilities Our to and full platform. patented the proprietary bring properties power

the launch forthcoming believe of the product the company at the we epicenter With at-home will throughout platform, be point-of-care testing the of world.

pathogens multiple begin through we ourselves whole new for in as testing a participate stage aggressively of to We position to field point-of-care our have activities at-home of when a for conferences range launch product. been at setting for domestic product are cleared the international and attendance we the marketing

commissioned worldwide our company product a significant forthcoming The logistics, our study back-end made comprehensive platform. e-commerce, our sales to implementation marketing and preparedness is of guide of We support to to ability offering. includes a additions new support, the This that have service launch marketing. for customer helping

health new senior an added also agency advertising beyond. have launch and subsidiary the international product engineering We and engaging our reach while talent employees, with both through consultants at represent Co-Dx to experience new and care a platform also PCR parent significant and companies level

will product our website You offering on feel to of digital and see forthcoming other our exposures. begin the appropriate and look media

cloud-based new All thwart any place, at-home of future these other of regulatory company or know to any to potential the help with individuals which platform their require power disease status, the point-of-care build anywhere. adhere. that time, the COVID surveillance constraints will believes has the testing, ultimately to compliance pathogen representing a giving addition with all also Co-Diagnostics while certain to future system carefully our powerful and outbreaks, infectious in

countries XX this the growing. also currently This and along worldwide sales expanding product efforts the as are excited for capable what and have our with labs. a large remains is about pipeline We drives we lab served in customers participating our we R&D business focus our distributors grow centralized and over of of segment, network

testing and the collaboration or our RSB. we detect of for -- transmitted syncytial to Logix performance different ABC underway our a prevalent to parasite designed the Smart test treatment active differentiate test expansion resistant example, analytical and of sexually with for to to are virus, malaria known differentiate development For species of the include to panel STI be A between respiratory infections, clinical multiplex currently which continuing X partners. in causes is between of

company, strong balance yield and mutations growth a along present from we wide-ranging areas, R&D investments to Progress well sheet these for with platform in positioning our along for As company's other assay of several Co-Diagnostics and as Analytical these with record remarks. vertical our a other that continues, our of initial has evaluated technology platform This each with our significant mosquito including Services the and are pathogens assays human seeing partnerships in concludes in our being in blood. LGC. Crop significance work biopsy our liquid initiatives vertical continued profits also is mental development of with existing customers. of Overall, detection assays in cancer-associated being abatement agricultural continue results. ongoing these also installations, and Bayer positive for and talent believe CoPrimer number laboratory for is health. future applications And of solid and a developed dentistry performance my are purchases

a now over Brian the me things turn Brian? to for of key review metrics Brown Let and numbers.

Brian Brown

Thanks, for call. joining Dwight. today's And thank you

performance record our mentioned, was stronger the Dwight first forecasted. than during As quarter

progress the significant addition In home also to platform. strategy encouraging results PCR quarter, on testing the this the Co-Dx for we made commercialization

financial made from with both we and the operational for and an We future. are remain standpoint excited have the encouraged progress

the performance XXXX. Now during quarter first to review of our

sales global for on was million of million a For increased to to during year million tests. primarily XX.X% Gross QX, $XX.X increased revenue of profit in $XX.X COVID-XX This in the our compared increase as basis year-over-year revenue $XX.X by $XX.X XXXX. million driven Logix to Smart prior increased year period. to the compared QX XX.X%

increase year year-over-year the change Our to X in primarily Total was can investment margin XXX-point $X.X sales the of performance, third-party to by expenses by testing of of improvement by continued quarter the research was enabled increase gross percentage the attributed international our the and from over gross Sales million $X.X home million, processes. for $X.X marketing period. months higher PCR Co-Dx quarter quarter prior test compared for further development to $X.X first $X.X us ended XX, from increase XX.X% commissions for year-over-year The Record in revenue increased The XX.X% year period basis reflects prior be the year and from the our most in and development the margin in prior million. same sales. year last gross a expenses million in manufacturing to of driven expenses increased primarily significant driven year-over-year achieve an March of also increased driven which were The Logix XXXX, period, of the operating on XXXX. growth. our in Smart million profit platform. COVID-XX change

marketing to continue invest sales well in and Additionally, including people as team our and mediums. as we our marketing processes,

acquirees gain are million, calculation statement. has XXXX, created been as the of XX-K income contingent consideration based milestones. in income achievement of value on acquisitions, remeasurement on we the required that part remeasure to as certain of consideration. March recently our the the contingent of the we each consideration at As given completed a quarter $X.X The At recently disclosed filed other end, the our recognized received XX,

For the achieved $X.X $X.X increased rate representing of Income period. in year taxes an compared as first the for prior of expense XX.X% same XXXX, tax tax the XX.X%. before million to was quarter $XX.X quarter effective to million income million,

rate XX.X% taxes, U.S. federal of and tax effective will generally due items from statutory rate permanent to state discrete Our differ the items.

discussed remeasurement have the we the on and the Specifically, is treatment earlier. than due experienced past rate lower the for this of credits R&D in to quarter, tax gain

XXXX subsidiaries offset $XX.X expenses new in flat the health of at compared First was remain flexibility net per the for to of fully We the $XX.X prior gross income of revenue year. fully per to net share year-over-year and the income EBITDA XXXX. and $X.X million quarter of on diluted for quarter and for quarter $X.XX improving XXXX our was incurred share profit. during or QX million, our Adjusted in coming committed diluted in basis, the sheet. Operational for or QX increase year-over-year a balance $X.XX million

on Our million and quarter marketable at of at diligent future the the to cash of approach $X.X both X $XX.X home securities XXXX XXXX, close Co-Dx increased increase key opportunistically PCR Cash, March allowed to and representing fourth of $XX.X an are XX, XX, from the to million XXXX, million. manufacturing equivalents acquisitions during December testing up development during continued which fiscal us platform.

to on Our highly debt execute plan. us strategic growth liquid no sheet our enables balance

We announced continue program. development our strong in value flow in and capital people, to allocation March, and We and a cash to believe to element In commitment invest also research repurchase the scale of verticals processes million new future. to share $XX we confidence look sheet with our our authorization is and to we authorization capabilities. to our expand generation as this solidify of balance return reflects aligned our our strategy This shareholders.

The us to opportunity our display. capital an Additionally, solid remains dedication demonstrates that full provides from way on a authorization deliver allocate our we positive Co-Diagnostics. performance in for to with that outlook the team of this believe strategically future

would been during the first possible their not Our quarter many without have contributions. record performance

and our balance of support products to by established remain we the demand future the look operational for the we we encouraged growth. fiscal have our As teams XXXX, and scientific to

now balance Turning our around for to visibility year. of outlook the the the

our our first we demand While have changes products experienced near and of in restricted XXXX, markets our during term visibility. strong operating for the environment quarter

about We for providing long-term time. we'll as guidance will at but business be very confident term potential continue to navigate we environment quarterly with products. be remain the our our To clear, result, this caution, and demand near not of a the the

Smart of fluctuations customers are year in cleanly continued experiencing the ability of many new our emergence has not testing COVID-XX regions that through sizable parts to world. United the variants States, mask Our many decreased particular we diminished from patterns balance the a to persistently accurately forecast sales and geographic captured the are vary Furthermore, rates and requirements continue due to across in quarter Logix we serve. low of as vaccination order mandates spread test the in in

point verticals, new future testing forthcoming into to of Co-Dx these precision turn financial to continue and that, molecular platform. impact our an to has the Dwight. it as these cumulative believe trajectory at are we over other our result, Despite that With solutions, enable important growth results. will factors and innovative presentation such a new that As become back expand to difficult PCR on I'll with of markets expected diagnostic we in us dynamics, an our predict level home the

Dwight Egan

Brian. you, Thank

analysts. will questions Operator? from now We our take

Operator

Instructions]. [Operator

first is H.C. Yi with Chen Wainwright. from question The

Yi Chen

ability PCR Just are did test? capability-related just the a just as to et multiple just your between it look from testing a like accurately. was to what has quite out like functional well I also in trying at -- as quick pathogens, you Eikon Or name figure change I'm to the understood at-home the and the -- question it changes just know is So But don't difference if the cetera? Or changed? in it the is device like it like there I on name? change device.

Dwight Egan

is issues evolution product to change as other name. that the groups the the have made and gone and as through been We've developed, focus Yi, just trademarking has an it.

name during we working terms that device. concentrating have PCR period, And So changes the we in are now few When the we made different of Co-DX the platform. of a on title device, kit will collection the the Co-DX it or And home cartridge to when home cup, about be talk collection be refer the test. we or the device. will PCR the Co-DX PCR it home

properties to COVID. identify change. name systems to this PCR of capabilities. a the non-PCR-based get-go, as the molecular instrument just we it's So From It's multiplexing responsive be compared design to particular other one of that unique

be prospective So disease when X isothermal you that look that technologies notice or pathogen technologies. to these by using placed they lamp product include opposed that as at or single just our as product including offering, syndromic are panels or states pathogens, X you'll offering, will we a limitations such maybe our which multiple at X time are

is the change talk So name when changes. we referring what to about these we're

Yi Chen

seeing be is and you but decline fluctuation very -- customers you or technology number total Smart I was of of mainly a quick for Excellent. context, Logix detection orders prepared the is but I it's -- And CoPrimer orders during how about already about spoke that also right for a on understanding. it I -- fact Or could helpful existing if test? test. the of indications you you number know in now And customer could it will give spoke the the not our orders? I follow-up in you the that the a couldn't guidance, like your know other the timing are remarks, for same maybe you leverage not summarize the time, mean the in also

Dwight Egan

Okay.

a of asked. the We you or that of that questions have a answered little just hearing problem just all bit you

hear we mind, most the of you question wouldn't would part that important can please so if So it. repeat you

Yi Chen

Sure.

Sorry that. about

customer refraining year? So was prepared other the could, the already your I forward? during CoPrimer detection it's test, remarks, technology your indications, Logix was predict context, could testing seeing are but Or tough wondering in you because same a could you I providing it mainly are you the Smart of if you with orders? guidance throughout essentially decline leverage environment you if this summarize COVID-XX from assuming in wondering you about the And rest spoke decreases a moving I how for like know to

Brian Brown

Brian. bigger asked. not is the being to you orders question It's demand to first of I not necessarily that of issue in. able that the able we're This It's Yes. seeing. is do the guidance we're that more issue. timing more It's to and of forecast to And what's just can we thing being provide timing about accurately respond the want forecast timing in. last the confident a coming is

confident is so in thing then providing forward guidance. if provide not we know And going we're one that's you'll guidance, won't

Dwight Egan

second syndromic over is of the asked you've time. with panels As syndromic company different panels provide the to a that path the multiplex of question respect to to number intention

expert we we Dr. from Brent Carroll who and our Head As such Board, have technologies Dr. from Wittwer, was previously luminaries Hopkins Advisory University University, a saliva Wylie sophisticated is of chairs School our of an Health, at Public in course, as we last from Kusukawa on in announced Board; City; Lake of that call, and Noriko very able Satterfield. who Salt -- Pathology; Scientific and Yale have PCR; Dr. that Dr. Laboratories Anne which Carl has Founder, ARUP John here

types have scientific guiding on what's teams. and available done we extensive that the So our we diseases to the and research development that's device of new study and our into want have with panels

A, it a the will in you'll all respiratory But test and B, flu be the differentiator that a robust is COVID-XX more single The at present perhaps because flu include out time. test. see panel multiplex subsequently, with things that test first we RSV primary come like will COVID a

COVID. environment COVID various it most prevalent to of that transmitted infection will molecular will a that know testing anything goes and way you're be flu, go got the the and the transmitted see to pre-COVID disease for sexually be X want after of infections, imagine on then from diagnostics robust next designed to and associated includes yes, beyond probably to but so device sexually COVID. with years the have around want diseases was for meet you very when the panel there. This needs states time, syndromic the It we'll of a is environment, you of a But go pre-COVID necessary really also end able until You'll world kind and to be several to to pernicious COVID. you because, else know got if you've differentiator if continue a

so of these the end And that also the multiplex gold from product very multiplex we robustly our will ability panels, the be only forward. going distinguish PCR think, thing day, standard, not to the at but the being standard,

Yi Chen

helpful. very was That

As And product. we the... on think your lastly, about

Dwight Egan

our me relates can CoPrimer add Diagnostics, are which think asked also Let demonstrated specifically one it to say in you CoPrimers jump in nonspecific and where reduction thing Molecular about technology where known errors, I featured a about panels. these other And of we what I primer was commonly as in that, amplification because X.X multiplex and you million-fold a dimers. Journal would item it read the as about

eliminate all kind to its our CoPrimer technology, for in device we of but ourselves in in our purposes, is puts terms is ability transaction. that that And fact a practical we formation we PCR so multiplexing PCR of are by PCR how of primer the of the a accentuating this class of because us robust the in what have dimers technology, only which also new multiplex because not with

and technology, intend And this we in I to full capabilities important CoPrimers. the the a flagship So to mentioned floor. bring of that remarks, our as my is power very

Yi Chen

very was Excellent. helpful. That

know the assuming FDA Lastly, I collect you of with where I'm on you front, submission are the have to evidence. a lot regulatory and clinical

and just wondering approval. if the discussions So line time certain like a I'm there's your regarding FDA subsequent

Dwight Egan

process. doing optimizations about then subsequently an time the environment optimizations these with we an and FDA on in are for a conclusion this for working clinical put trials of all-hands-on-deck We preparations approval. and to where our certainly internal the into expectations product the line It's

our likely of at not how in point. that's you, remarks, have And except we whole by we in again in point take, quarter us. we're talk the the to for clinical and a results second to know out the to So And know process certainly calendar we we timing. that clinical discrete that exactly we number the we don't that, how as trials is trials on putting respond these of to kind the prepared said control don't long fast our where will the lose be FDA say expect time

So enthusiastic we internal we're what track are of about standpoint. do capabilities expecting incredibly to from device. this on to We're do the an

market one an and the the the be have first on ones syndromic it's more to to And than And get about can have be PCR we said inexpensive, to most. wanted right. but that to be that's mean that application, is We device want be we a capable panels first been by with occasion minutes, on knew we affordable it we gold we've that with multiplexing accurate. of that, XX at-home wouldn't fast to we what the focusing that so also standard in first

in launch. And in out base serves worldwide domestic We've the product we because been can a when our be of customer optimized also the as and anticipate many, the We've breadth a world. in just been here, is of actually doing are London. we we prepared So possibly the that in that broadest Recently, remarks, we we've product mentioned launch can envision it Brazil. go with Portugal. conferences not been places in most a we many

we introduce will to product. attend conferences the to We world around continue multiple this as begin

Operator

Sidoti with & Sidoti is Co. question Next from Jim

James Sidoti

clear don't COVID-XX want expect factors for it go XXXX. on away out, based all laid I the demand the sounds you guidance. to you just mean in I on be testing like

will will be accurate? of Is just when timing you still some get for the the You're that level remainder demand think not of the orders, year. sure there the but of you

Brian Brown

right. you're absolutely Yes,

James Sidoti

it this is quarter-to-quarter up quarter to Why Okay. the ended year. bounce fluctuation in Can your seems inventory, from pretty you there much levels? considerably and inventory about around so talk

Brian Brown

to it orders. can the of best Again, have possible life goes the that we we timing really produce customers. tried for to the tests longest back our I mean

create that create real And inventory so time. do lot out orders we ship is and a of them the immediately. We'll

on that of timing and then we orders build So come come. the in orders for in based inventory it's really to preparation those

So it's really no rhyme really on just timing. for or orders. It's there's reason -- the just based

James Sidoti

Okay.

So higher orders to relatively like I mean you have use at if up have end, expecting the it to levels you're that seems maybe inventory term the of a fair in inventory? number near

Brian Brown

You we're already providing but can ask we've guidance. that question, said not

James Sidoti

just Okay. trends directional I'm trying kind to get of here.

Brian Brown

Understood.

James Sidoti

find Okay. you going that and and Clinical have just you're about where like run? you how run device not I a have Can assume how will medical known it's to to go you and device that samples samples you you'll talk procedures. trial, many out the need think to samples, do for with. patients work

Dwight Egan

authorization samples use than that smaller an of say, required, are for emergency would samples number significantly number the of clearance. required the XXX(k) be Well, for

anticipate certainly plenty we'll we So availability. of have have sample to opportunity that

conduct firm to process, as do a engaged this have They've other -- the before including we go work country very are FDA. with to We done also with us this clinical trials. in the some prepared representation top through our

a Confirmed that certain day. us maybe and because being country a over the which X.X in last is understated that, that believe variants well emerge. getting days are being COVID that new wildly a I've cases it's Xx seen that United XX,XXX of samples, to that cases right puts would of continue currently cases experienced million in stats latest few sources the have day of in States the indicate north now, we So experienced of terms amount,

we're don't have to I getting going think trouble trials. our for any samples So

James Sidoti

kind And right. last question. then All of picture big

was closed the today, You million. $XXX market capital

million have You in cash. $XX

story sound think nothing from What missing is just you next quarter Street doesn't profitable quarter. going the the think now? you X. your or a is over fall off do You reported demand to like that right It to

Dwight Egan

the he things a question, that -- The on that's this. that I to said, has think what your Well, allowing result whole would ability alone, Jim. X we opens says, we're Gottlieb, the a over approximately Gottlieb that such that has the of And is of Dr. COVID, a he, Scott this that kind occurred. believe call the well to. track. former of United disease the as is home COVID, just That the important about very has up of testing significantly larger I great in attention the we or testing has recently FDA Commissioner States testing such who's FDA, FDA a Dr. is, countenancing testing range people of X which for will said That's shift a right of they that much agreed One courtesy is severe pathogen ubiquitous his with killed million FDA home paradigm test would have over devices, point to got home ever said at-home paradigm get it. he pathogens. COVID new during of in then for And shift he worldwide. medical that days talked that universal. The #X. biggest Point -- field of said fact #X is the considered devastating all behind. represents become never of is the of shows course, the that sort

pathogens going sexually respiratory the transmitted and And point infections, very upper what's primarily gastrointestinal. in Advisory on setting, have we that are Board, of necessary may include certainly with lower Scientific the most we things which at-home prioritized our at or think so like and an strep in includes includes care that's ultimately why the also

talent development people just acquisitions brought X brought that on Keep there. scientific that than teams. new we with strength, as let's syndromic of and in it base, hierarchy all board Dr. horsepower is as both really lab time clearance also And we were a scientific co-founders very along accomplish have capable them is and we producing the just we these out, tasks. I more employee study prioritized our after for in a out brought this -- for menu the that continue our this on And comprehensive have on we the to doubled fill So in start we will mind These What platform. these of top we completed, bench And in represent we're guiding. commissioned purchased who platform. Wittwer, on have was the panel. BioFire, of mentioned, This horsepower point-of-care significant completed next time we've Carl like as many, that is come as a device in who that which soon many our Ririe, Kirk horsepower, diagnostic our with and the to bioMérieux. scientific form we we're beautiful a have of market so and next Dr. at-home others by people

a the positions and X we it close I'd so and what more from see believe forth. as about the that comments you excited on just have exposure and weeks months looks on more and You'll get how on coming how this itself bathroom we you our more device the to benchmark other you website device up, to kitchen in it point chance -- counter are Dr. works Gottlieb forward. to I and things show a X means in those because going and the we really this company And tell is comments at cannot epicenter so of how our world. or those

Brian Brown

to is strictly this those the Jim, Brian. one with done The remember, I acquisitions. were acquisitions the mention we've thing about will iterated I other equity. is this and I thing -- is thing to the other this mean -- disclosed

what like the and intelligent in those that then bright point. that board, scientists will some get cannot in we on get on very we're they doing. what those we at brought groups board they brought So on, on doing, we're If believe market just we believe

Operator

Litchfield The from Theodore next O'Neill with question Research. Hills is

Theodore O'Neill

Brian, margins your Co-Dx would be product sales ask product. replaced a be you. because number, question assume Q be I first but than Congratulations And the this know quarter. third-party through the consumables. manufactured those the good is small third-party -- on and those X% and were sales the selling will reading a there third it's -- I sale I to rather than a better the sales. reason by of for equipment of less is in And I'm was quarter,

Brian Brown

devices that different than It's fair our designed new for. will sell a represent for used device be Those question. what lab a No. that really currently are we really application

I it's a different think application.

So they necessarily. by won't replaced it be

Dwight Egan

sudden a enables point-of-care a for important just when think is centralized comment for become disease both around environment world status -- add serve deal business, we XX have have continue is whole Co-Dx have that developing coming There all molecular that pay and countries tens forward-going which that do more think happens and to in labs I molecular attention thousands critical of them because at-home diagnostic that we And our terrific of a countries with. lab that the India molecular currently continually give offering our of distributors going become sales, maintain such what are most platform the reputation can to of product. you labs than states like out to of the to would a of a And to development countries not that of and additional I as up the a small in terms a moment think in great that addition other product growing, we the or lab. representing you our that place are I lab our very countries be literally ecosystem. and lab-based the current set we're places to that device a of lab drives in may

our be we business. -- lab So neglecting lab won't centralized

for As at-home result our is I our our think, on be will a and of verticals what point-of-care centralized our reporting. X you I look device. happens business as other One in lab explicated call, and to forthcoming the be should explained, last

Operator

session. This now conference I concludes the question-and-answer remarks. for closing Egan our would to like turn to Dwight back

Dwight Egan

than large platform, diagnostics on kitchen are have XXXX our it we us today. not excited your now Co-Dx Well, better home that Two the thank are world and understanding you active gold our product importance at history, PCR launch. inflection accessible becoming slightest everyone years vision following never with forward and we've about world. we and Co-Diagnostics, been affordable counter, Thank are joining future point close already play we but as been the and the more call from tools widely of our bright again, of success for which accomplished potentially only we this accessible PCR ultimate We've truly next never our new had beginning ago bringing state inconceivable you the right of company and analysts everyone. month the you updates our just the what conceived standard Speaks on day, and in of honored on to Co-Diagnostics able positioned This call. optimistic what first months the the for on to globe we've be PCR holds think more for an this we future again to when were would enormity else in to and and across at to earnings health the the Good of to making around an of existing business look centralized is in to so our far we to improving store on in the exciting segment. laboratory care role X our platform now. cusp

Operator

The concluded. presentation. now you. you Thank has today's conference attending for Thank

may disconnect. You now

Co-Diagnostics (CODX) 13 May 222022 Q1 Earnings call transcript