Co-Diagnostics posts 2020 net income of $42.5M as its Logix Smart COVID-19 test drove record sales

Co-Diagnostics Inc (NASDAQ:CODX) announced Thursday that it earned a net income of $42.5 million in 2020 as its Logix Smart coronavirus (COVID-19) test drove record sales.  That’s a huge turnaround for the Utah-based molecular diagnostics company which posted a $5.6 million loss in 2019. In addition, the company banked $74.6 million in revenue in 2020 -- a whopping 24,766% year-over increase.  For its fourth quarter ended December 31, the company reported revenue of $27.1 million and net income of $12.8 million.  READ: Co-Diagnostics is designing at-home coronavirus PCR saliva test delivering results by smartphone app Co-Diagnostics also closed the year with cash, cash equivalents, and marketable securities of $47.3 million versus $900,000 at year-end 2019.  “This year marked a critical inflection point in our ability to establish Co-Diagnostics as a leading global molecular diagnostic company, driving innovation through our proprietary technologies across the infectious disease market,” said CEO Dwight Egan in a statement. “Our CoPrimer technology platform is well-positioned to continue to play a significant role in providing the US and many countries around the world needed access to coronavirus testing. Demand for our Logix Smart COVID-19 Test drove record sales this year and, although COVID-19 test sales may not be as robust as in 2020, we anticipate demand for our portfolio of products to continue in 2021.”  Egan added: “Looking ahead, we expect our distribution platform, production capacity, product reliability, and ongoing product innovation will position the company for additional growth throughout the world. As the world seeks normalization, we anticipate continued demand for our COVID-19 tests and other diagnostic products as testing becomes a part of the long-term protocol for many organizations.” Co-Diagnostics, which received emergency use authorization from the US Food and Drug Administration for its COVID-19 test in April 2020, said it sold over 10 million tests in 2020. Meanwhile, the company has initiated the development of a new rapid PCR point-of-care and at-home testing platform, which will utilize its proprietary CoPrime technology using direct saliva for COVID-19 and other diseases.  Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham