Co-Diagnostics Q3 2025 Earnings Report

Co-Diagnostics EPS Results

• Actual EPS: -$4.80
• Consensus EPS: -$5.70
• Beat/Miss: Beat by +$0.90
• One Year Ago EPS: N/A

Co-Diagnostics Revenue Results

• Actual Revenue: $0.15 million
• Expected Revenue: $0.30 million
• Beat/Miss: Missed by -$154.62 thousand
• YoY Revenue Growth: N/A

Co-Diagnostics Announcement Details

• Quarter: Q3 2025
• Date: 11/13/2025
• Time: After Market Closes
• Conference Call Date: Thursday, November 13, 2025
• Conference Call Time: 4:30PM ET

Co-Diagnostics (NASDAQ:CODX) is a molecular diagnostics company that develops, manufactures, and commercializes diagnostic technologies and test systems. Based in Salt Lake City, Utah, the company focuses on polymerase chain reaction (PCR) testing and related applications for detecting infectious diseases and other medical conditions.

The company’s core technology is its CoPrimer platform, a proprietary approach to designing molecular diagnostic tests intended to support sensitive and specific detection while helping reduce certain costs associated with conventional PCR testing. Co-Diagnostics has developed Logix Smart molecular diagnostic assays for targets that have included respiratory pathogens, tuberculosis, mosquito-borne diseases, and other infectious diseases. It has also worked on integrated testing systems, including instruments and associated software designed for use with its assays.

Co-Diagnostics was founded in 2013 and has sought to serve clinical, public-health, and research customers in the United States and international markets, including through distribution and collaboration arrangements. Its products and technologies have been developed for applications ranging from centralized laboratories to decentralized and point-of-care testing environments. The company’s offerings and regulatory availability may vary by jurisdiction.

Co-Diagnostics Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Management is pursuing a Cosera SPAC with Maxim Group to raise growth capital for its India joint venture, which it says could unlock value and support commercialization of the CODEX platform.
• Positive Sentiment: The newly formed Comera Diagnostics JV with Arabian Eagle will localize manufacturing and distribution of the CODEX PCR Pro across Saudi Arabia and 18 MENA countries, targeting SFDA clearance and regional scale.
• Positive Sentiment: Co-Diagnostics launched a centralized AI business unit, the CODEX Primer AI platform, to accelerate assay design, automate interpretation, and develop predictive epidemiology tools that management views as a new IP and efficiency driver.
• Positive Sentiment: The company is initiating NIH RADxTech‑supported clinical evaluations for its Flu A/B, COVID-19, RSV multiplex (and plans MTB and HPV trials before year‑end) to support regulatory filings and anticipated commercial launches in 2026.
• Neutral Sentiment: Q3 revenue fell to $0.1M while operating expenses and net loss narrowed to $7.1M and $5.9M respectively; the company held $11.4M in cash and completed $10.8M in direct offerings but says it will pursue additional financing as needed.

Presentation

[Operator]

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Co-Diagnostics third quarter 2025 earnings webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Andrew Benson, Head of Investor Relations. Andrew, please go ahead.

[Andrew Benson, Head of Investor Relations at Co-Diagnostics]

Good afternoon, everyone. Thank you all for participating in today's conference call. On the line today from Co-Diagnostics, we have Dwight Egan, Chief Executive Officer, and Brian Brown, Chief Financial Officer. Earlier today, Co-Diagnostics released financial results from the third quarter ended September 30, 2025. A copy of the press release is available on the company's website. We will begin with management's prepared remarks and then open the call to analyst Q&A. Before we begin, we would like to inform listeners that certain statements made by Co-Diagnostics during this call, which are not historical facts, are forward-looking statements. In addition to diagnostic test developments and timing for commencement of clinical evaluations, this includes statements concerning the company's Co-Dx PCR testing platform, which requires regulatory approval and marketing authorization for diagnostic use and is not currently for sale.

[Andrew Benson, Head of Investor Relations at Co-Diagnostics]

Actual outcomes and results may differ materially from what is expressed or implied in any statement. Important factors which could cause actual results to differ materially from those in these forward-looking statements are detailed in Co-Diagnostics' filings with the SEC. 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. In addition, the company may discuss certain non-GAAP financial measures during today's call. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. We refer you to the company's earnings release issued shortly before this call, which contains reconciliations to the non-GAAP financial measures presented to their most comparable GAAP results. At this time, I would like to turn the call over to Co-Diagnostics' Chief Executive Officer, Dwight Egan. Dwight.

[Dwight Egan, CEO at Co-Diagnostics]

Thank you, everyone, for joining us today and for your continued support of Co-Diagnostics. As we head into the final stretch of the year, it is shaping up to be one of the most active and important times for our business. Over the past 45 days alone, we've shared several important updates, which are all part of our plan to position Co-Diagnostics for its next phase of growth. Each of these steps brings us closer to our goal: building a stronger, more resilient Co-Diagnostics operationally, financially, and strategically. Importantly, these developments are the effect of cumulative growth, and every initiative that we are currently working on connects to a broader strategy designed to create lasting value for shareholders. Over the coming months, our team is focused on executing across four main growth pillars.

[Dwight Egan, CEO at Co-Diagnostics]

First, we recently announced the engagement of Maxim Group to assist in identifying potential strategic alternatives for the company's Indian joint venture, CoSara Diagnostics, which may include a merger with a Special Purpose Acquisition Company or SPAC or similar entity listed on a U.S. national securities exchange. We believe such a transaction may unlock value from our joint venture project in India and support our long-term funding strategy. Second, the CoMira joint venture with Arabian Eagle, which marks the next step in our international expansion and commercial footprint as we expand our presence in Saudi Arabia and 18 additional MENA nations. Third, our AI business unit which is driving innovation, operational efficiency, and new data-driven opportunities. Finally, the initiation of our upcoming upper respiratory multiplex test clinical evaluations, which highlights our scientific leadership and reinforces our domestic credibility.

[Dwight Egan, CEO at Co-Diagnostics]

Together, these initiatives form a complete and aligned strategy focused on financial strength, global reach, technological innovation, and disciplined execution. This is how we're approaching the remainder of 2025 and preparing the foundation for 2026 and beyond. This period represents a key inflection point for Co-Diagnostics and reflects years of execution to reach this stage of momentum and readiness. With that context in mind, let's begin with the first and most time-sensitive development, the SPAC. One of the most exciting updates is our planned CoSara SPAC transaction with Maxim Group. This is a major step that we believe can unlock real value for both our operations in India and for Co-Diagnostics as a whole. The funds raised in this transaction are expected to represent a significant infusion of growth capital for CoSara operations in India and to increase Co-Diagnostics' value as well.

[Dwight Egan, CEO at Co-Diagnostics]

Preparation for the transaction is progressing according to plan, and we expect to share updates on this project over the next several weeks and months. Combined with recent fundraising activities, this transaction has the potential to provide both flexibility and financial stability as we move into 2026 and begin commercialization of the new platform. This is a proactive step that has the potential to strengthen our balance sheet and create a clear path toward long-term sustainable value creation for our shareholders. I look forward to providing more updates on this transaction as they occur. Shifting focus, the next major component of our growth strategy is the CoMira joint venture. Our recently announced joint venture with Arabian Eagle Manufacturing has led to the formation of a new company named CoMira Diagnostics, which, along with CoSara, will stand as one of the cornerstones of our international expansion strategy.

[Dwight Egan, CEO at Co-Diagnostics]

The principals of Arabian Eagle ran the primary distributor in the Middle East, and were instrumental in Kingdom of Saudi Arabia, or KSA, being one of the largest international markets for the company's Logiq Smart tests. Under the terms of the definitive agreement signed in the KSA, we have established CoMira to localize our Co-Dx PCR platform and other PCR-related intellectual property across the Middle East and North Africa. The partnership covers 19 countries, creating a significant commercial footprint in a high-growth region. CoMira will be headquartered in Riyadh, with a dedicated manufacturing and assembly facility designed to produce PCR tests for infectious diseases and other applications relevant to the region's healthcare needs. The venture will initially focus on local manufacturing and distribution of the Co-Dx PCR platform, with plans to expand into custom assay development and AI-enhanced diagnostics.

[Dwight Egan, CEO at Co-Diagnostics]

The initiative aligns with the KSA's Saudi Vision 2030, supporting technology localization, industrial diversification, and regional healthcare innovation. The regulatory pathway is anchored in obtaining Saudi Food and Drug Authority (SFDA) clearance to facilitate regional distribution and regulatory acceptance across other MENA markets. CoMira will combine Co-Diagnostics' molecular testing technology with Arabian Eagle's expertise in regional operations, infrastructure, and local market access. The agreement marks a major step in localizing advanced molecular diagnostics within the Middle East and positions Co-Diagnostics as a strategic partner in regional public health resilience. This milestone demonstrates that our international growth strategy has advanced from concept to execution and reflects the strong, high-value partnerships we continue to build globally. While this global initiative expands our reach outside the United States, we remain equally focused on commercialization and on advancing innovation through our AI business unit and other technology-driven initiatives.

[Dwight Egan, CEO at Co-Diagnostics]

Another key part of our strategy is our new AI business unit, led by our Chief Technology and AI Officer, Christopher Thurston. This team is bringing all our current and future AI projects under one umbrella, the Co-Dx Primer AI platform. Additionally, our AI business unit is designed to accelerate the development of proprietary AI-powered diagnostics, enhance data analytics, and improve operational efficiency across the organization. Integrating AI into our workflows will enable faster, smarter, and more scalable testing processes while minimizing human error and improving efficiency at the point of care. These tools will support real-time PCR diagnostics, advance co-primers' design and optimization, and automate interpretation to improve outcomes in both lab and field environments. Our AI models are also being designed to deliver predictive epidemiological insights, giving healthcare providers and public health authorities earlier warning signals and improved situational awareness during potential outbreaks.

[Dwight Egan, CEO at Co-Diagnostics]

Over time, the system is expected to leverage analytics from widespread deployment of the Co-Dx PCR Pro to anticipate disease patterns and possibly predict outbreaks before they occur. As necessary, some of these models will be built on a secure, HIPAA-compliant cloud platform, with a new business unit formed to integrate internal data, workflow orchestration, and AI-driven analysis into a single cohesive framework. This initiative underscores our commitment to staying at the forefront of innovation by combining advanced AI technology with our proven PCR expertise. Importantly, this program will position Co-Diagnostics to participate in one of the most dynamic growth areas in healthcare technology while building valuable new intellectual property and data assets. This is not simply an upgrade to existing systems. It is a transformational step that redefines what diagnostics can achieve in speed, accuracy, and real-time intelligence.

[Dwight Egan, CEO at Co-Diagnostics]

As we continue to innovate technologically, we are also executing scientifically through our Flu A, B, COVID-19, and RSV multiplex test clinical evaluation program, which further validates our progress and credibility in Co-Diagnostics. We are preparing to initiate clinical evaluations for the upper respiratory multiplex test in the immediate future, a key milestone for Co-Diagnostics. This test is designed to simultaneously detect Flu A, Flu B, COVID-19, and RSV, making it the most comprehensive respiratory panel in our portfolio. The test has been supported by a RADx Tech grant from the National Institutes of Health, or NIH, underscoring both the credibility and importance of this work. The RADx Tech program was created to accelerate innovation in diagnostic testing, and our participation validates the strength of our technology and its public health relevance.

[Dwight Egan, CEO at Co-Diagnostics]

This trial represents the culmination of extensive planning and development and marks the first Co-Dx multi-pathogen test to enter human clinical evaluation. The upper respiratory panel addresses a critical need in the domestic market by combining accuracy, speed, and multiplex capability within a single point-of-care platform, and we are pleased to be delivering on our commitment to initiate clinical evaluations in this flu season. The data from this trial will be used to support future regulatory submissions and commercial readiness for the U.S. market and potentially for regulatory submissions in other markets as well, such as the SFDA in parallel with a U.S. FDA submission. Initiating this study is a major step forward for our domestic business and a meaningful validation of our scientific and technical leadership. This test has generated consistent interest from both investors and potential partners, particularly those focused on high-volume U.S. respiratory testing demand.

[Dwight Egan, CEO at Co-Diagnostics]

The global market size for infectious disease diagnostics is expected to grow to $73.56 billion by 2030, and the demand for rapid, accurate point-of-care diagnostics is driving an expanded opportunity for multiplex tests in the infectious disease testing market. The largest single geographical market for these tests is in North America, although the market for respiratory infectious disease testing in the Middle East is also expanding. This is largely influenced by substantial investments in the Kingdom of Saudi Arabia and the KSA's commitment to improving public health in alignment with the Saudi Vision 2030 program. This program represents a rigorous NIH-supported multiplex evaluation with strong commercial potential and is a key component in reinforcing our reputation for execution and reliability within the diagnostics industry. In short, this milestone demonstrates that Co-Diagnostics is executing, not just planning and delivering, tangible scientific progress that supports both near-term and long-term growth.

[Dwight Egan, CEO at Co-Diagnostics]

Looking at our other programs, like Co-Dx PCR MTB or tuberculosis test and Co-Dx PCR HPV eight-type multiplex test, both remain on track to initiate clinical evaluations before year-end. As stated in previous communications, both tests have been supported by grants from the Bill & Melinda Gates Foundation and are anticipated to significantly contribute to our international expansion ambitions and represent key components in our goals to provide gold-standard solutions for unmet needs in various markets that are only anticipated to expand over the coming years. We believe that the introduction of competitively priced diagnostics into markets anxious to gain the upper hand against the spread of deadly and often devastating infections will position Co-Dx as a leader in innovation and point-of-care PCR diagnostics.

[Dwight Egan, CEO at Co-Diagnostics]

Taken together, the initiatives we have discussed today, including the CoSara SPAC transaction, the CoMira joint venture, the launch of our AI business unit, the imminent domestic clinical evaluations, and the upcoming clinical evaluations of the other tests in our pipeline, all reflect the significant progress Co-Diagnostics has made over the past several months. Each of these milestones strengthens a different part of our business, from capital structure and international growth to innovation and scientific validation. Collectively, they demonstrate that our strategy is working, our execution is on track, and our team remains focused on creating lasting value for shareholders. Over the last two months, we also closed two strategic direct offerings totaling gross proceeds of $10.8 million. We are entering the next phase of growth from a position of strength, supported by a robust balance sheet, a growing pipeline, and a clear path toward both near-term and long-term milestones.

[Dwight Egan, CEO at Co-Diagnostics]

With that, I'll now turn the call over to Brian Brown, our Chief Financial Officer, to provide an update on our financial performance and outlook.

[Brian Brown, CFO at Co-Diagnostics]

Thanks, Dwight, and thank you to everyone who joined today's call. Over the quarter, total revenue was $0.1 million compared to $0.6 million in the same period last year. In the prior year period, revenue from grants represented approximately $0.4 million, while in Q3 2025, all revenue recognized came from product sales. Total operating expenses for Q3 2025 decreased to $7.1 million compared to $10.6 million in Q3 2024. This reduction reflects our continued focus on becoming more operationally efficient. Research and development expenses were $4.5 million compared to $4.9 million in the prior year comparable period. Net loss for Q3 2025 was $5.9 million, or a loss of $0.16 per fully diluted share, compared to a $9.7 million loss, or $0.32 per fully diluted share, in the same period last year.

[Brian Brown, CFO at Co-Diagnostics]

Adjusted EBITDA was a loss of $6.3 million in Q3 2025 compared to a loss of $8.8 million in Q3 2024. We ended the quarter with $11.4 million in cash, cash equivalents, and marketable investment securities. As always, we are carefully managing our spending to maintain a healthy balance sheet while positioning the company for commercialization. Throughout the year, we will continue to optimize our operating footprint to drive efficiency gains and cost savings. In addition to the strategies outlined by Dwight earlier, we plan to meet other capital requirements through a combination of equity and debt financing, additional grant funding, and continued operational efficiencies. We are also evaluating other financing structures to strengthen our financial position and maintain flexibility. In parallel, we continue to pursue grant funding opportunities to support the advancement of our Co-Dx PCR platform.

[Brian Brown, CFO at Co-Diagnostics]

In the near term, our focus remains on progressing our development pipeline, completing clinical evaluations, and preparing for regulatory submissions. We are allocating our resources and time strategically to support these priorities. Looking ahead, we are optimistic about multiple commercial launches expected in 2026 and the ongoing development within our test pipeline. I look forward to sharing additional updates and milestones on our next call. With that, I will now turn the time back over to Dwight.

[Dwight Egan, CEO at Co-Diagnostics]

Thank you, Brian. To close, we want to extend our gratitude to Co-Diagnostics shareholders and to our employees, whose consistent dedication and hard work is one of our most valuable assets to achieving the Co-Dx vision. Let's now open the line up for questions. Operator.

[Operator]

At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Katherine Degene with HC Wainwright. Please go ahead.

[Katherine Degene, Analyst at HC Wainwright]

Hi, this is Katherine on for Yee. My question centers around performance of CoSara and CoMira. For CoSara, are they meeting your performance expectations? If not, what's causing that discrepancy? How do you kind of expect CoMira to perform financially in comparison?

[Dwight Egan, CEO at Co-Diagnostics]

Katherine, thank you for the question. With respect to the performance of both CoSara and CoMira, we're very pleased with the performance of both of those entities. Keep in mind that the CoMira entity is newly formed, and it was formed with leadership from previous interactions that we had had from a business standpoint with the distributors of our product in Saudi Arabia. Saudi Arabia has been consistently the largest international customer for Co-Diagnostics. It made a lot of sense for us to establish a joint venture where we could participate more actively in the forward-going opportunity in Saudi Arabia, especially as it revolves around the introduction of our new and revolutionary point-of-care device, the Co-Dx PCR Pro.

[Dwight Egan, CEO at Co-Diagnostics]

They've played a huge role in what we're doing and what we have been doing for the last several years at Co-Diagnostics, and we expect that they will be a wonderful partner through this joint venture in moving our agenda forward in what, again, has been our largest international customer. With respect to CoSara, we have been involved in this joint venture with CoSara for about eight years. We have established a real solid footprint in that country. We have sales personnel that cover largely the entire country. We have significant manufacturing operations there, mostly on the Sarabhai family properties, where we established our first laboratory for manufacturing in 2019 when we cut the ribbon on that facility. Last December, if you'll recall, we established on that same acreage another more sophisticated property for the development of our oligonucleotides, which we can now produce there in country.

[Dwight Egan, CEO at Co-Diagnostics]

We will continue to progress the manufacturing opportunity there so that they are manufacturing in connection with the Make in India initiative of Prime Minister Modi. They will be making the cups or the cartridges along with the instrumentation. We are very pleased with the kind of market development that has occurred over there. Co-Diagnostics is a real fan of the leadership that the Sarabhai family and the other scientists and workers have brought to our company in India. We are well respected in India at the government level, in the academic area, and in being able to supply our products through lots of different labs throughout the country. We have developed a mature business there that is now capable to kind of go off and bring additional value both to the people at CoSara and also the people at Co-Diagnostics.

[Dwight Egan, CEO at Co-Diagnostics]

We think this will be a mutual benefit to both entities, and we're very enthusiastic about our prospects there.

[Katherine Degene, Analyst at HC Wainwright]

Thank you.

[Operator]

Your next question comes from the line of Mike Akunowicz with Maxim Group. Please go ahead.

[Mike Akunowicz, Analyst at Maxim Group]

Hey, guys. Thank you so much for taking my questions today, and congrats on all the great progress. I guess to kick things off, I'd just like to see if you would talk a little bit about how a potential spin-out of CoSara might interact with the MTB and HPV point-of-care programs. Is this something where they might be licensed over, or you get some sort of distribution agreement signed? I'm just curious since it seems like there's quite a significant market in India for these programs.

[Dwight Egan, CEO at Co-Diagnostics]

Thanks for the question, Mike. Tuberculosis is a disease that is the number one killer in terms of infectious diseases in the world, and about 25% roughly of those deaths are coming from India. A similar number is coming from Africa. Between those two areas of the world, you have about half of all the deaths coming from tuberculosis. Tuberculosis is something that is curable. It's really a shame not to be able to diagnose it effectively and get people treatment because it can be cured if it's caught in time and properly dealt with with therapeutics. We have a very concrete plan in India with respect to CoSara, capitalizing on being able to fill the gap between where they currently have access to PCR tests and where they need to have access.

[Dwight Egan, CEO at Co-Diagnostics]

I don't think there's any credible key opinion leader in the world that believes that the main, that doesn't believe that the main solution to that problem of tuberculosis comes from replacing smear microscopy, which is about a 125-year-old diagnostic tool. Replacing that with molecular diagnostics is really what has to happen. In order to make that happen, you have to have a product that has accessibility, that has the kind of accuracy that molecular has. It also is something that you have to be able to get it down to the end of the row. You can't make it too unaffordable.

[Dwight Egan, CEO at Co-Diagnostics]

We are, in our mind, the perfect solution to being able to fill that gap between where they currently have, and it's not a lot of places, but where they currently have molecular diagnostics, and where it will be able to be taken by virtue of the new accessible, affordable, and accurate solution that we have. That applies both to tuberculosis and the human papillomavirus, which has a large presence in India. I don't want you to think of India or Africa as being just TB and MTB markets. They have a lot of other issues that need to be addressed, and we intend to make those part of what we're addressing in these joint ventures and in the forthcoming transaction that we anticipate and hope for for CoSara.

[Brian Brown, CFO at Co-Diagnostics]

Mike, if I can add something, this is Brian. We are talking about different structures internally and what this might look like, but we do not have anything concrete to share to the market, and we will as we move forward in the process.

[Mike Akunowicz, Analyst at Maxim Group]

Thank you. I appreciate the additional color here. I did want to follow up just on the angle of affordability. In particular, for the PCR Pro, I wanted to see if you could give a little bit more color on how you are actually able to reach a price point that is so much more affordable than your competitors. Does this have something to do with co-primers allowing you to use a less complex device? Any additional clarity you could provide on that would be helpful.

[Dwight Egan, CEO at Co-Diagnostics]

Again, an excellent question, Mike. I think one of the reasons that we're able to produce a product at the price point that we've done is that's what we set out to do initially. Shortly after the COVID pandemic kicked in, we looked forward, saying, "Where is this going to go?" We brought in a very, very good team of engineers and scientists with the express idea that they would create a product that could have a price point potentially as low as about $300-$500 at scale. That's been our goal from the beginning. One of the remarkable things about the research and development of this product is that, in a large measure, we've been able to keep a lid on what we think we will be able to produce this for at scale.

[Dwight Egan, CEO at Co-Diagnostics]

As to whether other companies, why they haven't been able to do this, I think some of that has to do with the fact that they were making boxes before we even existed. They didn't really come at it with a fresh, open, clean slate like we did. We had certain important discrete goals that we wanted to accomplish as we set out to engineer both scientifically and mechanically this wonderful device. Of course, co-primers play a role in the effectiveness of the assays, but the co-primer advantages revolve mainly around its ability to multiplex. For instance, when you look at the human papillomavirus, this is an eight-plex test for certain specific cancer markers associated with human papillomavirus, plus a ninth marker that is a human DNA control. That's where co-primers kick in.

[Dwight Egan, CEO at Co-Diagnostics]

They allow us to do this sort of multiplexing and classify ourselves because of the way co-primers get rid of the formulation of primer dimers. I think that's the kind of guidance I could give you and information about why we've been able to hold the price line. If you can't make the product at a price point that's relevant to the people that you're trying to serve, it doesn't matter. We've really held the lid on that, and we're excited to take it into the market. There's a huge gap.

[Mike Akunowicz, Analyst at Maxim Group]

Absolutely. Thank you very much. And then one more for me, if you do not mind, and I will hop back into the queue. When looking at the CoMira JV in Saudi Arabia and the Middle East, are there any particular products, particularly from the PCR Pro, that you believe are most relevant for that market?

[Dwight Egan, CEO at Co-Diagnostics]

I believe that all of our current pipeline are very relevant to the CoMira market. It's not just tuberculosis and HPV. It also includes the number one problem in infectious disease. It's not the most deadly, but it's the most cases. That is the upper respiratory. Our flu A, B plus COVID plus RSV is a very, very important test for that market as well. That is just the beginning. We'll continue to develop more and more.

[Mike Akunowicz, Analyst at Maxim Group]

Thank you so much for your answers today, and lots to look forward to going forward, it seems.

[Dwight Egan, CEO at Co-Diagnostics]

Thanks, Mike.

[Operator]

That concludes our question-and-answer session. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

Participants

Executives

• Dwight Egan, CEO
• Andrew Benson, Head of Investor Relations
• Brian Brown, CFO

Analysts

• Katherine Degene, Analyst at HC Wainwright
• Mike Akunowicz, Analyst at Maxim Group