NASDAQ:CODX Co-Diagnostics Q1 2024 Earnings Report $0.35 -0.01 (-3.06%) As of 04/25/2025 04:00 PM Eastern This is a fair market value price provided by Polygon.io. Learn more. Earnings HistoryForecast Co-Diagnostics EPS ResultsActual EPS-$0.31Consensus EPS -$0.21Beat/MissMissed by -$0.10One Year Ago EPS-$0.20Co-Diagnostics Revenue ResultsActual Revenue$0.47 millionExpected Revenue$3.10 millionBeat/MissMissed by -$2.63 millionYoY Revenue GrowthN/ACo-Diagnostics Announcement DetailsQuarterQ1 2024Date5/9/2024TimeAfter Market ClosesConference Call DateThursday, May 9, 2024Conference Call Time4:30PM ETUpcoming EarningsCo-Diagnostics' Q1 2025 earnings is scheduled for Thursday, May 8, 2025, with a conference call scheduled at 4:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Co-Diagnostics Q1 2024 Earnings Call TranscriptProvided by QuartrMay 9, 2024 ShareLink copied to clipboard.There are 4 speakers on the call. Operator00:00:00Good day and welcome to the Co Diagnostics First Quarter 2024 Earnings Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Andrew Benson, Investor Relations. Please go ahead. Speaker 100:00:41Good 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 Q1 ended March 31, 2024. A copy of the press release is available on the company's website. Speaker 100:01:04We will begin the call with management's prepared remarks and then open up the call to analyst Q and A. Before we begin, we would like to inform the listeners that certain statements made by Co Diagnostics during this call are not historical facts and are forward looking statements. This includes statements concerning the company's forthcoming CoDx PCR testing platform, which requires regulatory approval and marketing authorization for diagnostic use is currently being reviewed by the U. S. FDA and is not currently for sale. Speaker 100:01:35Actual 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. Speaker 100:02:17We refer you to the company's earnings release out shortly before this call, which contains reconciliation 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? Speaker 200:02:33Thank you, Andrew, and good afternoon, everyone. Thank you all for joining Co Diagnostics' Q1 2024 earnings call. We are pleased with the progress we have made across several key initiatives in the Q1 that will bring us closer to the commercialization of our Kodiak's PCR platform. In recent months, we have added additional manufacturing capacity, implemented strategic changes to our organizational structure and nearly completed our 510 submission to the FDA for our Kodiak's PCR Pro and Kodiak's PCR COVID-nineteen test kit. We believe that these recent and upcoming developments serve to advance Co Diagnostics' mission to establish ourselves as a disruptive point of care PCR diagnostics company. Speaker 200:03:25As mentioned, we are excited that our 510 submission to the FDA for our Kodiak's PCR Pro and Kodiak's PCR COVID-nineteen test kit is nearly complete. This will represent another major accomplishment for our platform as we approach a commercial launch and will serve as a benchmark for future regulatory submissions for additional tests in our pipeline. I'm extremely proud of the work our team has done over the past several months and look forward to building out our pipeline in 2024. In March, we made 4 leadership changes that we anticipate will be instrumental to our company's success in the coming months years. We appointed Richard Abbott as President alongside the promotions of David Nielsen as Chief Operating Officer, Christopher Thurston as Chief Technology Officer and Seth Egan as Chief Commercialization Officer. Speaker 200:04:24I am very confident that the team now in place is well equipped to lead co diagnostics into the next stage of growth and development. Last month, we held the grand opening of our new manufacturing facility located just minutes from our headquarters in Salt Lake City. We now have dedicated space close to home with the ability to manufacture our own co primers oligonucleotides in house to supplement our existing third party capacity and to help reduce research costs. The new facility in South Salt Lake will also allow for in house manufacturing of our new Kodi X PCR platform for the U. S. Speaker 200:05:05And certain international markets. In addition to growing capacity in Salt Lake, we have also been working to expand our manufacturing facility in India at COSARA Diagnostics, our joint venture. COSERA will assist in manufacturing and distribution to support the upcoming launch of our platform in India and in other areas of the world. As we continue development throughout the year on our TB, multiplex and HPV tests, we are confident that expanded capacity in Salt Lake City and India will support future operational efficiency. Moving to our pipeline, we remain focused on the development of several tests that will serve as the cornerstones for our new platform. Speaker 200:05:51During the Q1, we continued the grant funded development of our tuberculosis test, which will play an important role in our commercial efforts and growth outside of the United States, where TB has a disproportionate impact on developing countries around the world. We remain on track to begin clinical evaluations for our TB test on the new platform this summer in preparation for pursuing regulatory clearance and submission of the test to the World Health Organization or WHO, whose prequalification assessment would make the test eligible for use and commercialization in priority markets across Africa. The opportunity for tuberculosis testing is large and growing, especially for point of care diagnostic platforms. And we believe we have the manufacturing and distribution capacity to deliver tests to underserved markets like India, where there are 2,800,000 cases of tuberculosis in 2022, representing 27% of the global burden according to the WHO's 2023 Global TB report. Additionally, we are pleased with the continued progress we are making in the development of our upper respiratory multiplex test, driven by support from the NIH Radix Tech initiative. Speaker 200:07:11Co Diagnostics believes this test has the potential to play an important role in respiratory infection testing at home and at the point of care, given that it would provide gold standard diagnostic evaluation for multiple indications with one sample at a low unit cost and at a very low cost for diagnosis. Being run on the new Codex PCR Pro instrument, the multiplex test will detect COVID-nineteen, flu A, flu B and RSV all at once, which would increase efficiency accessibility of respiratory testing in remote locations around the globe. We plan to begin clinical evaluations during the upcoming North American flu season, and we'll continue to provide you with updates as we progress throughout 2024. Turning to HPV, our development plans have been progressing with the support of a grant from the Bill and Melinda Gates Foundation, and we continue to focus our efforts in India, where there is a significant underserved population. Like tuberculosis, HPV is a high area of focus for the WHO, and we continue to work hard to move our test development efforts forward. Speaker 200:08:27As mentioned in previous communications, we are currently in development of a Strep A test, which we believe could bring additional value to our test menu, especially in pediatric and family practice settings. Lastly, we are pleased that the Kodiak's vector control footprint continues to expand in the U. S, including 2 mosquito abatement equipment installations in the Q1. Our present Vector Smart testing products primarily include those for mosquito abatement, but an internal analysis of the flu marker in our existing Logixmart flu AB and COVID-nineteen or ABC test shows that it would be capable of detecting the H5N1 virus or avian flu that has been recently found circulating in livestock populations. We are exploring the potential for a modified version of this test to meet certain needs for this market if necessary, and have also proactively completed the principal design work for a co primers test specific to H5N1 in the event the need to develop such a product arises in the future. Speaker 200:09:35In summary, I would like to share why I believe that Co Diagnostics is uniquely positioned to become a leading global point of care molecular diagnostics company. First, the technology of our platform is truly differentiated and unlike any current instrument or test on the market. Beginning with our patented co primers technology, which produces enhanced test quality via significant primer dimer reduction, in turn, leading to fewer false positives. The platform returns test results to a mobile app in just 30 minutes, delivered via our platform's cloud based technology, which can allow for HIPAA compliant integration into electronic medical records for health and government official monitoring and tracking. Additionally, we continue to be deliberate with our spending and have invested appropriately in our Kodiak's PCR platform development and manufacturing capacity to support a commercial launch. Speaker 200:10:35We have received support from multiple renowned organizations, including grants to further the research, development and manufacturing capacity of our test pipeline and instruments. Through the investments made in our facilities, we are now able to begin producing our own co primer molecules in house, enabling greater cost efficiencies for R and D and ultimately for product manufacturing as well. The new platform's features and our joint venture relationship provide co diagnostics with the opportunity address some of the most vulnerable and underserved populations around the world who may not have access to infrastructure such as a hospital, doctor's office or clinical laboratory facilities. In India, where diseases like TB and HPV are most prevalent, COCERA will play a vital role in distributing the new platform to places that are harder to reach than more accessible point of care target locations for the Codex PCR Pro and have a large unmet need for high quality diagnostics, which is all keeping with our mission of improving the quality of healthcare on a global scale through increasing the availability of the highest quality of diagnostics to communities and patients everywhere. I'm very proud of our team at Co Diagnostics and our accomplishments so far in 2024. Speaker 200:11:56I believe we are now closer to achieving our long term goals and I look forward to updating you on our progress throughout the remainder of the year. I will now turn the call over to Brian to discuss our Q1 financial results. Thanks, Dwight, and thanks to everyone who joined today's call. Speaker 300:12:14For the Q1 of 2024, total revenue decreased to $500,000 as compared to $600,000 in the prior year same period. Grant revenue in Q1 2024 was $200,000 and product revenue was $300,000 Gross profit for the Q1 increased to $200,000 compared to $100,000 in the prior year comparable period. Total operating expenses for the quarter ended March 31, 2024 increased to $10,500,000 compared to $10,100,000 in Q1 2023. The increase from the prior year is primarily due to strategic investments in research and development to support our development and commercialization initiatives for our Kodiak's PCR platform. Research and development expenses in the Q1 were $5,700,000 compared to $5,000,000 in the comparable prior year period. Speaker 300:13:22The year over year increase was driven by investments in our CodeX PCR platform and the ongoing development of our diagnostic pipeline. For the Q1, income before taxes decreased to a loss of $9,300,000 as compared to a loss of 8 $100,000 reported in the prior year. Income tax expense in the Q1 was $200,000 representing an effective tax rate of 0.2%. We have previously discussed that our effective tax rate will differ from the U. S. Speaker 300:13:58Federal statutory rate of 21.0 percent due to state taxes, permanent items and discrete items, including changes in valuation allowances. Net loss for the Q1 of 2024 was $9,300,000 or a loss of $0.31 per fully diluted share compared to a net loss of $5,800,000 or a loss of $0.20 per fully diluted share in the prior year. Adjusted EBITDA was a loss of 8 point to an adjusted EBITDA loss of $7,200,000 in the prior year. We ended the quarter with $50,000,000 in cash, cash equivalents and marketable securities and continue to manage our spend as we look to maintain a healthy balance sheet to position ourselves for long term growth. Co Diagnostics remains focused on maintaining our cash position through appropriate and diligent spend to position the company for success upon a future commercial launch of our platform. Speaker 300:15:06We believe that we are operating from a strong cash position and will continue to focus on driving operational efficiencies. We remain excited about our 2024 plan and are very optimistic about our test pipeline and the Kodiak's PCR platform. I look forward to updating you on our next earnings call. With that, I will now turn the presentation back over to Dwight. Speaker 200:15:31Thank you, Brian. Before opening for Q and A, I want to take this time to extend a warm thank you to our Kodiak shareholders in addition to our employees, distributors and consultants, whose hard work, support and belief in the value of our platform helps us execute on our goals every day. We will now take questions from our analysts. Operator? Operator00:16:00We will now begin the question and answer This concludes our question and answer session and concludes the conference call. Thank you for attending today's presentation. You may now disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallCo-Diagnostics Q1 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Co-Diagnostics Earnings HeadlinesCo-Diagnostics price target lowered to $1 from $1.50 at H.C. WainwrightMarch 30, 2025 | markets.businessinsider.comCo-Diagnostics targets 2025 clinical evaluations for TB and HPV tests in India and South AfricaMarch 27, 2025 | msn.comDonald Trump is about to free crypto from its chains …Sure enough, Bitcoin took off on the exact day Juan said it would. It's up more than 40% since the election … surpassing $100,000 on Dec. 8 .… Now Juan believes it could hit $150,000 … or higher in 2025.April 26, 2025 | Weiss Ratings (Ad)Co-Diagnostics, Inc. (CODX) Q4 2024 Earnings Call TranscriptMarch 27, 2025 | seekingalpha.comCo-Diagnostics, Inc. Reports Full Year 2024 Financial ResultsMarch 27, 2025 | prnewswire.comUncovering Potential: Co-Diagnostics's Earnings PreviewMarch 27, 2025 | benzinga.comSee More Co-Diagnostics Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Co-Diagnostics? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Co-Diagnostics and other key companies, straight to your email. Email Address About Co-DiagnosticsCo-Diagnostics (NASDAQ:CODX), a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction (PCR) testing to patients in point-of-care and at-home setting. It also provides PCR diagnostic tests for COVID-19, influenza, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and the zika virus. In addition, the company offers three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos; molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications; tests that identify genetic traits in plant and animal genomes; and portable diagnostic device designed to bring PCR to patients in point-of-care and at-home settings. The company was incorporated in 2013 and is headquartered in Salt Lake City, Utah.View Co-Diagnostics ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Tesla Earnings Miss, But Musk Refocuses and Bulls ReactQualcomm’s Range Narrows Ahead of Earnings as Bulls Step In Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Starbucks (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 4 speakers on the call. Operator00:00:00Good day and welcome to the Co Diagnostics First Quarter 2024 Earnings Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Andrew Benson, Investor Relations. Please go ahead. Speaker 100:00:41Good 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 Q1 ended March 31, 2024. A copy of the press release is available on the company's website. Speaker 100:01:04We will begin the call with management's prepared remarks and then open up the call to analyst Q and A. Before we begin, we would like to inform the listeners that certain statements made by Co Diagnostics during this call are not historical facts and are forward looking statements. This includes statements concerning the company's forthcoming CoDx PCR testing platform, which requires regulatory approval and marketing authorization for diagnostic use is currently being reviewed by the U. S. FDA and is not currently for sale. Speaker 100:01:35Actual 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. Speaker 100:02:17We refer you to the company's earnings release out shortly before this call, which contains reconciliation 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? Speaker 200:02:33Thank you, Andrew, and good afternoon, everyone. Thank you all for joining Co Diagnostics' Q1 2024 earnings call. We are pleased with the progress we have made across several key initiatives in the Q1 that will bring us closer to the commercialization of our Kodiak's PCR platform. In recent months, we have added additional manufacturing capacity, implemented strategic changes to our organizational structure and nearly completed our 510 submission to the FDA for our Kodiak's PCR Pro and Kodiak's PCR COVID-nineteen test kit. We believe that these recent and upcoming developments serve to advance Co Diagnostics' mission to establish ourselves as a disruptive point of care PCR diagnostics company. Speaker 200:03:25As mentioned, we are excited that our 510 submission to the FDA for our Kodiak's PCR Pro and Kodiak's PCR COVID-nineteen test kit is nearly complete. This will represent another major accomplishment for our platform as we approach a commercial launch and will serve as a benchmark for future regulatory submissions for additional tests in our pipeline. I'm extremely proud of the work our team has done over the past several months and look forward to building out our pipeline in 2024. In March, we made 4 leadership changes that we anticipate will be instrumental to our company's success in the coming months years. We appointed Richard Abbott as President alongside the promotions of David Nielsen as Chief Operating Officer, Christopher Thurston as Chief Technology Officer and Seth Egan as Chief Commercialization Officer. Speaker 200:04:24I am very confident that the team now in place is well equipped to lead co diagnostics into the next stage of growth and development. Last month, we held the grand opening of our new manufacturing facility located just minutes from our headquarters in Salt Lake City. We now have dedicated space close to home with the ability to manufacture our own co primers oligonucleotides in house to supplement our existing third party capacity and to help reduce research costs. The new facility in South Salt Lake will also allow for in house manufacturing of our new Kodi X PCR platform for the U. S. Speaker 200:05:05And certain international markets. In addition to growing capacity in Salt Lake, we have also been working to expand our manufacturing facility in India at COSARA Diagnostics, our joint venture. COSERA will assist in manufacturing and distribution to support the upcoming launch of our platform in India and in other areas of the world. As we continue development throughout the year on our TB, multiplex and HPV tests, we are confident that expanded capacity in Salt Lake City and India will support future operational efficiency. Moving to our pipeline, we remain focused on the development of several tests that will serve as the cornerstones for our new platform. Speaker 200:05:51During the Q1, we continued the grant funded development of our tuberculosis test, which will play an important role in our commercial efforts and growth outside of the United States, where TB has a disproportionate impact on developing countries around the world. We remain on track to begin clinical evaluations for our TB test on the new platform this summer in preparation for pursuing regulatory clearance and submission of the test to the World Health Organization or WHO, whose prequalification assessment would make the test eligible for use and commercialization in priority markets across Africa. The opportunity for tuberculosis testing is large and growing, especially for point of care diagnostic platforms. And we believe we have the manufacturing and distribution capacity to deliver tests to underserved markets like India, where there are 2,800,000 cases of tuberculosis in 2022, representing 27% of the global burden according to the WHO's 2023 Global TB report. Additionally, we are pleased with the continued progress we are making in the development of our upper respiratory multiplex test, driven by support from the NIH Radix Tech initiative. Speaker 200:07:11Co Diagnostics believes this test has the potential to play an important role in respiratory infection testing at home and at the point of care, given that it would provide gold standard diagnostic evaluation for multiple indications with one sample at a low unit cost and at a very low cost for diagnosis. Being run on the new Codex PCR Pro instrument, the multiplex test will detect COVID-nineteen, flu A, flu B and RSV all at once, which would increase efficiency accessibility of respiratory testing in remote locations around the globe. We plan to begin clinical evaluations during the upcoming North American flu season, and we'll continue to provide you with updates as we progress throughout 2024. Turning to HPV, our development plans have been progressing with the support of a grant from the Bill and Melinda Gates Foundation, and we continue to focus our efforts in India, where there is a significant underserved population. Like tuberculosis, HPV is a high area of focus for the WHO, and we continue to work hard to move our test development efforts forward. Speaker 200:08:27As mentioned in previous communications, we are currently in development of a Strep A test, which we believe could bring additional value to our test menu, especially in pediatric and family practice settings. Lastly, we are pleased that the Kodiak's vector control footprint continues to expand in the U. S, including 2 mosquito abatement equipment installations in the Q1. Our present Vector Smart testing products primarily include those for mosquito abatement, but an internal analysis of the flu marker in our existing Logixmart flu AB and COVID-nineteen or ABC test shows that it would be capable of detecting the H5N1 virus or avian flu that has been recently found circulating in livestock populations. We are exploring the potential for a modified version of this test to meet certain needs for this market if necessary, and have also proactively completed the principal design work for a co primers test specific to H5N1 in the event the need to develop such a product arises in the future. Speaker 200:09:35In summary, I would like to share why I believe that Co Diagnostics is uniquely positioned to become a leading global point of care molecular diagnostics company. First, the technology of our platform is truly differentiated and unlike any current instrument or test on the market. Beginning with our patented co primers technology, which produces enhanced test quality via significant primer dimer reduction, in turn, leading to fewer false positives. The platform returns test results to a mobile app in just 30 minutes, delivered via our platform's cloud based technology, which can allow for HIPAA compliant integration into electronic medical records for health and government official monitoring and tracking. Additionally, we continue to be deliberate with our spending and have invested appropriately in our Kodiak's PCR platform development and manufacturing capacity to support a commercial launch. Speaker 200:10:35We have received support from multiple renowned organizations, including grants to further the research, development and manufacturing capacity of our test pipeline and instruments. Through the investments made in our facilities, we are now able to begin producing our own co primer molecules in house, enabling greater cost efficiencies for R and D and ultimately for product manufacturing as well. The new platform's features and our joint venture relationship provide co diagnostics with the opportunity address some of the most vulnerable and underserved populations around the world who may not have access to infrastructure such as a hospital, doctor's office or clinical laboratory facilities. In India, where diseases like TB and HPV are most prevalent, COCERA will play a vital role in distributing the new platform to places that are harder to reach than more accessible point of care target locations for the Codex PCR Pro and have a large unmet need for high quality diagnostics, which is all keeping with our mission of improving the quality of healthcare on a global scale through increasing the availability of the highest quality of diagnostics to communities and patients everywhere. I'm very proud of our team at Co Diagnostics and our accomplishments so far in 2024. Speaker 200:11:56I believe we are now closer to achieving our long term goals and I look forward to updating you on our progress throughout the remainder of the year. I will now turn the call over to Brian to discuss our Q1 financial results. Thanks, Dwight, and thanks to everyone who joined today's call. Speaker 300:12:14For the Q1 of 2024, total revenue decreased to $500,000 as compared to $600,000 in the prior year same period. Grant revenue in Q1 2024 was $200,000 and product revenue was $300,000 Gross profit for the Q1 increased to $200,000 compared to $100,000 in the prior year comparable period. Total operating expenses for the quarter ended March 31, 2024 increased to $10,500,000 compared to $10,100,000 in Q1 2023. The increase from the prior year is primarily due to strategic investments in research and development to support our development and commercialization initiatives for our Kodiak's PCR platform. Research and development expenses in the Q1 were $5,700,000 compared to $5,000,000 in the comparable prior year period. Speaker 300:13:22The year over year increase was driven by investments in our CodeX PCR platform and the ongoing development of our diagnostic pipeline. For the Q1, income before taxes decreased to a loss of $9,300,000 as compared to a loss of 8 $100,000 reported in the prior year. Income tax expense in the Q1 was $200,000 representing an effective tax rate of 0.2%. We have previously discussed that our effective tax rate will differ from the U. S. Speaker 300:13:58Federal statutory rate of 21.0 percent due to state taxes, permanent items and discrete items, including changes in valuation allowances. Net loss for the Q1 of 2024 was $9,300,000 or a loss of $0.31 per fully diluted share compared to a net loss of $5,800,000 or a loss of $0.20 per fully diluted share in the prior year. Adjusted EBITDA was a loss of 8 point to an adjusted EBITDA loss of $7,200,000 in the prior year. We ended the quarter with $50,000,000 in cash, cash equivalents and marketable securities and continue to manage our spend as we look to maintain a healthy balance sheet to position ourselves for long term growth. Co Diagnostics remains focused on maintaining our cash position through appropriate and diligent spend to position the company for success upon a future commercial launch of our platform. Speaker 300:15:06We believe that we are operating from a strong cash position and will continue to focus on driving operational efficiencies. We remain excited about our 2024 plan and are very optimistic about our test pipeline and the Kodiak's PCR platform. I look forward to updating you on our next earnings call. With that, I will now turn the presentation back over to Dwight. Speaker 200:15:31Thank you, Brian. Before opening for Q and A, I want to take this time to extend a warm thank you to our Kodiak shareholders in addition to our employees, distributors and consultants, whose hard work, support and belief in the value of our platform helps us execute on our goals every day. We will now take questions from our analysts. Operator? Operator00:16:00We will now begin the question and answer This concludes our question and answer session and concludes the conference call. Thank you for attending today's presentation. You may now disconnect.Read morePowered by