Co-Diagnostics shares were down more than 29% to $4.53 in Friday morning trading on the Nasqaq in reaction to the firm’s second quarter financial results.
On Thursday, the Salt Lake City-based molecular diagnostics firm reported a more than fivefold decline in Q2 revenues to $5 million compared to $27.4 million in Q2 2021.
Co-Diagnostics said the drop in revenue was primarily due to lower demand for its Logix Smart COVID-19 Test. Lower demand for the test appears to be primarily due to "a reduction in mandated testing in travel and public venues and in government funding for testing programs," Dwight Egan, the firm's CEO, said in a statement.
For the quarter ended June 30, the company reported a net loss of $2.7 million, a loss of $.08 per share, compared to a net income of $9.8 million or $.33 per share in Q2 2021.
Among the highlights for the quarter, Co-Diagnostics' joint venture in India, CoSara Diagnostics, received clearance from Indian regulators for its Hepatitis C viral load test.
On June 30, the firm had cash, cash equivalents, and marketable securities of $96.0 million.