Co-Diagnostics Inc. released its actual financial results for the first quarter of 2025, reporting a revenue of $0.1 million, a decline from $0.5 million in Q1 2024, primarily due to the timing of grant revenue recognition, with no grant revenue recognized in the first quarter of 2025. The company reported a net loss of $7.5 million, compared to a net loss of $9.3 million in the same period last year. The operating loss for Q1 2025 was $8.6 million, an improvement from the $10.3 million operating loss reported in Q1 2024. Co-Diagnostics also reported an adjusted EBITDA loss of $7.4 million. As of March 31, 2025, Co-Diagnostics held cash, cash equivalents, and marketable securities totaling $21.5 million. The company remains on track for the initiation of clinical evaluations for four tests in its product pipeline and the completion of a manufacturing facility in India by the end of 2025. Co-Diagnostics hosted a symposium in collaboration with CoSara to honor International HPV Awareness Day 2025 in India, as it prepares for pre-clinical and pre-analytical studies for its HPV test to be used on the Co-Dx PCR Pro instrument. Additionally, the company showcased its upcoming at-home and point-of-care Co-Dx PCR platform at BioUtah's Life Sciences Day on the Hill at the Utah State Capitol Rotunda.
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