UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 6, 2021
CO-DIAGNOSTICS, INC. |
(Exact name of small business issuer as specified in its charter) |
Utah | 1-38148 | 46-2609363 | ||
(State or other jurisdiction of | (Commission | (IRS Employer | ||
incorporation or organization) | File Number) | Identification Number) |
2401 S. Foothill Drive, Suite D, Salt Lake City, Utah 84109
(Address of principal executive offices)
(801) 438-1036
(Issuer’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share | CODX | NASDAQ-CM |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition
On January 6, 2021, Co-Diagnostics, Inc. issued a press release announcing preliminary revenue results for its fourth quarter ended December 31, 2020. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The disclosure included under Item 2.02 of this Form 8-K is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.: | Description: | |
99.1 | Press Release, dated January 6, 2021 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
CO-DIAGNOSTICS, INC. | ||
Date: January 6, 2021 | By: | /s/ Dwight H. Egan |
Name: | Dwight H. Egan | |
Title: | Chief Executive Officer (Principal Executive Officer) |
Exhibit 99.1
Co-Diagnostics Anticipates Reporting Highest Quarterly Revenue Following Demand for COVID-19 Diagnostic Products
Salt Lake City, Utah – January 6, 2021 – Co-Diagnostics, Inc. (Nasdaq-CM: CODX) (the “Company”), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that, based on its preliminary internal financial reporting for the fourth quarter 2020, unaudited quarterly revenue is anticipated to be the highest in the Company’s history and to surpass analyst estimates.
Analysts’ estimates for the fourth quarter ranged from $24 million to $25.98 million. Quarterly revenue is anticipated to exceed the highest estimate and to show 20-25% growth over third quarter 2020 revenue of $21.82 million.
Dwight Egan, Co-Diagnostics CEO, remarked, “We believe that the recent global surges of COVID-19 have played a large part in increased quarter-over-quarter revenues beating analyst estimates. We are grateful to see that our diagnostic products are being used for COVID-19 testing, and we remain committed to doing our part to stop this global pandemic.”
The preliminary unaudited financial information for the quarter ended December 31, 2020 above is derived from the Company’s preliminary internal financial reports and is subject to revision based on the completion of its quarter-end accounting and financial reporting processes necessary to finalize financial statements as of and for the quarter ended December 31, 2020. There can be no assurance that final fourth quarter results will not differ materially from these estimated results when we report the final results for the quarter.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.
Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements can be identified by words such as “believes,” “expects,” “estimates,” “intends,” “may,” “plans,” “will” and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Forward-looking statements in this release include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in liquid biopsy and SNP detection, (iv) use of the Company’s liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company’s products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company’s balance sheet, (viii) anticipation of business expansion, and (ix) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to rely on any forward-looking statements. Any forward-looking statement made by the Company in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
Company Contact: | Media Contact: | |
Andrew Benson | Jennifer Webb | |
Head of Investor Relations | Coltrin & Associates, Inc | |
+1.801.438.1036 | +1.267.912.1173 | |
investors@codiagnostics.com | jennifer_webb@coltrin.com |