Co-Diagnostics Inc
Annual Report 2020

Plain-text annual report

2 0 2 0 A N N U A L R E P O R T I - C O D A G N O S T I C S I N C . 2020 ANNUAL REPORT 2401 South Foothill Dr, Suite D Salt Lake City, Utah 84109 codiagnostics.com info@codiagnostics.com a letter to our SHAREHOLDERS Calling 2020 the single most important of diagnostics to help ameliorate its in helping to fill the ongoing need for year in our Company’s history would fall impact. These included multiplex tests COVID-19 diagnostics, which is expected short of accurately describing how for several SARS-CoV-2 genes, such as to remain for some time as a part of significant a year it was for Co-Diagnostics. influenza A/B and COVID-19, and the normalization protocols and in countries Along with everyone, we shared in the development of our new direct saliva where vaccination rates lag substantially hardships and challenges that technology to greatly improve PCR behind those of the United States, we accompanied the global pandemic, throughput by eliminating the costly believe this device has the potential to which tested our mettle in ways that and time-consuming extraction step. All revolutionize how and where PCR were impossible to foresee. Through it these tests have either CE-IVD or FDA testing is performed. all, our growing and devoted staff EUA clearance or both. displayed perseverance, commitment, and dedication to helping as many people, in as many places, as possible. Thanks to their efforts, and the support of our loyal shareholder base, Co-Diagnostics was able to share our value proposition of top-of-the-line, affordable diagnostics across the globe, as we proved to the world not only that our technology can compete with the best, but that we can execute at a high level under extremely difficult circumstances. This past year was transformative for the Company in a number of ways. We always believed in the quality of our CoPrimer™ technology platform and proprietary design system, but it wasn’t until 2020 that we had a gateway to introduce this platform and suite of high-quality PCR products to a wider audience and share its success worldwide. After announcing completion of the principal design for our novel coronavirus test in January 2020, we quickly moved to complete the necessary development and validation to obtain CE-IVD clearance the following month—the first U.S.-based company to do so for a COVID-19 diagnostic. Our FDA Emergency Use Authorization followed shortly thereafter, greatly expanding our reach domestically, and as the pandemic grew, so did our menu COVID-19 has been just the beginning. Our meteoric growth ultimately Among global trends that motivated us culminated in selling over 10 million to create this new platform are the long- tests in 2020, netting the Company term and largely unmet needs for $42.5 million on revenues of $74.6 inexpensive accurate molecular testing million—a significantly profitable and that can be performed in a variety of successful year. After such an eventful year, the logical question to ask is, where do we go from here? Our robust, debt-free balance sheet and continuous cash accumulation have provided the resources to work on further building out our product menus. This includes diagnostics for liquid biopsy as well as infectious diseases that are endemic in regions all over the world, and for which ready-made markets now exist thanks to our expanded network of trusted and valued distributors. Even more exciting (and, we believe, more impactful) is our Eikon testing platform currently under development. The Eikon platform includes several breakthrough technological advancements—including our direct saliva extraction-free PCR protocol— that have taken place over the last year and represents the culmination of efforts on the part of Co-Diagnostics and the team of world-renowned experts involved in its development. While we expect this point-of-care and at-home testing device will have its initial impact settings, from high-throughput CLIA labs to remote locations that have never had access to PCR-quality diagnostics. It is designed to go far beyond just COVID-19 alone and cover any RNA or DNA pathogen for which the Company develops an extraction-free single or multiplex test. Co-Diagnostics may not be the first to take this approach, but we do believe we will be the first to “get it right,” as we intend to make the diagnostic gold-standard the standard for everyone, by providing a high-quality, fully integrated and reusable molecular diagnostic platform that is affordable, fast, and accurate. We are proud of our growth and achievements in 2020 and so far in 2021, and we believe the best is yet to come for Co-Diagnostics, our dedicated teams, and our valued shareholders. Thank you for your continued support. Dwight H. Egan CHIEF EXECUTIVE OFFICER CO -D I AG NO STICS INC. | 202 0 ANNUAL REP ORT OPERATING / REVENUE 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 -5,000,000 Operating Income Revenue 1Q20 2Q20 3Q20 4Q20 U.S. CUSTOMERS WYOMING NORTH DAKOTA MONTANA NEBRASKA MINNESOTA WISCONSIN ILLINOIS NEW YORK OHIO CALIFORNIA NEVADA UTAH COLORADO ALASKA TEXAS MISSISSIPPI OKLAHOMA KANSAS TENNESSEE FLORIDA NEW JERSEY MARYLAND VIRGINIA NORTH CAROLINA SOUTH CAROLINA GEORGIA US VIRGIN ISLANDS PUERTO RICO WORLDWIDE CUSTOMERS CANADA MEXICO GUATELMALA HONDURAS PANAMA COLUMBIA PERU BOLIVIA UKRAINE TURKEY ROMANIA LITHUANIA GEORGIA SLOVIC REPUBLIC SWEDEN GERMANY UK IRELAND FRANCE ITALY TUNISIA GREECE KOSOVO LYBIA TURKS & CAICOS DOMINICAN REPUBLIC BRITISH VIRGIN ISLANDS TRINIDAD & TOBAGO GHANA NIGERIA CONGO PAKISTAN SAUDI ARABIA INDIA THAILAND PARAGUAY ARGENTINA URUGUAY SOUTH AFRICA JORDAN ISRAEL PHILIPPINES INDONESIA AUSTRALIA 

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