We are already seeing this take place as our Zika, Dengue, Chikungunya or ZDC test for example is registered in several countries and experiencing more demand than ever before. Importantly, those overseas relationships are now driving sales not just for our suite of COVID related offerings, but for our other diagnostic products as well, opening up opportunities for our existing and planned products to an even larger market. This demand, as well as continued sales in the U.S., as fueled by the rise of the Delta and other variants have allowed us to recently achieve the milestone of selling well over 20 million of our Logix Smart COVID-19-related products, including ABC test for flu A, flu B and COVID and our COVID-19 2-gene multiplex test. Co-Diagnostics was able to achieve record sales in Q2 in large part due to the strength of our international partnerships, especially in those regions, where vaccination rates are much lower than the US and expect it to remain so for some time. ![]() We believe our international growth, along with our clean balance sheet and strong cash accumulation are positioning us to become a leading global molecular diagnostics company and that the sales momentum, we have been experiencing over the last year-and-a-half, continues to demonstrate demand for our products throughout 2021. ![]() And we are proud that we've been able to deliver on those predictions and exceed expectations, while providing a valuable product in the ongoing battle with SARS-CoV-2. This quarter saw Co-Diagnostics achieve record sales and gross margins with foreign sales exceeding domestic as predicted in our previous earnings announcements. On this call, we will provide an overview of our results for the quarter, updates on key financial performance metrics and a discussion of progress against our strategy. Thank you, Andrew and thank you all for joining us. We 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.Īt this time, I would like to turn the call over to Co-Diagnostics, Chief Executive Officer, Dwight Egan. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. In addition, the company may discuss certain non-GAAP financial measures during today's call. 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.Ĭo-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. However, these statements are not guarantees of performance and involve known and unknown risks and uncertainties that may cause the actual results to be materially different from any future results expressed or implied by such statements. The company believes these statements are based on reasonable assumptions. For example, statements concerning 2021 financial operational guidance, the development, regulatory clearance, commercialization and features of new products, plans and objectives of management and market trends are all forward-looking statements. Any statement about company expectations, beliefs, plans, objectives, assumptions of future events or performance are forward-looking statements. We will begin to call with management's prepared remarks and then open up the call to questions from our analysts.īefore we begin, we would like to inform the listeners that certain statements made by Co-Diagnostics during the course of this call may constitute forward-looking statements. I'm Andrew Benson, and joining me this afternoon are members of the Co-Diagnostics management team, including Dwight Egan, Chief Executive Officer and Brian Brown, Chief Financial Officer. I would now like to turn the conference over to Andrew Benson, Head of Investor Relations. Please note, this event is being recorded. After today’s presentation, there will be an opportunity to ask questions. All participants will be in listen-only mode. Good day, and welcome to the Co-Diagnostics Q2 2021 Earnings Conference Call. Theodore O'Neill - Litchfield Hills Research ![]() ( NASDAQ: CODX) Q2 2021 Earnings Conference Call Aug4:30 PM ETĪndrew Benson - Head of Investor Relations
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