The company is currently developing a new at-home (or anywhere else) PCR-based COVID-19 testing, screening, and surveillance platform that delivers rapid results via smartphone.
Co-Diagnostics Inc (NASDAQ:CODX) CEO Dwight Egan told Yahoo! Finance that “we believe COVID-19 will be here till the end of time” — and that means individuals and organizations will need quick and easy tests partnered with vaccines to return to normalcy.
“We believe that the future of gold-standard PCR diagnostics will be defined by the convenience of at-home and point-of-care testing, which will be critical in achieving normalization,” Egan said Tuesday.
“Our new platform, currently in development and subject to regulatory approval, will empower individuals and organizations to know their COVID-19 status quickly and accurately, with do-it-yourself tests that could be performed in multiple settings. We also believe that achieving normalcy will require a strong reliance on continued testing to augment proliferation of the COVID-19 vaccines, which we believe may take years to fully administer on a global scale.”
The Utah-based company joined the Yahoo! Finance discussion following its blockbuster 2020 financial results where it earned a net income of $42.5 million on record sales of its Logix Smart coronavirus (COVID-19) test. It sold over 10 million tests last year.
Co-Diagnostics currently has clients in more than 50 countries, including Australia, India, Mexico, and European Community countries, plus 25 US states, and also has validations of test accuracy from regulatory bodies of numerous countries around the world.
The company is currently developing a new at-home (or anywhere else) PCR-based COVID-19 testing, screening, and surveillance platform that delivers rapid results via smartphone. It relies on the company’s Direct Saliva extraction-free process and Logix Smart test reagents that are pre-packaged in saliva receptacle tubes.
A person simply adds a swab or saliva sample to the receptacle tube and places the tube inside the device, which is then activated using a smartphone app and delivers rapid PCR COVID-19 results directly to the smartphone. It has submitted an Emergency Use Authorization (EUA) application to the US Food & Drug Administration for the saliva test.
“2020 was a pivotal year for Co-Diagnostics as we built a global distributor network that will provide a strong foundation for our continued success,” Egan said.
“As we now rapidly add to our menu of diagnostic testing products for infectious diseases that kill millions of people every year, in addition to developing our liquid biopsy vertical and continuing to provide our much-needed COVID-19 products, Co-Diagnostics expects to be prepared for the future with the next generation of gold-standard PCR devices and tests for at-home and point-of-care settings.”