Brian Brown: Thanks Dwight. And thanks to everyone who joined today’s call. For the third quarter of 2023, total revenue decreased to $2.5 million as compared to $5.1 million in the prior year same period. Grant revenue for Q3 2023 was $2.3 million, recognized from a portion of our grants announced earlier in the quarter. Product revenue was $0.2 million, which declined year-over-year due to the impact of decreased global demand for COVID-19 testing. Gross profit for the quarter decreased to $2.2 million, compared to $4.3 million in the prior year comparable period. The reported gross profit percentage in the third quarter of 2023 increased to 89.6% compared to 84.9% in Q3 of 2022 due to a mix shift in type of revenue reported.
Total operating expenses for the three months ended September 30 2023 were $11.1 million, compared to $10.9 million in the third quarter of fiscal 2022. In the third quarter, we continue to increase our investments in research and development to further support the development, regulatory and commercialization processes for our forthcoming Co-Dx PCR platform. Research and Development expenses in the third quarter were $5.8 million, compared to $5.0 million in the comparable prior year period. This increase primarily reflects continued investment in our Co-Dx PCR platform, as well as other company initiatives. With clinical evaluations for our COVID-19 test completed and ongoing development of the previously discussed menu of tests, we continue to invest additional resources to bring our revolutionary diagnostic testing platform to market.
For the third quarter of 2023, income before tax is decreased to a loss of $8.1 million, as compared to a loss of $3.5 million reported in the prior year same period, we experienced an income tax benefit for the third quarter of $2.1 million, representing an effective tax rate of 26.1%. We have previously discussed that our effective tax rate will differ from the US federal statutory rate of 21.0% due to state taxes, permanent items and discrete items. Net loss for the third quarter of 2023 was $6.0 million, or a loss of $0.20 per fully diluted share compared to a net loss of $1.4 million or $0.04 per fully diluted share in the prior year same period. Adjusted EBITDA for the third quarter of 2023 was a loss of $6.5 million compared to an adjusted EBITDA loss of $4.1 million in the prior year period.
We continue to be deliberate in our actions as we manage the health and flexibility of our balance sheet to ensure positioning for long term growth. We ended the quarter at $63.4 million in cash, cash equivalents and marketable securities. As Dwight mentioned earlier, we were selected to receive another grant from the Bill and Melinda Gates Foundation. Funds from this grant are not reflected in the ending balance of cash, cash equivalents and marketable securities at September 30, 2023. Thus far during Q4, we have received $3.5 million under this new grant. Revenue recognition for the cash received is currently being evaluated based on the terms of the grant agreement and current accounting standards. Additionally, in the quarter, we repurchased approximately 150,000 shares of common stock at an average price of $1.12 per share through our $30 million share repurchase program.
As of September 30 2023, we have just under $15 million remaining within our share repurchase program, and plan to strategically repurchase shares as we see opportunities. We are committed to maintaining a strong cash position through diligent expense management to ensure Co-Diagnostics is well capitalized to execute our long-term growth initiatives. As we approach commercialization, we will remain conservative when evaluating future opportunities. As we discussed on our second quarter earnings call, we believe our success should be measured in terms of progress made toward our development and operational goals. As such, we will not be providing financial guidance at this time. In summary, Co-Diagnostics is well capitalized and disciplined in its capital allocation strategy, while also receiving support from world class organizations who are aligned with our long-term strategy.
We are closer to a commercial launch for our Co-Dx PCR platform and continue to make progress towards our development goals. I look forward to updating you further on our next earnings call. With that, I will now turn the presentation back over to Dwight.
