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Co-Diagnostics
(NASDAQ:CODX)
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Rating:43Neutral
Price Target:
$1.50
▼(-28.57% Downside)
Action:Reiterated
Date:08/01/26
Overall score is held down primarily by severely weakened fundamentals (collapsed revenue, ongoing losses, and significant cash burn with shrinking equity) and a strongly bearish technical setup (price far below major moving averages with high volatility). Offsetting factors are limited to modestly positive operational progress and near-term liquidity support from the warrant financing, but both are constrained by the stated need for additional capital and execution risk.
Positive Factors
Regulatory progress: 510(k) path
Completing a large upper‑respiratory enrollment and preparing a 510(k) submission creates a durable pathway to CLIA‑waived point‑of‑care clearance. Regulatory clearance would unlock broader market access, recurring test volume and platform placements, supporting sustainable consumables revenue over time.
Negative Factors
Severe revenue collapse
A multi‑year collapse to a tiny revenue base undermines the company's ability to cover fixed costs and invest in commercialization. Persistently weak sales make operating leverage unattainable, increasing execution risk and the likelihood that scale‑dependent strategic initiatives will fail without material revenue recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory progress: 510(k) path
Completing a large upper‑respiratory enrollment and preparing a 510(k) submission creates a durable pathway to CLIA‑waived point‑of‑care clearance. Regulatory clearance would unlock broader market access, recurring test volume and platform placements, supporting sustainable consumables revenue over time.
Read all positive factors
Co-Diagnostics (CODX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.75M
Dividend YieldN/A
Average Volume (3M)10.09M
Price to Earnings (P/E)―
Beta (1Y)2.35
Revenue Growth-9.18%
EPS Growth33.16%
CountryUS
Employees115
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-26.72
Shares Outstanding6,252,319
10 Day Avg. Volume1,334,715
30 Day Avg. Volume10,088,102
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.33
Price to Sales (P/S)10.83
P/FCF Ratio-0.23
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-12.15
Revenue Forecast (FY)$552.40K
Co-Diagnostics Business Overview & Revenue Model
Company Description
Co-Diagnostics, Inc. operates as a molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and inter...
How the Company Makes Money
Co-Diagnostics primarily makes money by selling molecular diagnostic products and related supplies to customers that perform laboratory testing. Key revenue streams include: (1) Sales of diagnostic test kits/assays: Revenue is generated when labor...
Co-Diagnostics Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful operational and regulatory progress — including a dual FDA submission for an upper respiratory multiplex assay, >1,400-patient clinical enrollment, >10,000 analytical PCR runs, TB program advancement toward ERPD, a blood-based Ebola proof-of-concept, strengthened international manufacturing partnerships, and reduced operating expenses that improved net loss and adjusted EBITDA. However, these positives are counterbalanced by a very low revenue base ($166K), a steep decline in cash to $3.6M (≈70% drop), continued operating losses, and materially reduced total assets. While execution milestones materially de-risk the technology and regulatory path, the company faces near-term liquidity and commercialization scaling risks.Positive Updates
Regulatory Submission — Dual 510(k) and CLIA-waived for Flu A/B & RSV
Submitted a dual 510(k) and CLIA-waived application to FDA for the Flu A/B and RSV assay on the Co-Dx PCR platform; follows completion of analytical and clinical performance studies (27 analytical studies, >10,000 PCR runs) and a clinical study enrolling >1,400 symptomatic patients across 9 U.S. sites.
Negative Updates
Very Low Revenue Base
Total revenue for Q2 2026 was only $166K, up modestly from $163K year-over-year (≈+1.8%), indicating commercialization has not yet generated meaningful recurring sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Regulatory Submission — Dual 510(k) and CLIA-waived for Flu A/B & RSV
Submitted a dual 510(k) and CLIA-waived application to FDA for the Flu A/B and RSV assay on the Co-Dx PCR platform; follows completion of analytical and clinical performance studies (27 analytical studies, >10,000 PCR runs) and a clinical study enrolling >1,400 symptomatic patients across 9 U.S. sites.
Read all positive updates
Company Guidance
Management's guidance emphasized continued near‑term operating losses while advancing toward commercialization and prioritizing regulatory, clinical, commercial and platform milestones; Q2 FY2026 results included revenue of $166k (vs. $163k), cost of revenue $45k, gross profit ≈$121k (vs. $131k), operating expenses $6.3M (vs. $8.2M), R&D $4.2M (vs. $4.7M), sales & marketing $467k (vs. $610k), G&A $1.5M (vs. $2.6M), net loss $6.3M or $1.46 per share (vs. $7.7M or $7.00), adjusted EBITDA loss $5.8M (vs. $7.2M), cash $3.6M (vs. $11.9M at 2025 year‑end), total assets $16.6M and liabilities $3.9M; operational metrics and milestones include 27 analytical studies and >10,000 upper‑respiratory PCR runs, enrollment of >1,400 symptomatic patients across 9 U.S. sites, submission of a dual 510(k)/CLIA‑waived Flu A/B+RSV application, planned TB submissions to India’s CDSCO and WHO ERPD later this year, a C‑CAMP request for 200 Bundibugyo tests, cloud expansion to India and Saudi Arabia, and ongoing evaluation of equity, debt, strategic transactions and nondilutive funding to support these objectives.Co-Diagnostics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 721.39K | 622.49K | 3.92M | 6.81M | 34.22M | 97.89M |
| Gross Profit | 58.19K | 400.11K | 2.92M | 2.63M | 28.74M | 86.31M |
| EBITDA | -47.54M | -47.41M | -36.20M | -36.88M | -10.31M | 45.97M |
| Net Income | -47.06M | -46.90M | -37.64M | -35.33M | -14.24M | 36.66M |
Balance Sheet | ||||||
| Total Assets | 16.59M | 24.74M | 64.00M | 95.32M | 123.09M | 160.03M |
| Cash, Cash Equivalents and Short-Term Investments | 3.65M | 11.88M | 29.75M | 58.55M | 81.26M | 89.86M |
| Total Debt | 1.80M | 1.24M | 2.15M | 2.99M | 347.92K | 0.00 |
| Total Liabilities | 1.01M | 4.11M | 9.69M | 9.31M | 8.57M | 25.56M |
| Stockholders Equity | 12.71M | 20.63M | 54.31M | 86.01M | 114.52M | 134.48M |
Cash Flow | ||||||
| Free Cash Flow | -27.47M | -29.84M | -29.90M | -23.45M | 5.14M | 40.41M |
| Operating Cash Flow | -27.10M | -29.14M | -29.16M | -22.08M | 6.57M | 41.08M |
| Investing Cash Flow | 1.54M | 26.27M | 17.07M | 15.39M | -58.17M | 4.10M |
| Financing Cash Flow | 18.10M | 11.81M | 103.91K | -1.36M | -14.03M | 450.40K |
Co-Diagnostics Technical Analysis
Negative
2.10
Price Trends
2.75
Negative
2.68
Negative
4.48
Negative
Market Momentum
-0.36
Negative
30.30
Neutral
37.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CODX, the sentiment is Negative. The current price of 2.1 is above the 20-day moving average (MA) of 1.71, below the 50-day MA of 2.75, and below the 200-day MA of 4.48, indicating a bearish trend. The MACD of -0.36 indicates Negative momentum. The RSI at 30.30 is Neutral, neither overbought nor oversold. The STOCH value of 37.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CODX.
Co-Diagnostics Risk Analysis
Co-Diagnostics disclosed 23 risk factors in its most recent earnings report. Co-Diagnostics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Co-Diagnostics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $15.37M | -0.48 | -382.50% | ― | -100.00% | 70.33% | |
45 Neutral | $4.77M | -0.17 | -2239.18% | ― | 33.77% | -20.22% | |
44 Neutral | $10.93M | -0.30 | -592.55% | ― | -28.53% | 47.55% | |
43 Neutral | $8.75M | -0.05 | -164.92% | ― | -9.18% | 33.16% | |
41 Neutral | $8.03M | -0.53 | -358.44% | ― | -0.71% | 58.20% |
* Healthcare Sector Average
CODX
Co-Diagnostics
1.40
-8.20
-85.42%
SINT
Sintx Technologies
1.64
-1.54
-48.43%
VVOS
Vivos Therapeutics
0.34
-4.11
-92.29%
ADGM
Adagio Medical Holdings
0.69
-0.60
-46.36%
HSCS
Heart Test Laboratories, Inc.
2.06
-1.69
-45.07%
Co-Diagnostics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Co-Diagnostics Inducement Agreement for New Warrant Financing
Positive
Jul 31, 2026
On July 30, 2026, Co-Diagnostics entered into an inducement agreement with holders of existing warrants, who agreed to exercise warrants for 1,702,362 shares at $1.571 per share in exchange for new five-year warrants covering 3,404,724 shares at $...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Co-Diagnostics Amends Equity Distribution, Extends Issuance Limits
Neutral
Jul 27, 2026
On July 27, 2026, Co-Diagnostics amended its October 20, 2025 equity distribution agreement with Maxim Group LLC, removing the fixed aggregate dollar cap on sales so that future issuances of common stock are constrained only by the amount currentl...
Business Operations and StrategyPrivate Placements and Financing
Co-Diagnostics Announces $3 Million Private Placement Financing
Neutral
May 21, 2026
On May 19, 2026, Co-Diagnostics entered into a $3.0 million private placement with institutional and accredited investors, selling common stock or pre-funded warrants alongside five-year common warrants in a deal priced at-the-market under Nasdaq ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.