Co-Diagnostics Inc (CODX)
NASDAQ:CODX
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Co-Diagnostics
(NASDAQ:CODX)
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Rating:46Neutral
Price Target:
$3.00
▲(1053.85% Upside)
Action:Reiterated
Date:06/13/26
The score is held down primarily by deteriorated financial performance (collapsed revenue, large losses, and sustained cash burn with shrinking equity). The earnings call adds some offsetting credit for concrete regulatory and commercialization milestones, but the stated need for additional capital remains a major risk. Technicals and valuation are secondary and mixed, with no dividend support and only modest momentum signals.
Positive Factors
Proprietary CoPrimer PCR platform & diversified pipeline
A proprietary CoPrimer-based PCR platform with multiple program threads and cloud/ML capabilities provides durable product differentiation and modularity. This supports recurring consumable sales, broad assay expansion, and technical moat that can drive steady demand and margin improvement as assays gain regulatory clearances.
Negative Factors
Collapsed revenue base
Revenue has fallen to a negligible base versus prior peaks, leaving fixed costs misaligned with sales and making margin recovery difficult. Sustaining operations or scaling commercial programs from this low revenue base requires sustained execution and material new demand or funding to bridge the gap.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary CoPrimer PCR platform & diversified pipeline
A proprietary CoPrimer-based PCR platform with multiple program threads and cloud/ML capabilities provides durable product differentiation and modularity. This supports recurring consumable sales, broad assay expansion, and technical moat that can drive steady demand and margin improvement as assays gain regulatory clearances.
Read all positive factors
Co-Diagnostics (CODX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.90M
Dividend YieldN/A
Average Volume (3M)10.09M
Price to Earnings (P/E)―
Beta (1Y)2.43
Revenue Growth-9.46%
EPS Growth18.03%
CountryUS
Employees112
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-32.26
Shares Outstanding3,685,314
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-0.21
Enterprise Value/Revenue-3.46
Enterprise Value/Gross Profit-36.43
Enterprise Value/Ebitda0.05
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 solutions used to detect pathogens. Key revenue streams include: (1) Sales of diagnostic test kits/assays and related consumables: The company generates revenue from...
Co-Diagnostics Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call communicated meaningful operational and regulatory progress across multiple strategic fronts — completed upper respiratory enrollment (>1,400 patients), India manufacturing license and expanded TAM (~$13B), TB clinical start timing, land allocation in Saudi Arabia, and manufacturing automation plans (~4x efficiency). However, the company still reports very limited absolute revenue, a negative gross margin, widening net loss and adjusted EBITDA losses, and a substantial cash decline to $8.2M with an anticipated need for additional capital. Program-level uncertainties (COVID prevalence affecting submission scope), unfinished manufacturing rollouts and no assurance on strategic transactions temper the positive operational milestones. Overall, operational momentum is clear, but financial constraints and execution risks balance the outlook.Positive Updates
Revenue Growth Year-over-Year
Total revenue for Q1 2026 was $146,000, up from $50,000 in Q1 2025, an increase of approximately 192% YoY, demonstrating early commercial traction despite low absolute dollar levels.
Negative Updates
Very Limited Absolute Revenue and Negative Gross Margin
Despite strong YoY percentage growth, revenue remains small at $146,000. Cost of revenue was $194,000 producing a gross loss of ~$48,000 vs. a gross profit of $29,000 in the prior year — a deterioration of ~$77,000 quarter-over-quarter versus last year.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth Year-over-Year
Total revenue for Q1 2026 was $146,000, up from $50,000 in Q1 2025, an increase of approximately 192% YoY, demonstrating early commercial traction despite low absolute dollar levels.
Read all positive updates
Company Guidance
Management provided near‑term regulatory and commercial guidance highlighting that the upper‑respiratory clinical study is fully enrolled with more than 1,400 patients and management believes the data support an initial 510(k) submission for Flu A/Flu B/RSV (COVID to be added later if needed), with analytical work and documentation being finalized and a targeted filing in Q3 2026 for CLIA‑waived point‑of‑care clearance; TB clinical performance studies are scheduled to begin before month‑end with potential commercialization in India as early as the end of Q3; CoSara (9 years in market) has a CDSCO license to manufacture the PCR Pro, 15 CDSCO‑cleared PCR tests, a nationwide presence serving hundreds of lab customers, an expanded South Asia addressable market of roughly $13 billion, and an oligo facility inaugurated end‑2024, while Utah has produced hundreds of thousands of test cups and is developing an automated cup line expected to improve efficiency by ~4x; CoMira secured industrial land allocation in Sudair and has completed initial funding contributions; financials and capital guidance included Q1 revenue of $146k (vs. $50k), cost of revenue $194k (gross loss ≈$48k vs. prior gross profit $29k), operating expenses $9.2M (R&D $5.9M, S&M $0.5M, G&A $2.5M), net loss $9.1M or $4.06 per diluted share (vs. $7.5M or $7.05), adjusted EBITDA loss $8.7M (vs. $7.4M), cash of $8.2M (vs. $11.9M year‑end 2025), and the company expects additional capital will likely be required and is evaluating equity, debt, strategic partnerships and nondilutive funding.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 | 718.17K | 622.49K | 3.92M | 6.81M | 34.22M | 97.89M |
| Gross Profit | 68.17K | 400.11K | 2.92M | 2.63M | 28.74M | 86.31M |
| EBITDA | -49.05M | -47.41M | -36.20M | -36.88M | -10.31M | 45.97M |
| Net Income | -48.50M | -46.90M | -37.64M | -35.33M | -14.24M | 36.66M |
Balance Sheet | ||||||
| Total Assets | 21.50M | 24.74M | 64.00M | 95.32M | 123.09M | 160.03M |
| Cash, Cash Equivalents and Short-Term Investments | 8.23M | 11.88M | 29.75M | 58.55M | 81.26M | 89.86M |
| Total Debt | 2.03M | 1.24M | 2.15M | 2.99M | 347.92K | 0.00 |
| Total Liabilities | 5.46M | 4.11M | 9.69M | 9.31M | 8.57M | 25.56M |
| Stockholders Equity | 16.04M | 20.63M | 54.31M | 86.01M | 114.52M | 134.48M |
Cash Flow | ||||||
| Free Cash Flow | -28.99M | -29.84M | -29.90M | -23.45M | 5.14M | 40.41M |
| Operating Cash Flow | -28.24M | -29.14M | -29.16M | -22.08M | 6.57M | 41.08M |
| Investing Cash Flow | 18.77M | 26.27M | 17.07M | 15.39M | -58.17M | 4.10M |
| Financing Cash Flow | 15.79M | 11.81M | 103.91K | -1.36M | -14.03M | 450.40K |
Co-Diagnostics Technical Analysis
Neutral
0.26
Price Trends
3.34
Positive
2.79
Positive
6.25
Negative
Market Momentum
-0.16
Positive
46.49
Neutral
16.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CODX, the sentiment is Neutral. The current price of 0.26 is below the 20-day moving average (MA) of 5.18, below the 50-day MA of 3.34, and below the 200-day MA of 6.25, indicating a neutral trend. The MACD of -0.16 indicates Positive momentum. The RSI at 46.49 is Neutral, neither overbought nor oversold. The STOCH value of 16.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
46 Neutral | $11.90M | -0.11 | -164.92% | ― | -9.46% | 18.03% | |
46 Neutral | $14.90M | -0.45 | -312.04% | ― | -100.00% | 100.00% | |
44 Neutral | $6.48M | -0.19 | -335.47% | ― | 33.77% | -20.22% | |
43 Neutral | $7.48M | -2.32 | 58.76% | ― | -55.49% | 21.55% | |
41 Neutral | $8.29M | -0.35 | -204.04% | ― | -59.95% | 56.67% | |
40 Underperform | $8.76M | -0.53 | -220.42% | ― | ― | 51.71% |
* Healthcare Sector Average
CODX
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Co-Diagnostics Corporate Events
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.