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Co-Diagnostics (CODX)
:CODX
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Co-Diagnostics
(NASDAQ:CODX)
39Underperform
Positive Factors
Financial Performance
Net loss was $9.7M, lower than the estimated loss of $10.6M.
Manufacturing Expansion
The company has inaugurated a new manufacturing facility in South Salt Lake to manufacture its patented Co-Primers oligonucleotides, the Co-Dx PCR Pro instrument, and test cups for the new Co-Dx PCR platform.
Regulatory Clearance
The company plans to submit a new iteration of the Co-Dx PCR COVID-19 test for 510(k) OTC clearance, which could enhance the test and streamline operational and manufacturing processes.
Negative Factors
Price Objective Decrease
The price objective decreased to $1 due to a higher number of shares outstanding and a lower cash position.
Regulatory Challenges
The company withdrew its 510(k) application for its Co-Dx PCR COVID-19 test due to concerns about shelf-life stability.
Revenue Decline
Revenue for the full year 2024 was $3.9M, representing a 43% year-over-year decline.
Co-Diagnostics (CODX) vs. S&P 500 (SPY)
Market Cap
$10.39M
Dividend YieldN/A
Average Volume (3M)272.42K
Price to Earnings (P/E)―
Beta (1Y)1.63
Revenue Growth-88.70%
EPS Growth-3.48%
CountryUS
Employees155
SectorHealthcare
Sector Strength65
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.22
Shares Outstanding33,572,643
10 Day Avg. Volume357,379
30 Day Avg. Volume272,420
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.01
Price to Cash Flow (P/CF)-0.50
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$1.00Price Target Upside203.03% Upside
Rating ConsensusHold
Number of Analyst Covering1
Co-Diagnostics Business Overview & Revenue Model
Company DescriptionCo-Diagnostics, Inc. (CODX) is a molecular diagnostics company that specializes in the development, manufacturing, and marketing of advanced diagnostic technology. The company's core products include diagnostic tests and reagents used for the detection of infectious diseases, genetic disorders, and other health conditions. Co-Diagnostics leverages its patented CoPrimer technology to offer innovative solutions in the healthcare and diagnostics sectors, aiming to enhance the accuracy and efficiency of molecular testing.
How the Company Makes MoneyCo-Diagnostics generates revenue primarily through the sale of its diagnostic tests and reagents. The company markets its products to diagnostic laboratories, clinics, and other healthcare providers. Revenue streams include direct sales, as well as distribution partnerships that expand the reach of its products globally. Co-Diagnostics also engages in licensing agreements that allow other companies to utilize its proprietary technologies, providing additional revenue through royalties and licensing fees. The company's earnings are influenced by its ability to secure contracts, expand its market presence, and continually innovate to meet the evolving needs of the healthcare diagnostics industry.
Co-Diagnostics Financial Statement Overview
Summary
Co-Diagnostics is experiencing significant financial challenges with declining revenue, negative net income, and negative cash flow. Despite a strong equity position and low leverage, operational inefficiencies and cash management issues are concerning.Income Statement
Co-Diagnostics has experienced a significant decline in revenue from its peak in 2021. The net income has turned negative, reflecting a challenging profitability landscape. Gross profit margins remain relatively high, but the negative EBIT and EBITDA margins indicate operational inefficiencies. The company needs to address these issues to return to profitability.35
Negative
Balance Sheet
The balance sheet shows a strong equity position with minimal debt, resulting in a low debt-to-equity ratio. However, the declining total assets and stockholders' equity indicate financial deterioration. The equity ratio remains solid, suggesting stability, but the negative return on equity highlights profitability concerns.45
Neutral
Cash Flow
Co-Diagnostics is facing negative free cash flow, primarily due to significant operating cash outflows. Despite positive investing cash flows, the inability to generate positive free cash flow to net income ratios suggests challenges in cash management and sustainability.30
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 4.61M | 3.92M | 6.81M | 34.22M | 97.89M | 74.55M | Gross Profit |
| -83.52K | 2.92M | 2.63M | 28.74M | 86.31M | 57.96M | EBIT |
| -42.71M | -40.08M | -42.71M | -11.59M | 46.06M | 41.69M | EBITDA |
| -38.67M | -36.20M | -41.48M | -10.31M | 46.40M | 41.83M | Net Income Common Stockholders |
| -41.28M | -37.64M | -35.33M | -14.24M | 36.66M | 42.48M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 33.80K | 29.75M | 58.55M | 81.26M | 89.86M | 47.31M | Total Assets |
| 0.00 | 64.00M | 95.32M | 123.09M | 160.03M | 71.24M | Total Debt |
| 0.00 | 2.15M | 2.99M | 347.92K | 0.00 | 0.00 | Net Debt |
| 33.80K | -784.37K | -11.93M | -22.63M | -88.61M | -42.98M | Total Liabilities |
| 0.00 | 2.37M | 9.31M | 8.57M | 25.56M | 4.54M | Stockholders Equity |
| -1.15M | 54.31M | 86.01M | 114.52M | 134.48M | 66.70M |
| Cash Flow | Free Cash Flow | ||||
| -26.84M | -29.90M | -23.45M | 5.14M | 40.41M | 27.39M | Operating Cash Flow |
| -25.70M | -29.16M | -22.08M | 6.57M | 41.08M | 28.17M | Investing Cash Flow |
| 26.42M | 17.07M | 15.39M | -58.17M | 4.10M | -5.82M | Financing Cash Flow |
| -159.67K | 103.91K | -1.36M | -14.03M | 450.40K | 19.74M |
Co-Diagnostics Technical Analysis
Negative
0.33
Price Trends
0.59
Negative
0.75
Negative
1.02
Negative
Market Momentum
-0.07
Positive
26.00
Positive
17.13
Positive
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 0.33 is below the 20-day moving average (MA) of 0.45, below the 50-day MA of 0.59, and below the 200-day MA of 1.02, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 26.00 is Positive, neither overbought nor oversold. The STOCH value of 17.13 is Positive, 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
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $226.88B | 17.13 | 30.95% | 1.69% | 4.59% | 134.50% | |
76 Outperform | $18.78B | 22.08 | 13.24% | 1.77% | 6.70% | 2.56% | |
70 Outperform | $188.69B | 30.24 | 13.15% | 0.31% | 0.05% | 6.87% | |
67 Neutral | $13.86B | 19.42 | 15.78% | ― | 1.75% | 50.25% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
46 Neutral | $2.36B | ― | -50.74% | ― | -7.03% | -20233.78% | |
39 Underperform | $10.39M | ― | -53.65% | ― | -88.70% | -3.48% |
* Healthcare Sector Average
Performance Comparison
CODX
Co-Diagnostics
0.33
-0.76
-69.72%
ABT
Abbott Laboratories
131.69
21.91
19.96%
HOLX
Hologic
61.38
-14.70
-19.32%
DGX
Quest Diagnostics
169.28
39.73
30.67%
QDEL
QuidelOrtho
34.11
-8.04
-19.07%
TMO
Thermo Fisher
482.97
-86.93
-15.25%
Co-Diagnostics Earnings Call Summary
Earnings Call Date: Mar 27, 2025 | % Change Since: -15.38% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant advancements in the Co-Dx PCR platform and test pipeline, supported by external organizations, and new manufacturing capabilities. However, financial challenges were evident with decreased revenue and increased legal expenses, along with a setback in regulatory progress for the COVID-19 test.Highlights
Advancements in Co-Dx PCR Platform
The development of the Co-Dx PCR platform and associated test pipeline progressed significantly in 2024. The company added important manufacturing infrastructure to support commercialization efforts.
Regulatory Progress for Co-Dx PCR COVID-19 Test
Despite challenges, the Co-Dx PCR COVID-19 test is advancing towards regulatory clearance with design updates and feedback from the FDA providing a clear path forward.
Progress in Tuberculosis Test Development
Preliminary analytical studies for the TB test were completed in 2024, with clinical evaluations planned in South Africa and India in the second half of 2025.
Support from Leading Organizations
Development efforts have been supported by organizations like the Bill & Melinda Gates Foundation and the NIH's RADx Tech program, indicating strong external validation.
New Manufacturing Facilities
In 2024, new manufacturing facilities were inaugurated in Utah and India to support the production of the Co-Dx PCR platform and other technologies, enhancing operational capabilities.
Lowlights
Decrease in Total Revenue
Total revenue decreased from $6.8 million in the prior year to $3.9 million in 2024, indicating a significant downturn in financial performance.
Legal Expenses Surge
Legal expenses increased significantly to $7.0 million in 2024, up from $1.7 million in 2023, primarily due to the defense of securities class action lawsuits.
Withdrawal of 510(k) Application
The company had to withdraw its 510(k) application for the Co-Dx PCR COVID-19 test due to the need for additional clinical data, delaying regulatory approval.
Company Guidance
During the Co-Diagnostics fourth quarter and full year 2024 earnings call, CEO Dwight Egan outlined significant progress in their test pipeline and regulatory efforts, despite some setbacks. The company saw a decrease in total revenue to $3.9 million from $6.8 million in 2023, with a net loss of $37.6 million for the year. Despite these financial challenges, Co-Diagnostics advanced the development of their Co-Dx PCR platform and associated tests, including the COVID-19, TB, respiratory multiplex, and HPV tests. The company withdrew their initial 510(k) submission for the COVID-19 test due to necessary design changes but plans to resubmit with updated data. They also inaugurated new manufacturing facilities in Utah and India to support commercialization. Legal expenses increased significantly to $7.0 million due to litigation, but the company achieved a dismissal of one class action suit. Co-Diagnostics remains focused on regulatory submissions and commercialization in 2025, with a strong emphasis on operational efficiencies and maintaining a healthy balance sheet with $29.7 million in cash and equivalents.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.