Co-Diagnostics Inc (CODX)
NASDAQ:CODX
Want to see CODX full AI Analyst Report?
Top Page
Co-Diagnostics
(NASDAQ:CODX)
Select Model
Select Model
Rating:43Neutral
Price Target:
$1.50
▲(476.92% Upside)
Action:ReiteratedDate:04/02/26
The score is held down primarily by deteriorating fundamentals (sharp revenue decline, large losses, and sustained cash burn) and a bearish technical setup (below major moving averages with negative MACD). Partially offsetting these are operational milestones and commercialization plans from the latest earnings call, though liquidity and financing risk remain significant.
Positive Factors
Intellectual property & proprietary CoPrimer platform
International patent grants for core Co-Dx PCR components and the proprietary CoPrimer platform meaningfully strengthen product defensibility. Strong IP supports licensing, deters competitors, aids reimbursement/regulatory positioning, and preserves long-term commercial upside across markets.
Negative Factors
Sharp revenue collapse
An ~85% revenue drop dramatically weakens the company's ability to leverage fixed costs and fund commercialization. Persistent low top-line makes multi-year profitability unlikely without material uptake or new revenue streams, increasing execution risk for product launches and regulatory investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Intellectual property & proprietary CoPrimer platform
International patent grants for core Co-Dx PCR components and the proprietary CoPrimer platform meaningfully strengthen product defensibility. Strong IP supports licensing, deters competitors, aids reimbursement/regulatory positioning, and preserves long-term commercial upside across markets.
Read all positive factors
Co-Diagnostics (CODX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.12M
Dividend YieldN/A
Average Volume (3M)10.09M
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth-87.84%
EPS Growth29.16%
CountryUS
Employees132
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-16.35
Shares Outstanding3,602,465
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)16.13
P/FCF Ratio-0.23
Enterprise Value/Market Cap-1.74
Enterprise Value/Revenue-21.30
Enterprise Value/Gross Profit9.78
Enterprise Value/Ebitda0.30
Forecast
1Y Price Target
$5.00Price Target Upside1823.08% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-12.15
Revenue Forecast (FY)$576.20K
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:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call conveyed clear strategic and operational progress — NASDAQ relisting, CoSara manufacturing license and regional expansion, CoMira JV advancement, strengthened IP, progress in clinical programs (1,200+ enrollments) and AI development — but these positives are offset by significant financial headwinds: an ~84.6% revenue decline driven by lower grant income, a large $18.9M noncash impairment that increased operating expenses, a widened GAAP net loss ($46.9M) and a ~60% reduction in cash to $11.9M. Management highlighted cost discipline and improved adjusted EBITDA excluding impairment, and articulated near-term commercialization paths (notably TB in India expected by Q3 2026), yet the company faces continued cash burn and will need to secure additional financing or strategic transactions to execute growth plans. Overall, the call signals meaningful operational milestones but material financial and execution risks remain.Positive Updates
NASDAQ Relisting and Corporate Stability
Successfully completed appeal and had shares relisted on NASDAQ, removing a significant listing overhang and allowing management to refocus on execution and commercialization.
Negative Updates
Sharp Revenue Decline
Total revenue fell to $0.6M in 2025 from $3.9M in 2024, a decline of approximately 84.6%, primarily driven by lower grant revenue recognized in the prior year; product revenue declined 50% to $0.4M from $0.8M.
Read all updates
Q4-2025 Updates
Positive
Negative
NASDAQ Relisting and Corporate Stability
Successfully completed appeal and had shares relisted on NASDAQ, removing a significant listing overhang and allowing management to refocus on execution and commercialization.
Read all positive updates
Company Guidance
Management's guidance emphasized continued near‑term operating losses as the company advances toward commercialization while managing liquidity and exploring financing alternatives: full‑year 2025 results showed total revenue $0.6M (product revenue $0.4M), total operating expenses $50.6M (including a noncash $18.9M impairment), R&D $19.1M, S&M $2.4M, G&A $9.1M, net loss $46.9M (‑$35.25/share) or $28.0M excluding the impairment, and Adjusted EBITDA loss $28.0M; year‑end cash and securities were $11.9M (down from $29.7M) with net cash used in operations $29.0M, net cash provided by investing $26.3M and financing $11.7M (including ATM and registered direct offerings). Looking ahead, management expects to pursue FDA submission for the flu A/flu B/RSV multiplex (having enrolled in excess of ~1,200 patients across ~8 U.S. sites), to commercialize the TB test in India by Q3 2026 via the CoSara JV (now covering ~15 cleared PCR tests and expanding the South Asia addressable market to ~ $13B), to advance CoMira toward manufacturing readiness across Saudi Arabia and 18 MENA markets, to continue building IP (recent patents in Australia and Japan), and to seek additional non‑dilutive grants or equity/debt/strategic options as needed.Co-Diagnostics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 418.20K | 3.92M | 6.81M | 34.22M | 97.89M |
| Gross Profit | -910.98K | 2.92M | 2.63M | 28.74M | 86.31M |
| EBITDA | -30.18M | -38.70M | -41.48M | -10.31M | 46.40M |
| Net Income | -46.90M | -37.64M | -35.33M | -14.24M | 36.66M |
Balance Sheet | |||||
| Total Assets | 24.74M | 64.00M | 95.32M | 123.09M | 160.03M |
| Cash, Cash Equivalents and Short-Term Investments | 11.88M | 29.75M | 58.55M | 81.26M | 89.86M |
| Total Debt | 1.24M | 2.15M | 2.99M | 347.92K | 0.00 |
| Total Liabilities | 4.11M | 9.69M | 9.31M | 8.57M | 25.56M |
| Stockholders Equity | 20.63M | 54.31M | 86.01M | 114.52M | 134.48M |
Cash Flow | |||||
| Free Cash Flow | -29.84M | -29.90M | -23.45M | 5.14M | 40.41M |
| Operating Cash Flow | -29.14M | -29.16M | -22.08M | 6.57M | 41.08M |
| Investing Cash Flow | 26.27M | 17.07M | 15.39M | -58.17M | 4.10M |
| Financing Cash Flow | 11.81M | 103.91K | -1.36M | -14.03M | 450.40K |
Co-Diagnostics Technical Analysis
Negative
0.26
Price Trends
2.16
Negative
4.40
Negative
7.39
Negative
Market Momentum
-0.28
Negative
42.11
Neutral
52.00
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 0.26 is below the 20-day moving average (MA) of 1.70, below the 50-day MA of 2.16, and below the 200-day MA of 7.39, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 42.11 is Neutral, neither overbought nor oversold. The STOCH value of 52.00 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 |
|---|---|---|---|---|---|---|---|
54 Neutral | $31.76M | -1.58 | -312.04% | ― | -70.54% | 70.03% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $12.00M | -3.23 | 58.76% | ― | -50.49% | 39.93% | |
44 Neutral | $15.39M | ― | -335.47% | ― | 18.76% | 60.09% | |
43 Neutral | $5.12M | -0.07 | -70.27% | ― | -87.84% | 29.16% | |
42 Neutral | $11.29M | -0.63 | -204.04% | ― | -60.89% | 94.49% | |
40 Underperform | $6.31M | -1.29 | -220.42% | ― | -41.03% | 35.71% |
* Healthcare Sector Average
CODX
Co-Diagnostics
1.56
-9.10
-85.36%
SINT
Sintx Technologies
2.69
0.91
51.12%
VVOS
Vivos Therapeutics
0.97
-1.23
-55.73%
ADGM
Adagio Medical Holdings
1.55
0.35
29.17%
ALUR
Allurion Technologies
0.80
-1.49
-65.07%
HSCS
Heart Test Laboratories, Inc.
2.15
-1.05
-32.84%
Co-Diagnostics Corporate Events
Delistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Co-Diagnostics Regains Nasdaq Compliance and Listing Status
Positive
Mar 10, 2026
On March 9, 2026, Co-Diagnostics, Inc. received formal notice from Nasdaq that it had regained compliance with the $1.00 minimum bid price requirement and all other criteria for continued listing on The Nasdaq Capital Market. Trading in the compan...
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.