Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $9.95M
• Dividend Yield: N/A
• Average Volume (3M): 521.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.43
• Revenue Growth: -91.22%
• EPS Growth: 11.84%
• Country: US
• Employees: 132
• Sector: Healthcare
• Sector Strength: 58
• Industry: Medical - Devices
• EPS (TTM): -0.24
• Shares Outstanding: 33,712,530
• 10 Day Avg. Volume: 536,171
• 30 Day Avg. Volume: 521,914
• PEG Ratio: 0.04
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 15.43
• Enterprise Value/Market Cap: 5.70
• Enterprise Value/Revenue: 4.28
• Enterprise Value/Gross Profit: -462.12
• Enterprise Value/Ebitda: -0.38
• 1Y Price Target: $1.00
• Price Target Upside: 257.14% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 42 Neutral
• Price Target: $0.50 ▲(78.57%Upside)

Co-Diagnostics faces significant financial challenges with declining revenues and profitability. Technical indicators point to bearish momentum, and the valuation is unattractive due to negative earnings. Although there are advancements in the Co-Dx PCR platform, the ongoing financial struggles remain a major concern.

Positive Factors

Earnings

Net loss was $7.5M, or ($0.24) per share, narrower than our estimated loss of $11.0M.

Manufacturing Expansion

Production work flows are streamlined, efficiently staffed and ready for expansion in the company's new manufacturing facility in South Salt Lake.

Test Development

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

Capital Requirements

The company may need to raise additional capital within the next period due to cash flows from operating activities being ($8.7M) during 1Q25.

Regulatory Challenges

The company withdrew its 510(k) application submitted to the FDA for its Co-Dx PCR COVID-19 test.

Revenue Decline

Revenue for the full year 2024 was $3.9M, representing a 43% year-over-year decline.

Co-Diagnostics Business Overview & Revenue Model

Company Description

Co-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 Money

Co-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 encountering financial difficulties with declining revenues and profitability. The balance sheet shows stability with low leverage, but the negative cash flow and earnings present significant challenges. The company needs to improve operational efficiency and cash management.

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.

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.

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.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
1.00M	3.92M	6.81M	34.22M	97.89M	74.55M
	Gross Profit
-122.70K	2.92M	2.63M	28.74M	86.31M	57.96M
	EBIT
-40.87M	-40.08M	-42.71M	-11.59M	46.06M	41.69M
	EBITDA
-36.02M	-38.70M	-41.48M	-10.31M	46.40M	41.83M
	Net Income Common Stockholders
-35.86M	-37.64M	-35.33M	-14.24M	36.66M	42.48M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
21.48M	29.75M	58.55M	81.26M	89.86M	47.31M
	Total Assets
55.15M	64.00M	95.32M	123.09M	160.03M	71.24M
	Total Debt
1.93M	2.15M	2.99M	347.92K	0.00	0.00
	Net Debt
28.13K	-784.37K	-11.93M	-22.63M	-88.61M	-42.98M
	Total Liabilities
1.85M	9.69M	9.31M	8.57M	25.56M	4.54M
	Stockholders Equity
47.92M	54.31M	86.01M	114.52M	134.48M	66.70M
Cash Flow		Free Cash Flow
-29.85M	-29.90M	-23.45M	5.14M	40.41M	27.39M
	Operating Cash Flow
-29.41M	-29.16M	-22.08M	6.57M	41.08M	28.17M
	Investing Cash Flow
7.76M	17.07M	15.39M	-58.17M	4.10M	-5.82M
	Financing Cash Flow
458.66K	103.91K	-1.36M	-14.03M	450.40K	19.74M

Co-Diagnostics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 0.28 is above the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.32, and below the 200-day MA of 0.77, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 43.64 is Neutral, neither overbought nor oversold. The STOCH value of 52.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CODX.

Co-Diagnostics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	54 Neutral	$5.41B	3.27	-45.10%	3.29%	16.81%	0.02%
PAVM	53 Neutral	$11.93M	0.96	-499.57%	―	-33.92%	―
BMRA	48 Neutral	$8.73M	―	-72.70%	―	5.05%	26.13%
ADGM	45 Neutral	$18.92M	―	-329.16%	―	2115.38%	-4.40%
CODX	42 Neutral	$9.95M	―	-56.80%	―	-91.22%	11.84%
AXDXQ	37 Underperform	$136.14K	―		―	-2.99%	59.87%
MOVE	23 Underperform	$5.53M	―	-439.23%	―	―	56.73%

Co-Diagnostics Corporate Events

Co-Diagnostics Holds Annual Shareholders Meeting

On May 28, 2025, Co-Diagnostics, Inc. held its annual shareholders meeting where several key proposals were voted on. Shareholders elected directors for a one-year term, approved the 2025 Equity Incentive Plan, adopted a non-binding resolution on executive compensation, and ratified the appointment of Tanner LLC as the independent registered public accounting firm for 2025. These decisions reflect ongoing corporate governance and strategic planning efforts, potentially impacting the company’s operational focus and stakeholder interests.

The most recent analyst rating on (CODX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.