Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $12.82M
• Dividend Yield: N/A
• Average Volume (3M): 10.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: -87.84%
• EPS Growth: 29.16%
• Country: US
• Employees: 132
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -4.80
• Shares Outstanding: 2,095,031
• 10 Day Avg. Volume: 1,334,715
• 30 Day Avg. Volume: 10,088,102
• PEG Ratio: -5.44
• Price to Book (P/B): 12.57
• Price to Sales (P/S): 174.33
• P/FCF Ratio: -22.83
• Enterprise Value/Market Cap: 29.72
• Enterprise Value/Revenue: 750.28
• Enterprise Value/Gross Profit: 2.20K
• Enterprise Value/Ebitda: -11.10
• 1Y Price Target: $1.50
• Price Target Upside: 476.92% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $0.23 ▼(-10.00% Downside)

The score is primarily pressured by weak financial performance (declining revenue, losses, and negative free cash flow) and bearish technical signals (below major moving averages with negative MACD). Valuation is constrained by negative earnings and no dividend support, while the earnings call adds modest offset from cost improvements and strategic growth initiatives that are still early-stage versus current financial strain.

Positive Factors

International Expansion

The joint ventures in India and Saudi Arabia enhance Co-Diagnostics' international footprint, potentially increasing market reach and revenue.

AI Business Unit Launch

The AI unit could improve operational efficiency and diagnostics, positioning Co-Diagnostics as an innovator in the biotech field.

Product Development

The new respiratory panel test could expand product offerings and meet demand for comprehensive diagnostic solutions, supporting growth.

Negative Factors

Revenue Decline

The sharp revenue decline indicates challenges in maintaining sales momentum, which could affect long-term financial stability.

Net Loss

Ongoing net losses highlight financial challenges, impacting the company's ability to invest in growth and innovation.

Negative Free Cash Flow

Negative free cash flow suggests cash management issues, limiting the company's capacity to fund operations and strategic initiatives.

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 internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction testing to patients in point-of-care and at-home setting. It also provides PCR diagnostic tests for COVID-19, influenza, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and the zika virus. In addition, the company offers three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos; molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications; tests that identify genetic traits in plant and animal genomes; and portable diagnostic device designed to bring PCR to patients in point-of-care and at-home settings. The company was incorporated in 2013 and is based in Salt Lake City, Utah.

How the Company Makes Money

Co-Diagnostics generates revenue primarily through the sale of its molecular diagnostic tests and related products. Its revenue model is built around the commercialization of its proprietary testing platforms, which are utilized by laboratories and healthcare providers. Key revenue streams include sales of test kits for infectious diseases, licensing agreements, and collaborations with other healthcare entities for product development and distribution. Significant partnerships with laboratories and healthcare organizations also contribute to its earnings, enabling Co-Diagnostics to expand its market reach and enhance its product offerings.

Co-Diagnostics Financial Statement Overview

Summary

Financials are weak: sharp revenue decline, ongoing net losses, and negative operating metrics. The balance sheet has low leverage and solid equity, but deteriorating assets/equity and negative free cash flow raise sustainability risk.

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	507.89K	3.92M	6.81M	34.22M	97.89M	74.55M
Gross Profit	172.84K	2.92M	2.63M	28.74M	86.31M	57.96M
EBITDA	-34.33M	-38.70M	-41.48M	-10.31M	46.40M	41.83M
Net Income	-32.18M	-37.64M	-35.33M	-14.24M	36.66M	42.48M
Balance Sheet
Total Assets	44.74M	64.00M	95.32M	123.09M	160.03M	71.24M
Cash, Cash Equivalents and Short-Term Investments	11.44M	29.75M	58.55M	81.26M	89.86M	47.31M
Total Debt	1.47M	2.15M	2.99M	347.92K	0.00	0.00
Total Liabilities	4.91M	9.69M	9.31M	8.57M	25.56M	4.54M
Stockholders Equity	39.83M	54.31M	86.01M	114.52M	134.48M	66.70M
Cash Flow
Free Cash Flow	-31.81M	-29.90M	-23.45M	5.14M	40.41M	27.39M
Operating Cash Flow	-31.17M	-29.16M	-22.08M	6.57M	41.08M	28.17M
Investing Cash Flow	26.87M	17.07M	15.39M	-58.17M	4.10M	-5.82M
Financing Cash Flow	4.95M	103.91K	-1.36M	-14.03M	450.40K	19.74M

Co-Diagnostics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 0.26 is below the 20-day moving average (MA) of 7.34, below the 50-day MA of 9.83, and below the 200-day MA of 9.79, indicating a bearish trend. The MACD of -1.24 indicates Positive momentum. The RSI at 37.69 is Neutral, neither overbought nor oversold. The STOCH value of 40.88 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 *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VVOS	48 Neutral	$19.95M	-1.12	-335.47%	―	18.76%	60.09%
ADGM	46 Neutral	$20.20M	-0.18	-210.36%	―	-70.54%	70.03%
HSCS	46 Neutral	$10.65M	-0.49	-220.42%	―	-41.03%	35.71%
ALUR	44 Neutral	$15.75M	-0.23	―	―	-50.49%	39.93%
CODX	41 Neutral	$12.82M	-0.21	-62.12%	―	-87.84%	29.16%
SINT	40 Underperform	$14.75M	-0.55	-204.04%	―	-60.89%	94.49%

Co-Diagnostics Corporate Events

Co-Diagnostics Approves Reverse Stock Split to Maintain Listing

On December 5, 2025, Co-Diagnostics’ stockholders approved a reverse stock split authorization, and on December 29, 2025, the board set the ratio at 1-for-30, combining every 30 issued and outstanding common shares into a single share without changing the par value or shareholder rights. The reverse split becomes effective around midnight leading into January 2, 2026, when the stock will begin trading on a split-adjusted basis on Nasdaq under the existing ticker “CODX” but with a new CUSIP, reducing the company’s outstanding common shares to roughly 2.1 million, proportionally adjusting options and warrants, and rounding any fractional entitlements up to the nearest whole share. The company stated that the move is intended to restore compliance with Nasdaq’s $1.00 minimum bid price requirement, a step that could help preserve its listing and access to public capital markets, while operational mechanics for shareholders will generally be handled automatically through brokers and its transfer agent, VStock Transfer, LLC.

The most recent analyst rating on (CODX) stock is a Hold with a $0.23 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.

Co-Diagnostics Approves Reverse Stock Split Proposal

On December 5, 2025, Co-Diagnostics, Inc. held a special meeting of shareholders where a proposal to amend the company’s Articles of Incorporation was approved. This amendment allows for a reverse stock split of the company’s common stock at a ratio between 1-for-2 and 1-for-30, with the final ratio to be determined by the board within twelve months. This decision could impact the company’s stock structure and potentially its market positioning.

The most recent analyst rating on (CODX) stock is a Hold with a $0.36 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.

Co-Diagnostics Announces $7M Securities Purchase Agreement

On October 28, 2025, Co-Diagnostics, Inc. announced a Securities Purchase Agreement with institutional investors to issue and sell 12,002,272 shares of common stock and 725,000 pre-funded warrants in a registered direct offering priced at-the-market under Nasdaq rules. The offering, expected to close on October 29, 2025, aims to raise approximately $7 million in gross proceeds, which will be used for working capital and general corporate purposes. Maxim Group LLC is acting as the sole placement agent, and the company has agreed to pay a cash fee and reimburse expenses related to the offering.

The most recent analyst rating on (CODX) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.

Co-Diagnostics Launches New Equity Distribution Agreement

On October 20, 2025, Co-Diagnostics, Inc. entered into an Equity Distribution Agreement with Maxim Group LLC to establish an at-the-market equity program, allowing the company to offer and sell up to $10 million of its common stock. This move comes after the company terminated a previous agreement with Piper Sandler & Co. and Clear Street LLC, effective September 30, 2025. The new agreement provides flexibility in selling shares, but there is no obligation for the company to sell any shares, and the offering will conclude once the $10 million threshold is reached or the agreement is terminated.

The most recent analyst rating on (CODX) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.

Co-Diagnostics to Present at Lytham Partners Conference

On September 30, 2025, Co-Diagnostics, Inc. announced its participation in the Lytham Partners Fall 2025 Investor Conference, where it will present a webcast and conduct one-on-one meetings with institutional investors. This engagement is part of the company’s efforts to strengthen its industry positioning and foster relationships with stakeholders, potentially impacting its operations and market presence.

The most recent analyst rating on (CODX) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.