Co-Diagnostics Inc (CODX)
NASDAQ:CODX
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Co-Diagnostics
(NASDAQ:CODX)
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Rating:44Neutral
Price Target:
$2.50
▲(861.54% Upside)
Action:ReiteratedDate:01/14/26
The score is pressured primarily by poor financial performance (steep post-2021 revenue decline, sustained losses, and ongoing cash burn) and a bearish technical trend (price below key moving averages with negative MACD). Valuation is also constrained by negative earnings and no dividend support. Earnings-call initiatives and cost reductions provide only a modest offset, while the Nasdaq delisting risk is a significant additional negative factor.
Positive Factors
Proprietary CoPrimer technology
Owned CoPrimer chemistry provides a durable competitive advantage for accurate, rapid and lower-cost molecular tests. That IP supports product differentiation, licensing and partnerships across labs and healthcare systems, underpinning longer-term revenue potential as new assays are commercialized.
Negative Factors
Sharp revenue decline
Material top-line erosion since 2021 and sustained operating losses indicate weakened market traction and pricing or volume challenges. Persistently low revenue limits ability to absorb fixed costs, undermining margin recovery and making durable profitability reliant on successful commercial relaunches or new product uptake.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary CoPrimer technology
Owned CoPrimer chemistry provides a durable competitive advantage for accurate, rapid and lower-cost molecular tests. That IP supports product differentiation, licensing and partnerships across labs and healthcare systems, underpinning longer-term revenue potential as new assays are commercialized.
Read all positive factors
Co-Diagnostics (CODX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.23M
Dividend YieldN/A
Average Volume (3M)10.09M
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-87.84%
EPS Growth29.16%
CountryUS
Employees132
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-4.80
Shares Outstanding2,095,031
10 Day Avg. Volume1,334,715
30 Day Avg. Volume10,088,102
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)0.42
Price to Sales (P/S)5.81
P/FCF Ratio-0.76
Enterprise Value/Market Cap-1.82
Enterprise Value/Revenue-15.19
Enterprise Value/Gross Profit-44.65
Enterprise Value/Ebitda0.22
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 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 an...
Co-Diagnostics Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted the company's strategic initiatives and international expansion efforts as major drivers of future growth. However, significant financial challenges remain, with declining revenue and continued net losses, albeit with improved operational efficiency.Positive Updates
Strategic Joint Ventures
Co-Diagnostics announced joint ventures with CoSara in India and CoMira in Saudi Arabia. The CoSara SPAC transaction is expected to unlock significant value, while CoMira marks expansion into 19 MENA countries, strengthening the company's international footprint.
Negative Updates
Revenue Decline
Total revenue for Q3 2025 was $0.1 million, a significant drop from $0.6 million in the same period the previous year.
Read all updates
Q3-2025 Updates
Positive
Negative
Strategic Joint Ventures
Co-Diagnostics announced joint ventures with CoSara in India and CoMira in Saudi Arabia. The CoSara SPAC transaction is expected to unlock significant value, while CoMira marks expansion into 19 MENA countries, strengthening the company's international footprint.
Read all positive updates
Company Guidance
In the third quarter of fiscal year 2025, Co-Diagnostics, Inc. provided guidance emphasizing four primary growth pillars. These include the engagement of Maxim Group to explore strategic alternatives for their Indian joint venture, CoSara Diagnostics, potentially through a SPAC transaction; the establishment of CoMira, a joint venture with Arabian Eagle to expand their presence in Saudi Arabia and the MENA region; the launch of an AI business unit to enhance operational efficiency and diagnostics; and the initiation of clinical evaluations for their upper respiratory multiplex test. Financially, Co-Diagnostics reported a revenue of $0.1 million and a net loss of $5.9 million, with operating expenses reduced to $7.1 million for the quarter, demonstrating a focus on operational efficiency. The company aims to strengthen its balance sheet through strategic direct offerings totaling $10.8 million and is optimistic about multiple commercial launches expected in 2026.Co-Diagnostics Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
20
Very Negative
| 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
Negative
0.26
Price Trends
2.54
Negative
5.87
Negative
7.89
Negative
Market Momentum
-0.18
Positive
41.95
Neutral
5.67
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 0.26 is below the 20-day moving average (MA) of 2.49, below the 50-day MA of 2.54, and below the 200-day MA of 7.89, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 41.95 is Neutral, neither overbought nor oversold. The STOCH value of 5.67 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
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% | |
49 Neutral | $10.12M | -3.35 | 58.76% | ― | -50.49% | 39.93% | |
44 Neutral | $4.23M | -0.55 | -70.27% | ― | -87.84% | 29.16% | |
43 Neutral | $12.46M | -1.57 | -335.47% | ― | 18.76% | 60.09% | |
43 Neutral | $26.26M | -0.74 | -210.36% | ― | -70.54% | 70.03% | |
42 Neutral | $9.97M | -0.63 | -204.04% | ― | -60.89% | 94.49% | |
40 Underperform | $7.36M | -1.29 | -220.42% | ― | -41.03% | 35.71% |
* Healthcare Sector Average
CODX
Co-Diagnostics
2.02
-9.73
-82.80%
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2.42
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1.19
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ALUR
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0.82
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HSCS
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2.31
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-18.66%
Co-Diagnostics Corporate Events
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Co-Diagnostics Faces Nasdaq Delisting After Bid Price Noncompliance
Negative
Jan 13, 2026
On January 7, 2026, Co-Diagnostics received notice from Nasdaq that its common stock would be delisted from the Nasdaq Capital Market for continued non-compliance with the minimum $1.00 bid price requirement, after failing to maintain that level f...
Delistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
Co-Diagnostics Approves Reverse Stock Split to Maintain Listing
Neutral
Dec 30, 2025
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 withou...
Shareholder MeetingsStock Split
Co-Diagnostics Approves Reverse Stock Split Proposal
Neutral
Dec 5, 2025
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 st...
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.