Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $4.98M
• Dividend Yield: N/A
• Average Volume (3M): 10.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.68
• 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: -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: -1.47
• Enterprise Value/Revenue: -14.41
• Enterprise Value/Gross Profit: -42.33
• Enterprise Value/Ebitda: 0.21
• 1Y Price Target: $5.00
• Price Target Upside: 1823.08% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $2.50 ▲(861.54% Upside)

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.

Low financial leverage

Very low debt gives Co-Diagnostics financial flexibility to pursue clinical programs, JV expansion and commercialization without heavy interest burdens. This reduces immediate liquidity stress and preserves options for strategic transactions or equity raises if operational results improve.

International joint ventures

JVs target large, underpenetrated markets (India, 19 MENA countries) and can accelerate commercial scale without sole funding burden. Structural market entry via partners may provide recurring revenue channels, distribution reach and regulatory/local-market expertise over multi‑year horizons.

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.

Negative cash flow profile

Repeated negative operating and free cash flow shows ongoing cash burn that erodes equity and forces reliance on external financing. Without sustained revenue growth or margin improvement, recurring cash deficits threaten operational continuity and constrain strategic investments over the medium term.

Nasdaq delisting risk & liquidity

Delisting proceedings and potential move to OTC materially increase liquidity and capital-raising friction, reduce institutional investor access and can hinder partnership negotiations. This structural market-access risk raises long‑term funding costs and could impair commercial credibility.

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

Financial performance is weak: income statement deterioration (sharp revenue decline since 2021 and deeply negative profitability) and continued cash burn (negative operating cash flow and free cash flow) outweigh a comparatively stronger, low-leverage balance sheet that is still seeing equity erosion due to losses.

Income Statement

Results have deteriorated sharply from the strong profitability seen in 2020–2021 to sustained losses in 2022–2024, with TTM (Trailing-Twelve-Months) showing an especially severe margin collapse. Revenue has trended down materially since 2021, including a large decline in TTM (Trailing-Twelve-Months), and profitability remains deeply negative (operating profit and net income). A modest positive is that gross margin is still positive in TTM (Trailing-Twelve-Months), but it is far too low to offset operating costs given the current revenue base.

Balance Sheet

The balance sheet remains a relative strength with very low leverage across periods (debt-to-equity consistently low, including TTM (Trailing-Twelve-Months)). However, equity has declined meaningfully from 2021–2023 levels, and returns on equity are strongly negative in recent periods, reflecting ongoing losses. Overall, CODX appears under-levered but is eroding its capital base as profitability remains weak.

Cash Flow

Cash generation has turned unfavorable: operating cash flow and free cash flow are negative in 2023, 2024, and TTM (Trailing-Twelve-Months), indicating continued cash burn. While free cash flow has tracked net income closely (cash losses roughly in line with accounting losses), the direction is still negative, and recent free cash flow growth is also down. The key positive is that the company is not relying on heavy debt to fund these deficits, but the current cash flow profile is not sustainable without improvement in operations.

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: Negative
• RSI: Positive
• STOCH: 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 3.92, below the 50-day MA of 7.11, and below the 200-day MA of 9.25, indicating a bearish trend. The MACD of -1.34 indicates Negative momentum. The RSI at 27.63 is Positive, neither overbought nor oversold. The STOCH value of 9.18 is Positive, 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%
ALUR	49 Neutral	$16.58M	-0.18	―	―	-50.49%	39.93%
HSCS	46 Neutral	$10.27M	-0.47	-220.42%	―	-41.03%	35.71%
CODX	44 Neutral	$4.98M	-0.08	-62.12%	―	-87.84%	29.16%
VVOS	43 Neutral	$15.29M	-0.82	-335.47%	―	18.76%	60.09%
ADGM	43 Neutral	$21.18M	-0.19	-210.36%	―	-70.54%	70.03%
SINT	40 Underperform	$12.36M	-0.46	-204.04%	―	-60.89%	94.49%

Co-Diagnostics Corporate Events

Co-Diagnostics Faces Nasdaq Delisting After Bid Price Noncompliance

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 for the required 10 consecutive trading days by the end of its second 180-day grace period on January 5, 2026. Trading in the company’s securities is set to be suspended from Nasdaq at the open on January 14, 2026, with the shares expected to move to the Pink Limited Information tier of the OTC Market under the current “CODX” symbol; although the stock has traded at or above $1.00 since January 2, 2026 following a reverse split, Co-Diagnostics is seeking a favorable compliance determination from Nasdaq staff if it can maintain the required bid price through January 15, 2026, but there is no guarantee it will avoid or reverse the delisting, leaving investors facing heightened trading and liquidity risks.

The most recent analyst rating on (CODX) stock is a Hold with a $6.00 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 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.