Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $22.73M
• Dividend Yield: N/A
• Average Volume (3M): 10.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: -87.84%
• EPS Growth: 29.16%
• Country: US
• Employees: 132
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.16
• Shares Outstanding: 60,892,582
• 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: -0.10
• Enterprise Value/Revenue: -4.69
• Enterprise Value/Gross Profit: -13.78
• Enterprise Value/Ebitda: 0.07
• 1Y Price Target: $1.50
• Price Target Upside: 305.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.36 ▼(-3.24% Downside)

Co-Diagnostics' overall stock score is primarily impacted by its weak financial performance, characterized by declining revenues and profitability. While strategic initiatives and international expansion efforts are promising, the current financial challenges and bearish technical indicators weigh heavily on the score.

Positive Factors

Strategic Joint Ventures

These joint ventures expand Co-Diagnostics' international presence, potentially unlocking new markets and revenue streams, enhancing long-term growth prospects.

AI Business Unit Launch

The AI unit aims to enhance diagnostics and operational efficiency, offering predictive insights, which could drive innovation and competitive advantage.

Improved Financial Efficiency

Reduced operating expenses indicate improved operational efficiency, which can enhance profitability and provide financial stability over the long term.

Negative Factors

Revenue Decline

The sharp decline in revenue highlights challenges in maintaining market demand and financial health, potentially impacting long-term sustainability.

Net Loss

Ongoing net losses, despite improvements, indicate persistent financial struggles that could hinder investment and growth opportunities.

Negative Cash Flow

Negative cash flow challenges the company's ability to fund operations and growth initiatives, potentially impacting long-term viability.

Co-Diagnostics Business Overview & Revenue Model

Company Description

Co-Diagnostics, Inc., a molecular diagnostics company, 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. It offers polymerase chain reaction (PCR) diagnostic tests for COVID-19, tuberculosis, hepatitis B and C, human papilloma virus, malaria, chikungunya, dengue, and the zika virus; three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos; and molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. The company also provides tests that identify genetic traits in plant and animal genomes; and portable PCR device designed to bring PCR to patients in point-of-care and at-home settings. In addition, it intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. The company was incorporated in 2013 and is headquartered 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

Co-Diagnostics is facing financial difficulties with declining revenues and profitability. Despite a strong equity position and low debt, negative cash flow and earnings present significant challenges. The company needs to improve operational efficiency and cash management to stabilize its financial position.

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: Neutral
• Last Price: 0.37
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 0.37 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.40, and above the 200-day MA of 0.36, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 49.28 is Neutral, neither overbought nor oversold. The STOCH value of 29.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$17.71M	-1.26	-335.47%	―	18.76%	60.09%
SINT	45 Neutral	$11.83M	-0.31	-204.04%	―	-60.89%	94.49%
CODX	42 Neutral	$22.73M	-0.39	-62.12%	―	-87.84%	29.16%
HSCS	41 Neutral	$7.07M	―	-193.24%	―	-66.40%	65.99%
ALUR	40 Underperform	$14.91M	―	―	―	-50.49%	39.93%
ADGM	37 Underperform	$17.79M	―	-210.36%	―	-70.54%	70.03%

Co-Diagnostics Corporate Events

Co-Diagnostics Expands Global Reach and Innovates with AI

Co-Diagnostics, Inc., a molecular diagnostics company based in Utah, specializes in developing, manufacturing, and marketing advanced diagnostics technologies, particularly for detecting nucleic acid molecules such as DNA and RNA.

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.

Co-Diagnostics Announces $3.8M Securities Purchase Agreement

On September 17, 2025, Co-Diagnostics, Inc. announced a securities purchase agreement with institutional investors for a registered direct offering of 9,619,000 shares of common stock at $0.40 per share, expected to close on September 18, 2025. The offering, facilitated by Maxim Group LLC as the sole placement agent, is anticipated to generate gross proceeds of approximately $3.8 million, which the company plans to use for working capital and general corporate purposes. The agreement includes participation rights for investors in future financings and imposes restrictions on the issuance of additional common stock for 30 days post-closing.

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 Earnings Call: Progress Amid Financial Struggles

The recent earnings call for Co-Diagnostics revealed a mixed bag of developments. While the company showcased significant progress in its Co-DX PCR platform, bolstered by substantial grants and upcoming clinical evaluations, these positive strides were overshadowed by a sharp decline in revenue and increased financial losses, indicating looming financial challenges.

Co-Diagnostics Reports Q2 2025 Financial Results

Co-Diagnostics, Inc. is a molecular diagnostics company based in Utah, specializing in the development, manufacturing, and marketing of advanced diagnostic technologies, particularly focusing on nucleic acid molecules for various applications, including infectious diseases.