Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $20.19M
• Dividend Yield: N/A
• Average Volume (3M): 12.71M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: -91.14%
• EPS Growth: 9.47%
• Country: US
• Employees: 132
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.23
• Shares Outstanding: 48,142,582
• 10 Day Avg. Volume: 27,868,642
• 30 Day Avg. Volume: 12,712,635
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: -0.12
• Enterprise Value/Revenue: -2.37
• Enterprise Value/Gross Profit: -5.99
• Enterprise Value/Ebitda: 0.07
• 1Y Price Target: $0.50
• Price Target Upside: 21.95% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 45 Neutral
• Price Target: $0.50 ▲(21.95% Upside)

Co-Diagnostics is currently facing significant financial difficulties, with declining revenues and profitability being the most impactful factors. While there is some bullish momentum in the technical indicators, the overall financial health and valuation concerns weigh heavily on the stock's attractiveness.

Positive Factors

Technological Advancements

The development of the Co-DX PCR platform positions Co-Diagnostics as a leader in point-of-care diagnostics, enhancing its competitive edge and market reach.

Strategic Partnerships

Partnerships with reputable organizations provide financial support and credibility, fostering innovation and expanding the company's diagnostic capabilities.

Innovative Cloud-Based Analysis

The cloud-based analysis feature enhances the platform's utility, offering valuable epidemiological insights and strengthening the company's product differentiation.

Negative Factors

Revenue Decline

A significant drop in revenue indicates challenges in sustaining product demand and market share, impacting long-term financial health and growth prospects.

Negative Cash Flow

Persistent negative cash flow raises concerns about the company's ability to fund operations and invest in growth, potentially limiting strategic flexibility.

Increased Net Loss

Rising net losses highlight ongoing profitability challenges, necessitating operational improvements to achieve financial sustainability and investor confidence.

Co-Diagnostics Business Overview & Revenue Model

Company Description

Co-Diagnostics, Inc. (CODX) is a molecular diagnostics company that develops and manufactures diagnostic tests based on its proprietary CoPrimer technology. The company focuses on the design of tests for infectious diseases, including COVID-19, and offers its products to laboratories, healthcare providers, and other organizations globally. Co-Diagnostics operates primarily in the healthcare sector, utilizing advanced technology to provide accurate and efficient diagnostic solutions.

How the Company Makes Money

Co-Diagnostics generates revenue primarily through the sale of its diagnostic test kits and related products. The company has established revenue streams from the commercialization of its COVID-19 testing products, which gained significant traction during the pandemic. Additionally, Co-Diagnostics has entered into partnerships with various laboratories and healthcare providers to expand the distribution of its products. The company also earns revenue from licensing its CoPrimer technology to other developers and laboratories, allowing them to create their own diagnostic tests. Factors contributing to its earnings include demand for COVID-19 tests, ongoing development of new diagnostic solutions for other diseases, and strategic collaborations that enhance market reach.

Co-Diagnostics Financial Statement Overview

Summary

Co-Diagnostics is facing significant financial challenges, with declining revenues and profitability. The balance sheet shows stability with low leverage, but negative cash flow and earnings present major concerns. 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	1.00M	3.92M	6.81M	34.22M	97.89M	74.55M
Gross Profit	397.49K	2.92M	2.63M	28.74M	86.31M	57.96M
EBITDA	-36.44M	-38.70M	-41.48M	-10.31M	46.40M	41.83M
Net Income	-35.99M	-37.64M	-35.33M	-14.24M	36.66M	42.48M
Balance Sheet
Total Assets	46.47M	64.00M	95.32M	123.09M	160.03M	71.24M
Cash, Cash Equivalents and Short-Term Investments	13.36M	29.75M	58.55M	81.26M	89.86M	47.31M
Total Debt	1.70M	2.15M	2.99M	347.92K	0.00	0.00
Total Liabilities	5.33M	9.69M	9.31M	8.57M	25.56M	4.54M
Stockholders Equity	41.14M	54.31M	86.01M	114.52M	134.48M	66.70M
Cash Flow
Free Cash Flow	-33.23M	-29.90M	-23.45M	5.14M	40.41M	27.39M
Operating Cash Flow	-32.49M	-29.16M	-22.08M	6.57M	41.08M	28.17M
Investing Cash Flow	28.86M	17.07M	15.39M	-58.17M	4.10M	-5.82M
Financing Cash Flow	887.66K	103.91K	-1.36M	-14.03M	450.40K	19.74M

Co-Diagnostics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.41
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 0.41 is above the 20-day moving average (MA) of 0.37, above the 50-day MA of 0.31, and below the 200-day MA of 0.45, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 55.18 is Neutral, neither overbought nor oversold. The STOCH value of 25.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CODX.

Co-Diagnostics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CODX	45 Neutral	$20.19M	―	-63.40%	―	-91.14%	9.47%
ADGM	45 Neutral	32.92M	-0.43	-270.00%	―	15.00%	71.57%
PAVM	42 Neutral	9.50M	0.38	178.66%	―	-73.36%	―
BMRA	40 Underperform	8.19M	-1.35	-121.14%	―	-1.88%	23.99%
MOVE	23 Underperform	4.62M	-0.13	―	―	―	56.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Co-Diagnostics Corporate Events

Co-Diagnostics Granted NASDAQ Grace Period Extension

On July 10, 2025, Co-Diagnostics, Inc. received a notification from the NASDAQ Stock Market granting an additional 180-day grace period until January 5, 2026, to meet the $1.00 minimum bid requirement. The company plans to address this issue, potentially through a reverse stock split, to maintain its NASDAQ listing, which is crucial for its market presence and stakeholder confidence.