Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $9.37M
• Dividend Yield: N/A
• Average Volume (3M): 458.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: -91.22%
• EPS Growth: 11.84%
• Country: US
• Employees: 132
• Sector: Healthcare
• Sector Strength: 47
• Industry: Medical - Devices
• EPS (TTM): -0.24
• Shares Outstanding: 33,712,530
• 10 Day Avg. Volume: 423,371
• 30 Day Avg. Volume: 458,633
• PEG Ratio: 0.04
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 15.43
• Enterprise Value/Market Cap: 6.05
• Enterprise Value/Revenue: 4.28
• Enterprise Value/Gross Profit: -462.12
• Enterprise Value/Ebitda: -0.38
• 1Y Price Target: $1.00
• Price Target Upside: 244.83% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 39 Underperform
• Price Target: $0.50 ▲(72.41%Upside)

The overall score reflects significant financial challenges facing Co-Diagnostics, with declining revenue and profitability. Technical indicators suggest bearish market sentiment, and valuation metrics are poor due to negative earnings. Despite advances in its product pipeline, financial difficulties remain the most significant factor affecting the stock.

Positive Factors

Facilities and Infrastructure

The company has inaugurated a new manufacturing facility in South Salt Lake to manufacture its patented Co-Primers oligonucleotides, the Co-Dx PCR Pro instrument, and test cups for the new Co-Dx PCR platform.

Manufacturing Expansion

Production work flows are streamlined, efficiently staffed and ready for expansion in the company's new manufacturing facility in South Salt Lake.

Product Development

The company plans to submit the next iteration of the Co-Dx PCR COVID-19 test for 510(k) OTC clearance, following the collection of clinical evaluation data to support the new test's performance.

Negative Factors

Capital Requirements

The company may need to raise additional capital within the next period due to cash flows from operating activities being ($8.7M) during 1Q25.

Financial Performance

Revenue for the full year 2024 was $3.9M, representing a 43% year-over-year decline.

Regulatory Hurdles

The company withdrew its 510(k) application for its Co-Dx PCR COVID-19 test due to concerns about shelf-life stability.

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 makes money primarily through the sale of its diagnostic tests and reagents. These products are used by laboratories, healthcare facilities, and research institutions to detect and analyze various biological markers for infectious diseases and genetic conditions. The company also generates revenue through licensing its proprietary molecular diagnostic technologies to other firms. Key revenue streams include the direct sales of test kits, licensing agreements, and potential partnerships with healthcare providers or governmental health agencies that require advanced diagnostic capabilities. Additionally, Co-Diagnostics may engage in research collaborations that can provide additional funding and revenue opportunities.

Co-Diagnostics Financial Statement Overview

Summary

Co-Diagnostics is encountering financial difficulties with declining revenues and profitability. The balance sheet shows stability with low leverage, but the negative cash flow and earnings present significant challenges. The company needs to improve operational efficiency and cash management.

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	-122.70K	2.92M	2.63M	28.74M	86.31M	57.96M
EBITDA	-36.02M	-38.70M	-41.48M	-10.31M	46.40M	41.83M
Net Income	-35.86M	-37.64M	-35.33M	-14.24M	36.66M	42.48M
Balance Sheet
Total Assets	55.15M	64.00M	95.32M	123.09M	160.03M	71.24M
Cash, Cash Equivalents and Short-Term Investments	21.48M	29.75M	58.55M	81.26M	89.86M	47.31M
Total Debt	1.93M	2.15M	2.99M	347.92K	0.00	0.00
Total Liabilities	1.85M	9.69M	9.31M	8.57M	25.56M	4.54M
Stockholders Equity	47.92M	54.31M	86.01M	114.52M	134.48M	66.70M
Cash Flow
Free Cash Flow	-29.85M	-29.90M	-23.45M	5.14M	40.41M	27.39M
Operating Cash Flow	-29.41M	-29.16M	-22.08M	6.57M	41.08M	28.17M
Investing Cash Flow	7.76M	17.07M	15.39M	-58.17M	4.10M	-5.82M
Financing Cash Flow	458.66K	103.91K	-1.36M	-14.03M	450.40K	19.74M

Co-Diagnostics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.29
• 50DMA: Negative
• 100DMA: Negative
• 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 Neutral. The current price of 0.29 is above the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.30, and below the 200-day MA of 0.70, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.16 is Neutral, neither overbought nor oversold. The STOCH value of 70.48 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
PAVM	54 Neutral	$10.66M	0.84	-499.57%	―	-33.92%	―
Sector *	51 Neutral	$7.55B	0.30	-61.90%	2.27%	17.11%	1.58%
BMRA	49 Neutral	$7.84M	―	-72.70%	―	5.05%	26.13%
ADGM	48 Neutral	$20.77M	―	-329.16%	―	2115.38%	-4.40%
CODX	39 Underperform	$9.37M	―	-56.80%	―	-91.22%	11.84%
AXDXQ	37 Underperform	$161.35K	―		―	-2.99%	59.87%
MOVE	23 Underperform	$4.73M	―	-439.23%	―	―	56.73%

Co-Diagnostics Corporate Events

Co-Diagnostics Holds Annual Shareholders Meeting

On May 28, 2025, Co-Diagnostics, Inc. held its annual shareholders meeting where several key proposals were voted on. Shareholders elected directors for a one-year term, approved the 2025 Equity Incentive Plan, adopted a non-binding resolution on executive compensation, and ratified the appointment of Tanner LLC as the independent registered public accounting firm for 2025. These decisions reflect ongoing corporate governance and strategic planning efforts, potentially impacting the company’s operational focus and stakeholder interests.

The most recent analyst rating on (CODX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Co-Diagnostics stock, see the CODX Stock Forecast page.