Co-Diagnostics (CODX) AI Stock Analysis

• Market Cap: $23.70M
• Dividend Yield: N/A
• Average Volume (3M): 10.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.53
• 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: 60,144,855
• 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: -2.37
• Enterprise Value/Gross Profit: -5.99
• Enterprise Value/Ebitda: 0.07
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

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

Co-Diagnostics is struggling with significant financial challenges, including declining revenues and profitability, which are the most impactful factors. Technical indicators show mixed signals, and valuation metrics are concerning due to ongoing losses. While there are advancements in product development, financial difficulties overshadow these positives.

Positive Factors

AI Business Unit Formation

The creation of an AI business unit indicates a strategic focus on integrating AI into diagnostics, potentially enhancing product innovation and efficiency, and positioning the company for future growth in AI-powered healthcare solutions.

Joint Venture in Middle East

The joint venture with Arabian Eagle expands Co-Diagnostics' market reach in the Middle East and North Africa, leveraging local expertise for regulatory clearance and distribution, which could drive long-term revenue growth and market penetration.

Advancements in Co-DX PCR Platform

Progress in the Co-DX PCR platform, supported by major grants, underscores the company's commitment to innovation and diversification of its diagnostic offerings, potentially leading to new revenue streams and enhanced competitive positioning.

Negative Factors

Significant Revenue Decline

A sharp decline in revenue indicates challenges in maintaining sales momentum post-COVID-19, which could impact the company's ability to fund R&D and sustain operations, posing a risk to long-term financial health.

Negative Cash Flow

Negative cash flow highlights operational inefficiencies and cash management challenges, which could limit the company's ability to invest in growth opportunities and meet financial obligations, affecting long-term sustainability.

Increased Net Loss

Rising net losses reflect ongoing profitability challenges, indicating that the company may struggle to achieve break-even or positive earnings, which could deter investment and hinder future growth prospects.

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 are major concerns. Improvement in operational efficiency and cash management is crucial.

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: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 below the 20-day moving average (MA) of 0.44, above the 50-day MA of 0.40, and above the 200-day MA of 0.39, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 49.22 is Neutral, neither overbought nor oversold. The STOCH value of 4.91 is Positive, 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CODX	45 Neutral	$23.70M	-0.36	-63.40%	―	-91.14%	9.47%
VVOS	44 Neutral	$17.71M	-1.26	-262.03%	―	2.65%	70.21%
SINT	42 Neutral	$11.83M	-0.31	-195.48%	―	-40.47%	96.14%
ALUR	39 Underperform	$13.20M	-0.71	―	―	-58.15%	93.84%
ADGM	38 Underperform	$16.00M	-0.21	―	―	15.00%	71.57%
HSCS	38 Underperform	$7.23M	―	-193.24%	―	-66.40%	65.99%

Co-Diagnostics Corporate Events

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.