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Co-Diagnostics Inc (CODX)
NASDAQ:CODX
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Co-Diagnostics (CODX) AI Stock Analysis

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CODX

Co-Diagnostics

(NASDAQ:CODX)

Rating:45Neutral
Price Target:
$0.50
▲(61.29% 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
Earnings
Net loss was $7.7M, or ($0.23) per share, less than the estimated loss of $8.3M.
Manufacturing Expansion
A new manufacturing facility has been inaugurated in South Salt Lake to manufacture components for the new Co-Dx PCR platform.
Operational Efficiency
Production work flows are streamlined, efficiently staffed and ready for expansion in the company's new manufacturing facility in South Salt Lake.
Negative Factors
Capital Requirements
Cash flows from operating activities were ($8.3M) during 2Q25, indicating the need to raise additional capital in the near term to fund operations.
Regulatory Challenges
The company withdrew its 510(k) application submitted to the FDA for its Co-Dx PCR COVID-19 test.
Revenue Decline
Revenue for the full year 2024 was $3.9M, representing a 43% year-over-year decline.

Co-Diagnostics (CODX) vs. SPDR S&P 500 ETF (SPY)

Co-Diagnostics Business Overview & Revenue Model

Company DescriptionCo-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 MoneyCo-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 Earnings Call Summary

Earnings Call Date:Aug 14, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Negative
The earnings call highlighted significant advancements in Co-Diagnostics' Co-DX PCR platform development, supported by major grants and upcoming clinical evaluations. However, these positives were overshadowed by a sharp revenue decline and increased losses, indicating financial challenges.
Q2-2025 Updates
Positive Updates
Advancement of Co-DX PCR Platform
Co-Diagnostics has made steady advancements on its Co-DX PCR point-of-care platform, with plans to initiate clinical evaluations for all tests in the pipeline during 2025.
Grants from Major Organizations
The development of the TB and HPV tests is supported by grants from the Bill & Melinda Gates Foundation, and the 4-plex respiratory panel is supported by a grant from the National Institute of Health's RADx Tech program.
Progress on TB Test
Preliminary studies for the Co-DX PCR MTB test are completed or in process, with plans to begin clinical evaluations in India and South Africa by the end of 2025.
Upcoming Clinical Evaluations
Co-Diagnostics plans to start clinical evaluations for the COVID-19, ABCR 4-plex, TB, and HPV tests in 2025, with the COVID-19 test already beginning site visits and training.
Innovative Cloud-Based Analysis
The Co-DX PCR platform includes a cloud-based analysis feature that provides epidemiological data to health departments, a feature supported by the Bill & Melinda Gates Foundation and the National Institute of Health's RADx Tech program.
Negative Updates
Significant Revenue Decline
Total revenue for the second quarter of 2025 decreased to $0.2 million from $2.7 million in the prior year, with grant revenue absent in the current period.
Net Loss Increase
Net loss for the second quarter of 2025 was $7.7 million, slightly increased from a net loss of $7.6 million in the same period of the previous year.
Adjusted EBITDA Loss
The adjusted EBITDA loss for the second quarter of 2025 was $7.2 million, compared to $5.9 million in the second quarter of 2024.
Company Guidance
During the second quarter of 2025 earnings call, Co-Diagnostics provided detailed guidance on the progress and anticipated timelines for their Co-DX PCR testing platform. The company is on track to initiate clinical evaluations for several tests by the end of 2025, including those for COVID-19, a 4-plex respiratory panel, tuberculosis (TB), and an HPV 8-type multiplex panel. These tests are expected to undergo clinical trials in sequence, beginning with the COVID-19 test, followed by the 4-plex respiratory panel, TB, and HPV tests. Co-Diagnostics aims to submit a 510(k) application to the FDA for the COVID-19 test after clinical evaluations are completed, with an anticipated commercial launch by mid-2026. The company is focusing on point-of-care markets, such as physician offices, skilled nursing facilities, and pharmacies in the United States, while targeting primary healthcare centers in India. Financially, Co-Diagnostics reported a revenue decrease to $0.2 million in Q2 2025, compared to $2.7 million in the same period of 2024, with total operating expenses also declining to $8.2 million from $10.1 million. The company ended the quarter with $13.4 million in cash, equivalents, and marketable investment securities, and plans to meet its capital requirements through equity, debt financing, and grant funding.

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
35
Negative
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
45
Neutral
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
30
Negative
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.00M3.92M6.81M34.22M97.89M74.55M
Gross Profit397.49K2.92M2.63M28.74M86.31M57.96M
EBITDA-36.44M-38.70M-41.48M-10.31M46.40M41.83M
Net Income-35.99M-37.64M-35.33M-14.24M36.66M42.48M
Balance Sheet
Total Assets46.47M64.00M95.32M123.09M160.03M71.24M
Cash, Cash Equivalents and Short-Term Investments13.36M29.75M58.55M81.26M89.86M47.31M
Total Debt1.70M2.15M2.99M347.92K0.000.00
Total Liabilities5.33M9.69M9.31M8.57M25.56M4.54M
Stockholders Equity41.14M54.31M86.01M114.52M134.48M66.70M
Cash Flow
Free Cash Flow-33.23M-29.90M-23.45M5.14M40.41M27.39M
Operating Cash Flow-32.49M-29.16M-22.08M6.57M41.08M28.17M
Investing Cash Flow28.86M17.07M15.39M-58.17M4.10M-5.82M
Financing Cash Flow887.66K103.91K-1.36M-14.03M450.40K19.74M

Co-Diagnostics Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.31
Price Trends
50DMA
0.28
Positive
100DMA
0.30
Positive
200DMA
0.49
Negative
Market Momentum
MACD
0.01
Negative
RSI
53.91
Neutral
STOCH
57.62
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 0.31 is above the 20-day moving average (MA) of 0.30, above the 50-day MA of 0.28, and below the 200-day MA of 0.49, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 53.91 is Neutral, neither overbought nor oversold. The STOCH value of 57.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CODX.

Co-Diagnostics Risk Analysis

Co-Diagnostics disclosed 23 risk factors in its most recent earnings report. Co-Diagnostics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Co-Diagnostics Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.92B-0.43-41.69%2.21%22.29%-1.85%
51
Neutral
$9.60M0.38-499.57%-73.36%
47
Neutral
$25.38M-329.16%15.00%71.57%
45
Neutral
$11.90M-63.40%-91.14%9.47%
40
Underperform
$7.94M-92.99%-1.88%23.99%
37
Underperform
$25.00
-2.99%59.87%
23
Underperform
$6.44M-439.23%56.73%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CODX
Co-Diagnostics
0.31
-1.03
-76.87%
AXDXQ
Accelerate Diagnostics
0.01
-1.72
-99.42%
BMRA
Biomerica
2.75
-0.03
-1.08%
PAVM
PAVmed
0.44
-0.65
-59.63%
ADGM
Adagio Medical Holdings
1.58
-2.77
-63.68%
MOVE
Movano
1.08
-3.58
-76.82%

Co-Diagnostics Corporate Events

Delistings and Listing ChangesStock Split
Co-Diagnostics Granted NASDAQ Grace Period Extension
Neutral
Jul 11, 2025

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.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 19, 2025