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CODX

Co-Diagnostics, Inc.

CODX

Co-Diagnostics, Inc. • NASDAQ
$0.37 ▼ -0.72% (-0.00)
Market Cap $12.55 M
52w High $1.55
52w Low $0.23
Dividend Yield 0%
P/E -0.38
Volume 940.93K
Outstanding Shares 33.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $145.38K ▼ $7.133M ▼ $-5.887M ▲ -4.049K% ▲ $-0.16 ▲ $-6.746M ▲
Q2-2025 $162.91K ▲ $8.189M ▼ $-7.73M ▼ -4.745K% ▲ $-0.23 ▲ $-7.766M ▲
Q1-2025 $50.277K ▼ $8.581M ▼ $-7.533M ▲ -14.984K% ▼ $-0.24 ▲ $-8.272M ▲
Q4-2024 $149.325K ▼ $11.801M ▲ $-11.031M ▼ -7.387K% ▼ $-0.33 ▼ $-11.55M ▼
Q3-2024 $641.141K $10.579M $-9.696M -1.512K% $-0.32 $-9.884M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.444M ▼ $44.741M ▼ $4.913M ▼ $39.828M ▼
Q2-2025 $13.363M ▼ $46.466M ▼ $5.327M ▼ $41.138M ▼
Q1-2025 $21.479M ▼ $55.149M ▼ $7.229M ▼ $47.921M ▼
Q4-2024 $29.748M ▼ $64M ▼ $9.688M ▲ $54.312M ▼
Q3-2024 $37.662M $72.381M $8.597M $63.784M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.887M ▲ $-5.905M ▲ $2.175M ▼ $4.058M ▲ $328.762K ▼ $-5.98M ▲
Q2-2025 $-7.73M ▼ $-8.288M ▲ $17.071M ▲ $429K ▲ $9.212M ▲ $-8.689M ▲
Q1-2025 $-7.533M ▲ $-8.745M ▼ $7.357M ▲ $354.746K ▲ $-1.034M ▲ $-8.837M ▼
Q4-2024 $-11.031M ▼ $-8.231M ▼ $266.006K ▼ $103.914K ▲ $-7.861M ▼ $-8.304M ▼
Q3-2024 $-9.696M $-7.23M $4.168M $0 $-3.061M $-7.404M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Revenue
Product Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has largely dried up since the pandemic boom, falling from meaningful COVID‑related sales to almost nothing in the most recent years. Gross profit has moved in the same direction, leaving the business without much ongoing commercial scale. At the same time, operating costs have stayed relatively high for such a small revenue base, mainly driven by R&D and overhead to support the new platform strategy. As a result, operating results have shifted from healthy profits during the pandemic to continuing losses. Earnings per share have followed that path: strong during peak COVID demand, then steadily deteriorating into sizable per‑share losses. Overall, the income statement tells a story of a company that has not yet replaced its one‑off pandemic windfall with a sustainable stream of new product revenue, while still carrying the cost structure of an innovation‑focused diagnostics business.

Balance Sheet

Balance Sheet The balance sheet shows a small company with modest assets and no financial debt, which removes the pressure of interest payments. However, total assets and shareholders’ equity have gradually shrunk over the last few years, reflecting ongoing losses and limited new capital. Cash levels have come down from earlier highs, leaving a thinner liquidity cushion today. While the company is still equity‑funded and not over‑levered, the steady erosion of its asset base indicates that it has been using its resources to fund operations without yet rebuilding value through new revenue streams. Management’s own reference to “substantial doubt” about its ability to continue without additional financing underlines that the balance sheet, while clean from a debt perspective, is under growing strain from continued cash burn.

Cash Flow

Cash Flow Cash flow from operations was positive when COVID testing demand was high, but has turned negative as those sales faded and new platforms are still pre‑commercial. Because capital spending has been minimal, free cash flow essentially mirrors operating cash flow. This means the business is mainly consuming cash to fund development, regulatory work, and overhead, rather than generating it. Without new funding or a swift ramp‑up in product sales, the current cash position may not comfortably support the company through a long approval and commercialization cycle. In short, the cash flow profile is that of an early‑stage or transition‑stage diagnostics firm: investment‑heavy and loss‑making, dependent on either external capital or a sharp improvement in operating performance.

Competitive Edge

Competitive Edge Co-Diagnostics operates in a very competitive molecular diagnostics market dominated by large, well‑funded players with established lab systems and brand recognition. Against this backdrop, the company’s edge lies in its patented Co‑Primers chemistry, which aims to deliver more accurate and multiplex‑friendly PCR tests. Its strategy is to move PCR testing out of centralized labs and into clinics, pharmacies, and ultimately homes, positioning itself as a disruptor focused on accessibility and ease of use. If successfully executed, that could differentiate Co-Diagnostics from both traditional lab players and rapid antigen test makers. However, its small scale, limited current revenue, and dependence on regulatory approvals make its competitive position fragile. The company must prove it can translate technology and partnerships into widespread adoption before larger competitors respond or new technologies emerge.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Co-Diagnostics. The Co‑Primers technology directly tackles accuracy issues in PCR, particularly for multiplex testing. On top of that, the company is building a dedicated platform—Co‑Dx PCR Pro and the planned PCR Home device—aimed at bringing lab‑quality testing into everyday settings with smartphone integration. The test menu under development is broad, targeting respiratory panels, tuberculosis, HPV, and more. This platform plus menu model is typical of successful diagnostics businesses, but here it is still largely in the development and regulatory stage. The newly created AI unit, focused on optimizing primer design and data interpretation, adds another layer of technical ambition. The flip side is that this innovation pipeline is expensive and long‑dated. Regulatory clearances, clinical trials, and market uptake are all uncertain and could take years. The company’s R&D engine is robust and forward‑looking, but it currently weighs heavily on finances and has not yet produced a stable base of recurring revenue.

Summary

Co-Diagnostics is transitioning from a one‑time COVID testing beneficiary into a platform‑based diagnostics innovator. Financially, it has moved from pandemic‑driven profitability to low revenue and continuing losses, with shrinking cash and equity but no debt on the balance sheet. Cash flow is negative and closely watched, especially given management’s own caution about going‑concern risks. Strategically, the company’s patented chemistry, point‑of‑care and at‑home PCR vision, and global joint ventures give it a differentiated story in a crowded field. The innovation and R&D pipeline is rich but unproven at scale and still awaiting key regulatory approvals. Overall, CODX currently looks like a high‑innovation, high‑uncertainty diagnostics play: strong on technology and ambition, but under clear financial pressure and heavily reliant on successful execution of its platform and test approvals over the next few years.

NEWS

November 20, 2025 · 9:00 AM UTC

Co-Diagnostics Delivers Address about Tuberculosis Test Adoption and Implementation at The Union World Conference on Lung Health

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November 18, 2025 · 9:00 AM UTC

Co-Diagnostics Initiates Clinical Evaluations for Upper Respiratory Multiplex Point-of-Care Test on Co-Dx™ PCR Platform to Support Submission to the U.S. FDA

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November 13, 2025 · 4:01 PM UTC

Co-Diagnostics Reports Third Quarter 2025 Financial Results

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November 5, 2025 · 9:00 AM UTC

Co-Diagnostics Engages Maxim Group to Pursue SPAC Transaction for its Indian Joint Venture, CoSara Diagnostics Pvt. Ltd

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November 3, 2025 · 9:00 AM UTC

Co-Diagnostics to Integrate and Implement Proprietary Artificial Intelligence Technology into Co-Dx™ Primer Ai™ Platform

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