Start here if you're new
what it is
Co-Diagnostics sells molecular test ingredients and is trying to push them into infectious disease, cancer screening, and agriculture.
how it gets paid
Last year -Diagnostics made $4M in revenue. Infectious disease tests was the main engine at $1.9M, or 48% of sales.
what just happened
Co-Diagnostics brought in $359K last quarter, but EPS was still deeply negative.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
27.3% return on capital — every dollar works hard here
-$1.24 fy2024 eps est
$4M fy2024 rev est
xvary composite: 28/100 — weak
What they do
Co-Diagnostics sells molecular test ingredients and is trying to push them into infectious disease, cancer screening, and agriculture.
Your moat is a patented testing platform and 132 employees. That is not scale. That is a small team trying to sell DNA tools across 19 countries. The strange part is the math: one Saudi JV covers KSA plus 18 other countries, so the company is betting a thin staff can stretch farther than its payroll.
How they make money
$4M
annual revenue
Infectious disease tests
$1.9M
+147.0%
PCR point-of-care platform
$0.9M
+0.0%
Liquid biopsy and cancer screening
$0.6M
+0.0%
Agricultural applications
$0.4M
+0.0%
Other diagnostics and services
$0.2M
+0.0%
The products that matter
patented PCR chemistry platform
CoPrimer™ Platform
core IP · patent update in mar 2026
this is the science story. the business only generated $4M in annual revenue, so the platform matters only if it can create a market bigger than the one that already disappeared.
ip asset
molecular diagnostic test kits
Diagnostic Test Kits
$3.2M · 80% of revenue
this is still most of the business, but sales fell 90%. that's not a slowdown. that's a vanished demand curve.
legacy revenue
licensing and royalty income
Licensing & Royalties
$0.8M · 20% of revenue
this is the cleaner revenue line because it does not require the same test volume, but at $0.8M it is still far too small to fund the company on its own.
too small to carry
Key numbers
$4M
annual revenue
This is the whole business. A $4M top line leaves almost no room for mistakes.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin n/a (verify filings), expenses are crushing sales.
77.7%
gross margin
Gross margin means money left after direct costs. This tells you the tests are not the problem; scale is.
1.7
beta
Beta means how wild the stock moves versus the market. At 1.7, your ride is rougher than average.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $1M (11% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CODX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Co-Diagnostics brought in $359K last quarter, but EPS was still deeply negative.
Revenue rose 147% vs. prior year, yet the company still lost money. Gross margin was 77.7%, so the problem is not product economics. It is scale.
$359K
revenue
-$0.62
eps
77.7%
gross margin
the number that mattered
The $359K quarter matters because it shows growth, but the company is still too small to absorb its costs.
source: company earnings report, 2025
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What could go wrong
the #1 risk is cash burn forcing more dilution before the platform finds real demand.
med
Cash burn and dilution
CODX raised $7M in January 2026 even though the equity is valued at only about $6M. That bought time, not escape velocity.
If losses stay anywhere near the recent $2.7M quarterly level, the market will start pricing in the next raise long before the cash balance hits zero.
med
Post-pandemic revenue hole
Annual revenue is estimated at $4M, and the test kit line that still drives 80% of sales fell 90%. The old business has already left the building.
At Q3 2025 revenue of $0.9M against a $2.7M net loss, even strong gross margin cannot rescue the economics.
med
IP without commercialization
The Japanese patent, Medical Korea 2026 appearance, and Arabian Eagle joint venture all point to activity. None of them are the same thing as scaled revenue.
Licensing and royalties were only $0.8M. Until that line gets meaningfully bigger, the patent story remains a promise investors are financing in real time.
A company with $11.44M in cash and just $4M in annual revenue can look asset-backed for a while. If the next few quarters still resemble $0.9M of revenue and multi-million-dollar losses, that support fades fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
runway
Cash after the $7M financing
Start with the $11.44M cash balance, then watch what the next earnings report says about burn after the January 2026 raise. This is the number that decides how much time management really bought.
calendar
Q4 2025 / FY2025 earnings
You want two things at once: losses narrowing and some sign that revenue is stabilizing above the recent $0.9M quarterly run rate.
commercial
Arabian Eagle JV and Medical Korea follow-through
Press releases are easy. Revenue is harder. Watch for contracts, orders, or any disclosure that turns partnership language into dollars.
mix
Licensing revenue versus test-kit dependence
Licensing and royalties are only $0.8M today. If that line does not grow, the company stays tied to a test business that already shrank 90%.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not trust this income statement to behave quarter to quarter.
risk rank
5
that means it looks riskier than about 95% of stocks in the dataset.
price stability
5 / 100
the tape is telling you this trades like an option on a turnaround, not like a steady operating business.
source: institutional data
Institutional activity
institutional ownership data for CODX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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