Co-Diagnostics, Inc.
CODXHealthcare|Biotechnology|US
$0.26
-0.01 (-3.86%)
DCF Value
$7.41
Tangible Book / Share
$1.27
Cash / Share
$0.85
Financials
Financial Snapshot
Market Cap
$1.9M
Enterprise Value
$62.3K
Revenue (TTM)
$721.4K
Net Income (TTM)
-$47.1M
Cash & Investments
$3.6M
Net Cash
$1.9M
Free Cash Flow (TTM)
-$27.5M
Operating CF (TTM)
-$27.1M
Debt/Equity
0.14
Cash Runway & Burn Rate
Cash on Hand
$3.6M
Quarterly Burn
$6.8M
Monthly Burn
$2.3M
Est. Runway
~0.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $998.7K | $3.5M | $950.2K | $893.1K | $47.3M | $89.9M | $81.3M | $58.5M | $29.7M | $11.9M | $3.6M | |
| Operating Cash Flow | -$1.3M | -$3.2M | -$4.1M | -$5.5M | $28.2M | $41.1M | $6.6M | -$22.1M | -$29.2M | -$29.1M | -$27.1M | |
| Free Cash Flow | -$1.3M | -$3.3M | -$4.1M | -$5.6M | $27.4M | $40.4M | $5.1M | -$23.4M | -$29.9M | -$29.8M | -$27.5M | |
| Capital Expenditure | -$12.2K | -$129.3K | -$41.3K | -$113.2K | -$774.4K | -$669.5K | -$1.4M | -$1.4M | -$748.4K | -$700.0K | -$367.4K | |
| Financing Cash Flow | $2.3M | $5.9M | $1.9M | $5.9M | $19.7M | $450.4K | -$14.0M | -$1.4M | $103.9K | $11.8M | $18.1M |
R&D Spending
R&D (TTM)
$19.7M
R&D Intensity
2726.2%
R&D Growth vs Prior
+2.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $7.7K | $39.9K | $215.0K | $74.6M | $97.9M | $34.2M | $6.8M | $3.9M | $622.5K | $721.4K | |
| R&D Expense | $731.5K | $1.0M | $1.4M | $1.4M | $3.2M | $15.0M | $17.4M | $23.0M | $21.0M | $19.1M | $19.7M | |
| R&D % of Revenue | — | 13092.8% | 3410.5% | 638.0% | 4.3% | 15.3% | 51.0% | 337.1% | 535.9% | 3074.3% | 2726.2% | |
| SG&A | $919.0K | $3.5M | $4.7M | $4.6M | $12.9M | $24.9M | $21.6M | $21.1M | $20.6M | $11.4M | $9.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $7.7K | $39.9K | $215.0K | $74.6M | $97.9M | $34.2M | $6.8M | $3.9M | $622.5K | $721.4K | |
| Cost of Revenue | $37.5K | $302.00 | $9.4K | $112.4K | $16.6M | $11.6M | $5.5M | $4.2M | $999.1K | $222.4K | $663.2K | |
| Gross Profit | -$37.5K | $7.4K | $30.5K | $102.5K | $58.0M | $86.3M | $28.7M | $2.6M | $2.9M | $400.1K | $58.2K | |
| R&D | $731.5K | $1.0M | $1.4M | $1.4M | $3.2M | $15.0M | $17.4M | $23.0M | $21.0M | $19.1M | $19.7M | |
| SG&A | $919.0K | $3.5M | $4.7M | $4.6M | $12.9M | $24.9M | $21.6M | $21.1M | $20.6M | $11.4M | $9.7M | |
| Operating Income | -$1.7M | -$4.6M | -$6.1M | -$5.9M | $41.7M | $46.1M | -$27.0M | -$42.7M | -$40.1M | -$31.3M | -$30.1M | |
| Interest Expense | $240.7K | $310.2K | $134.9K | $106.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.9M | -$7.0M | -$6.3M | -$6.2M | $42.6M | $45.6M | -$18.8M | -$38.1M | -$37.6M | -$48.5M | -$48.7M | |
| Net Income | -$1.9M | -$7.0M | -$6.3M | -$6.2M | $42.5M | $36.7M | -$14.2M | -$35.3M | -$37.6M | -$46.9M | -$47.1M | |
| EPS (Diluted) | -5.10 | -18.90 | -15.00 | -11.09 | 1.52 | 36.90 | -13.57 | -36.00 | -37.20 | -35.25 | -26.72 | |
| EBITDA | -$1.7M | -$6.6M | -$6.1M | -$6.0M | $41.8M | $46.0M | -$10.3M | -$36.9M | -$36.2M | -$47.4M | -$47.5M | |
| Shares Out. (M) | 0.37 | 0.37 | 0.42 | 0.56 | 0.93 | 1.00 | 1.05 | 0.98 | 1.01 | 1.33 | 4.31 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $998.7K | $3.5M | $950.2K | $893.1K | $43.0M | $88.6M | $23.0M | $14.9M | $2.9M | $11.9M | $3.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $4.3M | $1.3M | $58.3M | $43.6M | $26.8M | $0.00 | $0.00 | |
| Total Current Assets | $1.2M | $4.5M | $1.1M | $1.6M | $68.4M | $115.1M | $92.7M | $62.1M | $32.3M | $13.7M | $5.2M | |
| Total Assets | $1.3M | $4.7M | $1.6M | $2.2M | $71.2M | $160.0M | $123.1M | $95.3M | $64.0M | $24.7M | $16.6M | |
| Total Current Liabilities | $3.8M | $628.3K | $2.4M | $328.1K | $4.1M | $12.6M | $3.9M | $5.7M | $7.3M | $3.5M | $2.9M | |
| Long-Term Debt | $445.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $574.3K | $0.00 | |
| Total Liabilities | $4.3M | $811.8K | $2.6M | $478.1K | $4.5M | $25.6M | $8.6M | $9.3M | $9.7M | $4.1M | $3.9M | |
| Stockholders' Equity | -$3.0M | $3.9M | -$1.1M | $1.7M | $66.7M | $134.5M | $114.5M | $86.0M | $54.3M | $20.6M | $12.7M | |
| Retained Earnings | -$5.5M | -$12.4M | -$18.7M | -$25.0M | $17.5M | $54.2M | $39.9M | $4.6M | -$33.0M | -$80.4M | -$95.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3M | -$3.2M | -$4.1M | -$5.5M | $28.2M | $41.1M | $6.6M | -$22.1M | -$29.2M | -$29.1M | -$27.1M | |
| Capital Expenditure | -$12.2K | -$129.3K | -$41.3K | -$113.2K | -$774.4K | -$669.5K | -$1.4M | -$1.4M | -$748.4K | -$700.0K | -$367.4K | |
| Free Cash Flow | -$1.3M | -$3.3M | -$4.1M | -$5.6M | $27.4M | $40.4M | $5.1M | -$23.4M | -$29.9M | -$29.8M | -$27.5M | |
| Investing Cash Flow | -$12.2K | -$189.3K | -$380.3K | -$435.2K | -$5.8M | $4.1M | -$58.2M | $15.4M | $17.1M | $26.3M | $1.5M | |
| Financing Cash Flow | $2.3M | $5.9M | $1.9M | $5.9M | $19.7M | $450.4K | -$14.0M | -$1.4M | $103.9K | $11.8M | $18.1M | |
| Issuance of Stock | $0.00 | $7.1M | $30.0K | $5.5M | $19.5M | $450.4K | $0.00 | $0.00 | $103.9K | $11.8M | $18.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$14.2M | -$1.4M | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $2.3M | -$41.5K | $2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $69.6K | $2.0M | $1.3M | $1.1M | $2.7M | $5.5M | $7.5M | $8.3M | $5.4M | $2.2M | $1.2M | |
| Net Change in Cash | $964.9K | $2.5M | -$2.6M | -$57.1K | $42.1M | $45.6M | -$65.6M | -$8.1M | -$12.0M | $8.9M | -$7.5M |
Dilution Tracker
Shares outstanding grew 42.5% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+42.5%
Stock Issuance (TTM)
$18.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.37 | 0.37 | 0.42 | 0.56 | 0.93 | 1.00 | 1.05 | 0.98 | 1.01 | 1.33 | 4.31 | |
| Change vs Prior % | — | -2.0% | 13.9% | 34.2% | 67.1% | 6.8% | 5.3% | -6.8% | 3.4% | 31.5% | 224.0% | |
| Stock Issuance | $0.00 | $7.1M | $30.0K | $5.5M | $19.5M | $450.4K | $0.00 | $0.00 | $103.9K | $11.8M | $18.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$14.2M | -$1.4M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $69.6K | $2.0M | $1.3M | $1.1M | $2.7M | $5.5M | $7.5M | $8.3M | $5.4M | $2.2M | $1.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 96.1% | 76.5% | 47.7% | 77.7% | 88.2% | 84.0% | 38.6% | 74.5% | 64.3% | 8.1% | |
| Operating Margin % | — | -59567.6% | -15328.6% | -2741.6% | 55.9% | 47.1% | -78.8% | -626.9% | -1023.7% | -5025.5% | -4170.1% | |
| Net Margin % | — | -90827.9% | -15714.3% | -2882.0% | 57.0% | 37.5% | -41.6% | -518.7% | -961.4% | -7533.6% | -6523.0% | |
| EBITDA Margin % | — | -86181.7% | -15249.0% | -2801.8% | 56.1% | 47.0% | -30.1% | -541.4% | -924.7% | -7615.4% | -6590.0% | |
| FCF Margin % | — | -43601.0% | -10326.4% | -2622.8% | 36.7% | 41.3% | 15.0% | -344.2% | -763.8% | -4793.2% | -3808.0% | |
| ROE % | 64.4% | -180.7% | 592.3% | -356.6% | 63.7% | 27.3% | -12.4% | -41.1% | -69.3% | -227.3% | -211.0% | |
| ROA % | -148.8% | -149.3% | -403.8% | -279.7% | 59.6% | 22.9% | -11.6% | -37.1% | -58.8% | -189.5% | -283.6% | |
| ROIC % | -422.5% | -113.1% | -549.6% | -312.3% | 61.9% | 25.1% | -17.1% | -43.8% | -69.6% | -138.3% | -200.4% | |
| R&D / Revenue % | — | 13092.8% | 3410.5% | 638.0% | 4.3% | 15.3% | 51.0% | 337.1% | 535.9% | 3074.3% | 2726.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -100.0% | 0.0% | 420.9% | 438.6% | 34579.9% | 31.3% | -65.0% | -80.1% | -42.5% | -84.1% | |
| Gross Profit | -474.9% | 119.6% | 314.7% | 236.0% | 56424.0% | 48.9% | -66.7% | -90.9% | 11.0% | -86.3% | |
| Operating Income | 14.2% | -170.4% | -34.0% | 3.7% | 807.4% | 10.5% | -158.6% | -58.3% | 6.1% | 22.0% | |
| Net Income | 5.6% | -260.8% | 9.9% | 1.2% | 785.6% | -13.7% | -138.8% | -148.2% | -6.5% | -24.6% | |
| EPS (Diluted) | 5.6% | -270.6% | 20.6% | 26.1% | 113.7% | 2327.6% | -136.8% | -165.3% | -3.3% | 5.2% | |
| Operating Cash Flow | 14.3% | -144.7% | -27.0% | -35.4% | 609.8% | 45.9% | -84.0% | -436.2% | -32.0% | 0.1% | |
| Free Cash Flow | 19.7% | -152.2% | -23.4% | -36.8% | 585.8% | 47.5% | -87.3% | -556.1% | -27.5% | 0.2% | |
| R&D Expense | -9.3% | 37.1% | 35.7% | 0.8% | 132.3% | 369.7% | 16.5% | 31.7% | -8.6% | -8.8% | |
| SG&A Expense | -18.5% | 283.3% | 34.5% | -3.7% | 183.9% | 92.7% | -13.4% | -2.2% | -2.4% | -44.6% | |
| Total Assets | 249.3% | 259.8% | -66.7% | 42.6% | 3115.7% | 124.6% | -23.1% | -22.6% | -32.9% | -61.3% | |
| Book Value / Share | -161.0% | 229.8% | -124.1% | 222.2% | 2307.7% | 86.6% | -21.9% | -19.4% | -38.9% | -71.1% | |
| Debt | 235.5% | -100.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 759.6% | -28.0% | -42.5% | |
| Diluted Shares | 0.0% | -2.0% | 13.9% | 34.2% | 67.1% | 6.8% | 5.3% | -6.8% | 3.4% | 31.5% |
Valuation
P/E (TTM)At Loss
P/S2.65
10Y Low / Med / High2.32 / 5.81 / 3776.46
P/B0.09
10Y Low / Med / High0.33 / 1.92 / 8.63
EV/EBITDAAt Loss
10Y Low / Med / High0.08 / 3.68 / 4.91
EV/Revenue0.09
10Y Low / Med / High1.66 / 5.61 / 3315.16
P/FCFAt Loss
10Y Low / Med / High6.38 / 9.07 / 15.43
Intrinsic Value Models (per share)
DCF Value
$7.41
Tangible Book / Share
$1.27
Net Current Assets / Share
$0.18
Graham Net-Net
$0.05
Cash / Share
$0.85
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -34.18 | -4.19 | -2.98 | -2.42 | 175.47 | 7.03 | -5.57 | -1.11 | -0.60 | -0.14 | -0.01 | |
| P/S Ratio | 0.00 | 3776.46 | 466.09 | 69.76 | 3.33 | 2.63 | 2.32 | 5.73 | 5.81 | 10.83 | 2.65 | |
| P/B Ratio | -21.46 | 7.51 | -17.57 | 8.63 | 3.73 | 1.92 | 0.69 | 0.45 | 0.42 | 0.33 | 0.09 | |
| EV/EBITDA | -40.39 | -3.85 | -3.21 | -2.34 | 4.91 | 3.68 | -5.50 | -0.73 | -0.61 | 0.08 | -0.00 | |
| EV/Revenue | 0.00 | 3315.16 | 490.10 | 65.61 | 2.76 | 1.73 | 1.66 | 3.98 | 5.61 | -6.27 | 0.09 |
Analyst Estimates & Quality
Altman Z-Score
-17.23
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $654.0K | $17.3M | $59.5M |
| Net Income | -$4.1M | -$1.1M | -$372.5K |
| EPS | $-3.10 | $-0.83 | $-0.28 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Product Revenue | $991.5K | $770.0K | — |
| Grant | — | — | $204.3K |
| Product | — | — | $418.2K |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Rest of World | $29.7M | $45.7M | $9.5M | $331.9K | $391.8K | — |
| United States | $44.9M | — | — | — | — | — |
| Americas | — | $52.2M | — | — | — | — |
| UNITED STATES | — | — | $24.7M | $659.6K | $378.2K | $581.5K |
| Non-US | — | — | — | — | — | $40.9K |