CODX

MKT CAP:$2M

Co-Diagnostics, Inc.

Market Cap

$2M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.64-$3.92 (-70.50%)

Apr 21, 2026

Company Details

Co-Diagnostics, Inc. operates as a molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States an...

CEO

Dwight H. Egan

IPO Date

Jul 12, 2017

Website

co-dx.com

Key Metrics TTM

Revenue

$418.2K

-88.7% YoY

Net Income

-$47M

EPS (Diluted)

-$35.25

Free Cash Flow

-$30M

Revenue / Share

$0.31

Gross Margin

-217.8%

Operating Margin

-7529.2%

Net Margin

-11213.6%

FCF Margin

-7134.5%

P/S

4.5x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

Q4 2025

Mar 31, 2026

$59.6K-60.1%EPS -$16.54

Q3 2025

Nov 13, 2025

$145.4K-77.3%EPS -$4.66

Q2 2025

Aug 14, 2025

$162.9K-93.9%EPS -$7.00

Q1 2025

May 8, 2025

$50.3K-80.1%EPS -$7.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$20M	$18M	$10M
Q1 22	$23M	$19M	$10M
Q2 22	$5M	$4M	-$4M
Q3 22	$5M	$4M	-$7M
Q1 23	$602.0K	$99.7K	-$10M
Q2 23	$197.8K	-$261.3K	-$12M
Q3 23	$2M	$2M	-$9M
Q4 23	$4M	$587.3K	-$12M
Q1 24	$252.7K	$18.2K	-$10M
Q2 24	$3M	$2M	-$8M
Q3 24	$641.1K	$343.7K	-$10M
Q4 24	$149.3K	-$105.7K	-$12M
Q1 25	$50.3K	$28.7K	-$9M
Q2 25	$162.9K	$130.8K	-$8M
Q3 25	$145.4K	$119.1K	-$7M
Q4 25	$59.6K	-$1M	-$8M

Valuation

Quarter	P/S	P/E
Q4 21	3.2x	8.6x
Q1 22	2.1x	5.2x
Q2 22	2.2x	6.2x
Q3 22	1.9x	6.8x
Q1 23	1.3x	22.1x
Q2 23	3.1x	—
Q3 23	3.9x	—
Q4 23	6.1x	—
Q1 24	5.2x	—
Q2 24	4.3x	—
Q3 24	5.8x	—
Q4 24	6.3x	—
Q1 25	2.9x	—
Q2 25	10.6x	—
Q3 25	27.6x	—
Q4 25	20.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$8M	$7M
Q2 22	$2M	$1M
Q3 22	$1M	$888.3K
Q4 22	-$4M	-$4M
Q1 23	-$6M	-$6M
Q2 23	-$6M	-$6M
Q3 23	-$6M	-$6M
Q4 23	-$5M	-$5M
Q1 24	-$8M	-$9M
Q2 24	-$5M	-$5M
Q3 24	-$7M	-$7M
Q4 24	-$8M	-$8M
Q1 25	-$9M	-$9M
Q2 25	-$8M	-$9M
Q3 25	-$6M	-$6M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$396.6K
Q2 22	$507.6K
Q3 22	$230.0K
Q4 22	$293.3K
Q1 23	$179.9K
Q2 23	$484.2K
Q3 23	$236.6K
Q4 23	$464.6K
Q1 24	$402.3K
Q2 24	$98.6K
Q3 24	$174.4K
Q4 24	$73.0K
Q1 25	$91.9K
Q2 25	$401.1K
Q3 25	$75.1K
Q4 25	$132.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-24.8%	-9.2%
Q1 22	+13.4%	+32.9%
Q2 22	-81.6%	-41.1%
Q3 22	-83.1%	-29.4%
Q1 23	-97.0%	+4.6%
Q2 23	-99.1%	-5.3%
Q3 23	-51.1%	+24.2%
Q4 23	-30.2%	+32.2%
Q1 24	-58.0%	-0.4%
Q2 24	+1243.2%	-15.2%
Q3 24	-73.9%	-4.5%
Q4 24	-95.8%	-21.6%
Q1 25	-80.1%	-18.2%
Q2 25	-93.9%	-20.5%
Q3 25	-77.3%	-34.2%
Q4 25	-60.1%	-34.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	6.1%
Q2 22	$2M	30.5%
Q3 22	$2M	43.8%
Q4 22	$2M	—
Q1 23	$2M	360.3%
Q2 23	$2M	1096.9%
Q3 23	$2M	88.4%
Q4 23	$2M	51.4%
Q1 24	$2M	621.7%
Q2 24	$1M	56.4%
Q3 24	$1M	163.1%
Q4 24	$1M	882.9%
Q1 25	$875.2K	1740.8%
Q2 25	$580.3K	356.2%
Q3 25	$500.6K	344.3%
Q4 25	$292.0K	489.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$2M	$3M	$2M
Q1 22	$4M	$3M	$3M
Q2 22	$4M	$2M	$1M
Q3 22	$5M	$4M	$2M
Q1 23	$5M	$3M	$2M
Q2 23	$6M	$4M	$2M
Q3 23	$6M	$3M	$2M
Q4 23	$6M	$4M	$2M
Q1 24	$6M	$3M	$2M
Q2 24	$6M	$3M	$1M
Q3 24	$5M	$4M	$1M
Q4 24	$5M	$6M	$818.7K
Q1 25	$5M	$3M	$657.0K
Q2 25	$5M	$3M	$609.7K
Q3 25	$4M	$2M	$568.9K
Q4 25	$5M	$2M	$545.5K

Revenue Segments

Quarter	Grant Revenue	Product Revenue
Q3 24	$434.3K	$206.9K
Q1 25	—	$50.3K
Q2 25	—	$162.9K
Q3 25	—	$145.4K

Revenue by Geography

Quarter	Americas	Rest of World	United States	Non-US
Q4 21	$17M	$3M	—	—
Q1 22	$14M	$8M	—	—
Q2 22	$4M	$523.9K	—	—
Q3 22	$5M	$395.0K	—	—
Q1 23	—	$208.8K	$393.2K	—
Q2 23	—	$60.6K	$137.2K	—
Q3 24	—	$77.1K	$564.0K	—
Q4 24	—	$148.3K	—	—
Q1 25	—	$10.1K	$40.2K	—
Q2 25	—	—	$162.9K	—
Q3 25	—	—	$136.7K	$8.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 20	$19M	$0	$19M
Q3 20	$21M	$6M	$27M
Q4 20	$43M	$4M	$47M
Q4 22	$23M	$58M	$81M
Q1 23	$6M	$69M	$75M
Q2 23	$14M	$55M	$69M
Q3 23	$10M	$53M	$63M
Q4 23	$15M	$44M	$59M
Q1 24	$23M	$27M	$50M
Q2 24	$14M	$31M	$45M
Q3 24	$11M	$27M	$38M
Q4 24	$3M	$27M	$30M
Q1 25	$2M	$20M	$21M
Q2 25	$11M	$2M	$13M
Q3 25	$11M	$0	$11M
Q4 25	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	998K	0.0%	+6.7%
Q1 22	1M	+15.9%	+15.7%
Q2 22	1M	-6.5%	+9.2%
Q3 22	1M	-3.5%	+4.6%
Q1 23	983K	-5.9%	-1.6%
Q2 23	970K	-1.3%	-16.2%
Q3 23	979K	+0.9%	-9.6%
Q4 23	1M	+6.5%	-0.2%
Q1 24	995K	-4.5%	+1.2%
Q2 24	1M	+0.9%	+3.6%
Q3 24	1M	+1.2%	+3.9%
Q4 24	1M	+8.4%	+5.7%
Q1 25	1M	-3.0%	+7.4%
Q2 25	1M	+3.3%	+9.9%
Q3 25	1M	+14.4%	+24.3%
Q4 25	1M	+5.3%	+20.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$202.0K	101
Q1 22	$224.7K	101
Q2 22	$49.7K	101
Q3 22	$50.4K	101
Q1 23	$4.2K	145
Q2 23	$1.4K	145
Q3 23	$16.9K	145
Q4 23	$22.9K	155
Q1 24	$1.6K	155
Q2 24	$17.1K	155
Q3 24	$4.1K	155
Q4 24	$1.1K	132
Q1 25	$381	132
Q2 25	$1.2K	132
Q3 25	$1.1K	132
Q4 25	$519	115

Revenue / Employee