Co-Diagnostics Reports Full Year 2025 Financial Results
Rhea-AI Summary
Co-Diagnostics (NASDAQ: CODX) reported full year 2025 results and operational milestones on March 31, 2026. Revenue fell to $0.6M from $3.9M in 2024; operating expenses were $50.6M including an $18.9M intangible impairment. Net loss was $46.9M, or $35.25 per share; cash and securities totaled $11.9M.
Operationally, Co-Dx closed equity offerings raising $10.8M, secured a CDSCO license in India, began instrument and TB test shipments to India, advanced CoSara and CoMira joint ventures, and expanded IP with new patents.
Positive
- CDSCO license obtained to manufacture and sell PCR Pro instrument in India
- Initiated PCR Pro and TB test shipments to India to support clinical studies
- Completed equity offerings totaling $10.8 million in 2025
- New international patents granted in Australia and Japan expanding IP
Negative
- Revenue declined from $3.9M to $0.6M (≈85% drop) year-over-year
- Net loss of $46.9M and EPS -$35.25 for full year 2025
- Non-cash intangible asset impairment of $18.9M drove higher expenses
- Cash and marketable securities down to $11.9M from $29.7M at year-end 2024
News Market Reaction – CODX
On the day this news was published, CODX declined 12.90%, reflecting a significant negative market reaction. Argus tracked a peak move of +8.4% during that session. Argus tracked a trough of -11.6% from its starting point during tracking. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $576K from the company's valuation, bringing the market cap to $3.89M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CODX was down 2.86% ahead of earnings while several tracked device peers (INBS, XAIR, NXL) also traded lower, but momentum scanner names NVNO and TNON were up about 3%, pointing to mixed sector action rather than a clean sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Negative | -10.9% | Q3 2025 revenue decline and continued operating and net losses with limited cash. |
| Aug 14 | Q2 2025 earnings | Negative | +10.8% | Q2 2025 revenue drop and persistent net loss despite lower operating expenses. |
| May 08 | Q1 2025 earnings | Negative | -4.3% | Q1 2025 revenue contraction and sizable net loss, offset by lower expenses. |
| Mar 27 | FY 2024 results | Negative | -18.3% | Full-year 2024 revenue decline and large operating and net losses despite cost cuts. |
| Nov 07 | Q3 2024 earnings | Negative | -3.4% | Q3 2024 revenue drop and wider net loss, even with modest expense reductions. |
Earnings releases have often coincided with negative price reactions, with only one positive move in the last five comparable reports.
Across the last five earnings releases from Nov 2024 through Nov 2025, Co-Diagnostics repeatedly reported declining revenue and ongoing net losses, with cash balances trending lower over time. The stock usually reacted negatively, including moves of -18.26% on 2024 full-year results and -10.94% on Q3 2025. Today’s full-year 2025 results, which show continued revenue weakness and sizeable losses, fit into this pattern of challenging fundamentals around earnings updates.
Historical Comparison
Past earnings releases for CODX saw an average move of -5.21%, usually on revenue declines and sustained losses. Today’s full-year 2025 report continues that fundamental pattern, with weaker revenue and significant net loss.
Earnings over 2024–2025 show a progression of declining revenue, ongoing sizable net losses, and shrinking cash balances, while the company advances its PCR platform, joint ventures, and clinical programs without yet reaching commercial scale.
Market Pulse Summary
The stock dropped -12.9% in the session following this news. A negative reaction despite the strategic updates would fit the historical pattern, where earnings have averaged a -5.21% move. Full-year 2025 results showed revenue of $0.6M, a net loss of $46.9M, and cash of $11.9M, alongside a significant $18.9M impairment. While the company advanced joint ventures and regulatory milestones, persistent losses and a shrinking cash balance could have reinforced downside pressure after the release.
Key Terms
pcr medical
cdsco regulatory
510(k) regulatory
spac financial
rsv medical
AI-generated analysis. Not financial advice.
Advancing Global Commercialization Strategy Through CoSara and CoMira Joint Ventures
Progressing Clinical Pipeline and Regulatory Pathways for PCR Platform
Strengthening Technology Leadership with AI Integration and Expanding IP Portfolio
Full Year 2025 Financial Results:
- Revenue of
$0.6 million $3.9 million - Operating expenses of
$50.6 million $43.0 million $18.9 million - Operating loss of
$50.2 million $40.1 million - Net loss of
$46.9 million $35.25 $37.6 million $37.22 - Adjusted EBITDA loss of
$28.0 million $33.5 million - Cash, cash equivalents, and marketable investment securities totaled
$11.9 million $29.7 million
Full Year 2025 Business Highlights:
- Closed
$3.8 million $0.40 - Closed
$7.0 million $0.55 - Continued advancement of CoSara Diagnostics joint venture in
India , including regulatory progress and manufacturing readiness for PCR Pro® instrument* - Signed definitive agreement with Arabian Eagle to establish CoMira Diagnostics joint venture in
Saudi Arabia ; currently progressing on execution and finalizing lease for manufacturing facility - Initiated and advanced clinical evaluations of upper respiratory multiplex test
- Further progressed development across pipeline programs, including tuberculosis (TB) and HPV tests
- Expanded the AI business unit, integrating machine learning capabilities into the Co-Dx™ Primer Ai™ platform
- Strengthened the intellectual property portfolio with a new international patent granted in
Australia - Engaged Maxim Group to pursue SPAC transaction for CoSara Diagnostics
- Received recognition from
Utah Governor's Office and BioUtah for the formation of CoMira Diagnostics
Recent Developments:
- Received CDSCO license to manufacture and sell the CoSara PCR Pro® instrument in
India , representing a key regulatory milestone and enabling commercialization readiness - Signed an agreement to expand CoSara Diagnostics' commercial and distribution territory across
South Asia to includeBangladesh ,Pakistan ,Nepal , andSri Lanka , increasing the regional addressable market to approximately$13 billion - Initiated shipments of PCR Pro® instruments and tuberculosis (TB) test* materials to
India to support upcoming clinical performance studies, with the instrument and test kits being aligned with new WHO guidance on TB testing - Strengthened the intellectual property portfolio with a new international patent granted in
Japan
"Over the past year, we made meaningful progress across multiple initiatives that have positioned the Company for its next phase of growth, including advancing our clinical pipeline, expanding our global footprint, and preparing for commercialization of the platform in 2026," said Dwight Egan, Chief Executive Officer of Co-Diagnostics. "Importantly, we have remained focused on execution and continued to build momentum across the business. Our strategy is centered on four key pillars: advancing CoSara and our broader opportunity in
Mr. Egan continued, "Based on dramatically reduced rates of COVID prevalence in our clinical study locations, we are currently planning on an initial FDA 510(k) submission for our upper respiratory test focused on flu A, flu B, and RSV. As we move forward, we remain committed to disciplined performance as we advance toward commercialization, and we anticipate that this modified approach will allow us to accelerate regulatory and commercialization timelines while retaining the flexibility to incorporate COVID into the test at a later stage if conditions change.
"We believe the progress we've made in our clinical studies and on all other initiatives are creating a clear path to unlock the full potential of our platform as we enter the next phase of execution in 2026."
Conference Call and Webcast:
Co-Diagnostics will host a conference call and webcast at 4:30 p.m. EDT today to discuss its financial results with analysts and institutional investors. The conference call and webcast will be available via:
Webcast: ir.co-dx.com on the Events & Webcasts page, or accessible directly here
Conference Call: 1-888-880-3330 (Toll Free) or 1-646-357-8766 (Toll)
The call will be recorded and later made available on the Company's website.
*The Co-Dx PCR platform (including the PCR Home®, PCR Pro®, mobile app, and all associated tests) is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale.
About Co-Diagnostics, Inc.
Co-Diagnostics, Inc., a
Non-GAAP Financial Measures:
This press release contains adjusted EBITDA, which is a non-GAAP measure defined as net loss excluding depreciation, amortization, (gain) loss on disposition of assets, income tax (benefit) expense, net interest (income) expense, stock-based compensation, change in fair value of contingent consideration, impairment charges and realized gain (loss) on investments. The Company believes that adjusted EBITDA provides useful information to management and investors relating to its results of operations. The Company's management uses this non-GAAP measure to compare the Company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The Company believes that the use of adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
Management does not consider the non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of the non-GAAP financial measure is that it excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements. In order to compensate for these limitations, management presents the non-GAAP financial measure together with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation table of the net income, the most comparable GAAP financial measure to adjusted EBITDA, is included at the end of this release. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company's business.
Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Forward-looking statements in this release include statements regarding (i) advancement into clinical evaluations and continued development and regulatory submissions for the Co-Dx PCR platform and (ii) our belief that the platform will play a key role in transforming the global accessibility of diagnostic testing solutions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in our Risk Factors disclosure in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 31, 2026, and in our other filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
| ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 11,884,607 | $ | 2,936,544 | ||||
Marketable investment securities | - | 26,811,098 | ||||||
Accounts receivable, net | 190,375 | 132,570 | ||||||
Inventory, net | 992,397 | 1,072,724 | ||||||
Income taxes receivable | 44,559 | - | ||||||
Prepaid expenses and other current assets | 581,527 | 1,338,762 | ||||||
Total current assets | 13,693,465 | 32,291,698 | ||||||
Property and equipment, net | 2,272,098 | 2,761,280 | ||||||
Operating lease right-of-use asset | 1,207,453 | 2,114,876 | ||||||
Intangible assets, net | 7,219,000 | 26,101,000 | ||||||
Investment in joint ventures | 350,569 | 294,304 | ||||||
Total assets | $ | 24,742,585 | $ | 63,563,158 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,878,225 | $ | 3,294,254 | ||||
Accrued expenses | 865,301 | 2,562,169 | ||||||
Operating lease liability, current | 662,258 | 915,619 | ||||||
Contingent consideration liabilities, current | 119,036 | 502,819 | ||||||
Deferred revenue | 14,800 | 40,857 | ||||||
Total current liabilities | 3,539,620 | 7,315,718 | ||||||
Long-term liabilities | ||||||||
Income taxes payable | - | 713,643 | ||||||
Operating lease liability | 574,301 | 1,236,560 | ||||||
Contingent consideration liabilities | - | 422,080 | ||||||
Total long-term liabilities | 574,301 | 2,372,283 | ||||||
Total liabilities | 4,113,921 | 9,688,001 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders' equity | ||||||||
Convertible preferred stock, | - | - | ||||||
Common stock, | 67,700 | 37,902 | ||||||
Treasury stock, at cost; 161,623 shares held as of December 31, 2025 and December 31, 2024, respectively | (15,575,795) | (15,575,795) | ||||||
Additional paid-in capital | 116,510,298 | 102,472,210 | ||||||
Accumulated other comprehensive income | - | 418,443 | ||||||
Accumulated deficit | (80,373,539) | (33,477,603) | ||||||
Total stockholders' equity | 20,628,664 | 53,875,157 | ||||||
Total liabilities and stockholders' equity | $ | 24,742,585 | $ | 63,563,158 | ||||
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| ||||||||
Years Ended December 31, | ||||||||
2025 | 2024 | |||||||
Product revenue | $ | 418,205 | $ | 770,048 | ||||
Grant revenue | 204,284 | 3,145,112 | ||||||
Total revenue | 622,489 | 3,915,160 | ||||||
Cost of revenue | 222,377 | 999,124 | ||||||
Gross profit | 400,112 | 2,916,036 | ||||||
Operating expenses | ||||||||
Sales and marketing | 2,381,131 | 4,483,339 | ||||||
General and administrative | 9,058,283 | 16,157,152 | ||||||
Research and development | 19,137,242 | 20,979,589 | ||||||
Depreciation and amortization | 1,106,808 | 1,377,266 | ||||||
Impairment charges | 18,882,000 | - | ||||||
Total operating expenses | 50,565,464 | 42,997,346 | ||||||
Loss from operations | (50,165,352) | (40,081,310) | ||||||
Other income, net | ||||||||
Interest income, net | 292,932 | 1,091,825 | ||||||
Realized gain on investments | 683,365 | 870,745 | ||||||
Gain (loss) on disposition of assets | (82,421) | 8,291 | ||||||
Gain on remeasurement of acquisition contingencies | 805,863 | 714,876 | ||||||
Loss on equity method investment in joint ventures | (46,301) | (186,067) | ||||||
Total other income, net | 1,653,438 | 2,499,670 | ||||||
Loss before income taxes | (48,511,914) | (37,581,640) | ||||||
Income tax provision (benefit) | (1,615,978) | 57,368 | ||||||
Net loss | $ | (46,895,936) | $ | (37,639,008) | ||||
Other comprehensive income (loss) | ||||||||
Change in net unrealized gains (losses) on marketable securities, net of tax | (418,443) | 271,743 | ||||||
Total other comprehensive income (loss) | $ | (418,443) | $ | 271,743 | ||||
Comprehensive loss | $ | (47,314,379) | $ | (37,367,265) | ||||
Loss per common share: | ||||||||
Basic and Diluted | $ | (35.25) | $ | (37.22) | ||||
Weighted average shares outstanding: | ||||||||
Basic and Diluted | 1,330,200 | 1,011,179 | ||||||
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES GAAP AND NON-GAAP MEASURES
| ||||||||
Reconciliation of net loss to adjusted EBITDA: | ||||||||
Years Ended December 31, | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (46,895,936) | $ | (37,639,008) | ||||
Interest income, net | (292,932) | (1,091,825) | ||||||
Realized gain on investments | (683,365) | (870,745) | ||||||
Depreciation and amortization | 1,106,808 | 1,377,266 | ||||||
(Gain) loss on disposition of assets | 82,421 | (8,291) | ||||||
Change in fair value of contingent consideration | (805,863) | (714,876) | ||||||
Stock-based compensation expense | 2,248,053 | 5,434,904 | ||||||
Income tax provision | (1,615,978) | 57,368 | ||||||
Impairment charges | 18,882,000 | - | ||||||
Adjusted EBITDA | $ | (27,974,792) | $ | (33,455,207) | ||||
Reconciliation of net loss to adjusted net loss: | ||||||||
Net loss | $ | (46,895,936) | $ | (37,639,008) | ||||
Impairment charges | 18,882,000 | - | ||||||
Adjusted net loss | $ | (28,013,936) | $ | (37,639,008) | ||||
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SOURCE Co-Diagnostics