Detailed financial statements for Co-Diagnostics, Inc. (CODX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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 and internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction testing to patients in point-of-care and at-home setting.
Analysis Summary
Co-Diagnostics, Inc. reported revenue of $622489 in the most recent fiscal year, growing at a 5-year CAGR of -61.6%.
Trailing-twelve-month margins: gross margin 8.1%, operating margin -41.7%, net margin -65.2%.
At the current price of $0.94, CODX has negative trailing earnings (P/E not meaningful) and an ROE of -210.99%. Market capitalisation stands at $1M.
Balance sheet quality for CODX: current ratio of 3.9, net cash position of $10.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $7662 | $39911 | $214974 | $74.6M | $97.9M | $34.2M | $6.8M | $3.9M | $622489 |
| Cost of Revenue | $37491 | $302 | $9391 | $112431 | $16.6M | $11.6M | $5.5M | $4.2M | $999124 | $222377 |
| Gross Profit | -$37491 | $7360 | $30520 | $102543 | $58.0M | $86.3M | $28.7M | $2.6M | $2.9M | $400112 |
| Research & Development | $731474 | $1.0M | $1.4M | $1.4M | $3.2M | $15.0M | $17.4M | $23.0M | $21.0M | $19.1M |
| Selling, General & Admin | $919000 | $3.5M | $4.7M | $4.6M | $12.9M | $24.9M | $21.6M | $21.1M | $20.6M | $11.4M |
| Operating Expenses | $1.7M | $4.6M | $6.1M | $6.0M | $16.3M | $40.2M | $55.7M | $45.3M | $43.0M | $31.7M |
| Operating Income | -$1.7M | -$4.6M | -$6.1M | -$5.9M | $41.7M | $46.1M | -$27.0M | -$42.7M | -$40.1M | -$31.3M |
| EBITDA | -$1.7M | -$6.6M | -$6.1M | -$6.0M | $41.8M | $46.0M | -$10.3M | -$36.9M | -$36.2M | -$47.4M |
| Interest Expense | $240720 | $310233 | $134947 | $106437 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.9M | -$7.0M | -$6.3M | -$6.2M | $42.6M | $45.6M | -$18.8M | -$38.1M | -$37.6M | -$48.5M |
| Income Tax | 0 | 0 | -$18960 | 0 | $90536 | $9.0M | -$4.6M | -$2.8M | $57368 | -$1.6M |
| Net Income | -$1.9M | -$7.0M | -$6.3M | -$6.2M | $42.5M | $36.7M | -$14.2M | -$35.3M | -$37.6M | -$46.9M |
| EPS | $-5.10 | $-18.90 | $-15.00 | $-11.09 | $1.59 | $38.10 | $-13.57 | $-36.00 | $-37.20 | $-35.25 |
| EPS (Diluted) | $-5.10 | $-18.90 | $-15.00 | $-11.09 | $1.52 | $36.90 | $-13.57 | $-36.00 | $-37.20 | $-35.25 |
| Shares Outstanding (Diluted) | $372739 | $365344 | $416154 | $558564 | $933345 | $996790 | $1.0M | $978220 | $1.0M | $1.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $145380 | $263922 | $145954 | $166131 |
| Gross Profit | $119095 | $121526 | -$303259 | $120828 |
| Operating Income | -$7.0M | -$7.7M | -$9.2M | -$6.2M |
| EBITDA | -$6.8M | -$26.0M | -$8.9M | -$5.9M |
| Net Income | -$5.9M | -$25.7M | -$9.1M | -$6.3M |
| EPS | $-4.66 | $-16.54 | $-4.06 | $-1.46 |
| EPS (Diluted) | $-4.66 | $-16.54 | $-4.06 | $-1.46 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $998737 | $3.5M | $950237 | $893138 | $43.0M | $88.6M | $23.0M | $14.9M | $2.9M | $11.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | $4.3M | $1.3M | $58.3M | $43.6M | $26.8M | 0 |
| Receivables | $3183 | 0 | $13420 | $131382 | $12.1M | $20.9M | $5.4M | $330881 | $132570 | $190375 |
| Inventory | 0 | $9068 | $18153 | $197168 | $8.0M | $2.0M | $5.3M | $1.7M | $1.1M | $992397 |
| Total Current Assets | $1.2M | $4.5M | $1.1M | $1.6M | $68.4M | $115.1M | $92.7M | $62.1M | $32.3M | $13.7M |
| Property, Plant & Equipment | $87429 | $165567 | $156138 | $196832 | $949639 | $1.9M | $2.9M | $6.0M | $4.9M | $3.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $14.7M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $27.2M | $26.8M | $26.4M | $26.1M | $7.2M |
| Total Assets | $1.3M | $4.7M | $1.6M | $2.2M | $71.2M | $160.0M | $123.1M | $95.3M | $64.0M | $24.7M |
| Accounts Payable | $104934 | $40819 | $148967 | $5959 | $598318 | $607506 | $952296 | $1.5M | $3.3M | $1.9M |
| Short-term Debt | $2.9M | 0 | $1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $3.8M | $628256 | $2.4M | $328070 | $4.1M | $12.6M | $3.9M | $5.7M | $7.3M | $3.5M |
| Long-term Debt | $445000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $574301 |
| Total Liabilities | $4.3M | $811802 | $2.6M | $478070 | $4.5M | $25.6M | $8.6M | $9.3M | $9.7M | $4.1M |
| Retained Earnings | -$5.5M | -$12.4M | -$18.7M | -$25.0M | $17.5M | $54.2M | $39.9M | $4.6M | -$33.0M | -$80.4M |
| Total Equity | -$3.0M | $3.9M | -$1.1M | $1.7M | $66.7M | $134.5M | $114.5M | $86.0M | $54.3M | $20.6M |
| Total Debt | $3.4M | 0 | $1.9M | 0 | 0 | 0 | $347917 | $3.0M | $2.2M | $1.2M |
| Net Debt | $2.4M | -$3.5M | $958335 | -$893138 | -$47.3M | -$89.9M | -$80.9M | -$55.6M | -$27.6M | -$10.6M |
| Working Capital | -$2.6M | $3.8M | -$1.3M | $1.3M | $64.3M | $102.5M | $88.9M | $56.4M | $25.0M | $10.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $11.4M | $11.9M | $8.2M | $3.6M |
| Total Assets | $44.7M | $24.7M | $21.5M | $16.6M |
| Total Liabilities | $4.9M | $4.1M | $5.5M | $3.9M |
| Total Equity | $39.8M | $20.6M | $16.0M | $12.7M |
| Total Debt | $1.5M | $1.2M | $2.0M | $1.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.9M | -$7.0M | -$6.3M | -$6.2M | $42.5M | $36.7M | -$14.2M | -$35.3M | -$37.6M | -$46.9M |
| Depreciation & Amortization | $37491 | $45758 | $50765 | $65902 | $138635 | $335363 | $1.3M | $1.2M | $1.4M | $1.1M |
| Stock-based Compensation | $69565 | $2.0M | $1.3M | $1.1M | $2.7M | $5.5M | $7.5M | $8.3M | $5.4M | $2.2M |
| Change in Working Capital | $487847 | -$504747 | $769770 | -$818281 | -$16.8M | -$2.9M | $6.2M | $5.6M | $2.8M | -$3.2M |
| Operating Cash Flow | -$1.3M | -$3.2M | -$4.1M | -$5.5M | $28.2M | $41.1M | $6.6M | -$22.1M | -$29.2M | -$29.1M |
| Capital Expenditure | -$12241 | -$129306 | -$41336 | -$113246 | -$774397 | -$669463 | -$1.4M | -$1.4M | -$748352 | -$700047 |
| Acquisitions | 0 | 0 | 0 | -$322000 | -$714500 | $1.7M | 0 | 0 | -$143750 | -$102566 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$14.2M | -$1.4M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$3.3M | -$4.1M | -$5.6M | $27.4M | $40.4M | $5.1M | -$23.4M | -$29.9M | -$29.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$5.9M | -$6.2M | -$7.8M | -$7.2M |
| Capital Expenditure | -$75105 | -$131969 | -$142017 | -$18281 |
| Free Cash Flow | -$6.0M | -$6.3M | -$8.0M | -$7.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $500585 | $291975 | $219114 | $213752 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +420.9% | +438.6% | +34579.9% | +31.3% | -65.0% | -80.1% | -42.5% | -84.1% | ||
| Net Income Growth (YoY) | -260.8% | +9.9% | +1.2% | +785.6% | -13.7% | -138.8% | -148.2% | -6.5% | -24.6% | |
| EPS Growth (YoY) | -270.6% | +20.6% | +26.1% | +114.3% | +2296.2% | -135.6% | -165.3% | -3.3% | +5.2% | |
| Shares Change (YoY) | -2.0% | +13.9% | +34.2% | +67.1% | +6.8% | +5.3% | -6.8% | +3.4% | +31.5% | |
| FCF Growth (YoY) | -152.2% | -23.4% | -36.8% | +585.8% | +47.5% | -87.3% | -556.1% | -27.5% | +0.2% | |
| Gross Margin | 96.1% | 76.5% | 47.7% | 77.7% | 88.2% | 84.0% | 38.6% | 74.5% | 64.3% | |
| Operating Margin | -59567.6% | -15328.6% | -2741.6% | 55.9% | 47.1% | -78.8% | -626.9% | -1023.7% | -5025.5% | |
| EBITDA Margin | -86177.7% | -15249.0% | -2801.8% | 56.1% | 47.0% | -30.1% | -541.4% | -924.7% | -7615.4% | |
| Net Margin | -90827.9% | -15714.3% | -2882.0% | 57.0% | 37.5% | -41.6% | -518.7% | -961.4% | -7533.6% | |
| FCF Margin | -43601.0% | -10326.4% | -2622.8% | 36.7% | 41.3% | 15.0% | -344.2% | -763.8% | -4793.2% | |
| Effective Tax Rate | -0.0% | -0.0% | 0.3% | -0.0% | 0.2% | 19.7% | 24.5% | 7.3% | -0.2% | 3.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.55 | $-9.14 | $-9.90 | $-10.09 | $29.35 | $40.54 | $4.90 | $-23.97 | $-29.57 | $-22.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $368698 | $365344 | $416154 | $558564 | $890671 | $962485 | $1.0M | $978220 | $1.0M | $1.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -210.99% |
| Return on Invested Capital | -200.40% |
| Return on Assets | -283.63% |
| Gross Margin | 8.07% |
| Operating Margin | -4170.14% |
| Net Margin | -6523.04% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 1.81 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -7.22 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -34.18 | -4.19 | -2.98 | -2.42 | 175.47 | 7.03 | -5.57 | -1.11 | -0.60 | -0.14 |
| P/B | -21.46 | 7.51 | -17.57 | 8.63 | 3.73 | 1.92 | 0.69 | 0.45 | 0.42 | 0.33 |
| P/S | 0.00 | 3776.46 | 466.09 | 69.76 | 3.33 | 2.63 | 2.32 | 5.73 | 5.81 | 10.83 |
| Gross Margin | 0.0% | 96.1% | 76.5% | 47.7% | 77.7% | 88.2% | 84.0% | 38.6% | 74.5% | 64.3% |
| Operating Margin | 0.0% | -59567.6% | -15328.6% | -2741.6% | 55.9% | 47.1% | -78.8% | -626.9% | -1023.7% | -5025.5% |
| Net Margin | 0.0% | -90827.9% | -15714.3% | -2882.0% | 57.0% | 37.5% | -41.6% | -518.7% | -961.4% | -7533.6% |
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Explore sector: Healthcare · Biotechnology
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