Co-diagnostics, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$0.1
Price-to-sales vs peers
Base case. Range ~$0.1–$0.7. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Co-diagnostics, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Co-diagnostics has little or no product revenue yet; it used $27m of cash in the twelve months to June 2026. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $0.16 a share, against a share price of $0.40.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Co-diagnostics, Inc.'s trailing-twelve-month revenue fell 28.1% year on year, with a free-cash-flow margin of -3808.0%. Where it stands out: change in growth rate of +51.3pp ranks 4 of 129 health care equipment companies we cover. Where it lags: net margin of -6523.0% ranks 129 of 133 health care equipment companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.3% while net income fell 30.7%: a 48pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Co-diagnostics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.67 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.1 ~$0.2–$0.7 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.1 ~$0.1–$0.7 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Co-diagnostics, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Share price | $79.20 | $44.70 | $26.85 | $279.00 | $267.90 | $75.60 | $39.90 | $22.50 | $5.07 |
| Market value | $29m | $19m | $15m | $260m | $267m | $79m | $39m | $23m | $7m |
| + Net debt (− = net cash) | −$3m | −$950237 | −$893138 | −$43m | −$89m | −$23m | −$15m | −$3m | −$12m |
| Enterprise value | $26m | $18m | $14m | $217m | $178m | $56m | $24m | $20m | −$5m |
| Multiples | |||||||||
| Price / sales | n/m | n/m | 69.8x | 3.5x | 2.7x | 2.3x | 5.7x | 5.8x | 10.8x |
| Price / earnings | — | — | — | 6.1x | 7.3x | — | — | — | — |
| Price / free cash flow | — | — | — | 9.5x | 6.6x | 15.4x | — | — | — |
| EV / EBITDA | — | — | — | 5.2x | 3.8x | — | — | — | — |
Weak moat
How hard Co-diagnostics's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -9.6% of total assets over 7 years.
Gross margin has been a median 69.2%, moving by 20.4 percentage points (standard deviation) across 9 years.
Operating margin has been a median -748.4%; its worst year was -24115.6%.
Free cash flow was positive in 2 of 8 years, at a median -246.2% of revenue.
The diluted share count rose 89.2% over five years; stock-based pay has been a median 123.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 12, 2026, after the close. Analysts expect revenue of $169000 and EPS of −$1.25 (range −$1.25 to −$1.25) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$3.10 | +91% | $654000 | +5% |
| Next | −$0.83 | — | $17m | +2547% |
The consensus EPS forecast for the current fiscal year is −74.5% on 90 days ago. In the last 30 days, 1 analyst raised Co-diagnostics, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$12.15 | −$12.00 |
| 60 days ago | −$13.50 | −$12.00 |
| 30 days ago | −$13.50 | −$12.00 |
| 7 days ago | −$13.50 | −$12.00 |
| Now | −$3.10 | −$0.83 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$3.00 | −$1.45 | +51.6% |
| Mar 2026 | −$3.75 | −$4.09 | −9.1% |
| Dec 2025 | −$3.60 | −$4.44 | −23.3% |
| Sept 2025 | −$5.70 | −$4.66 | +18.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CODX | −4% | −72% | −47% | −44% | −78% | −93% |
| Industry peers (median) | −9% | −37% | −8% | −19% | −16% | −13% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CODX | 50% | 42% | 50% | 25% | 50% | 9% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CODX | −63% | −76% | −69% | −60% | −87% | −97% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 12, 2017: 100% from August 3, 2020 to November 2, 2026. Getting back needed a 261656% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −5.4% | +0.5% | −22.3% | −25.0% |
| May 14, 2026 | −19.7% | −0.4% | +131.9% | +136.2% |
| March 31, 2026 | −4.7% | +3.7% | −18.2% | −8.8% |
| March 10, 2026 | +48.6% | −0.3% | +5.0% | −33.9% |
| November 13, 2025 | −16.4% | −1.7% | −18.7% | −31.8% |
| August 14, 2025 | +11.8% | −0.2% | +16.7% | +34.2% |
| May 8, 2025 | −2.9% | +0.6% | −12.9% | −14.9% |
| March 27, 2025 | −23.3% | −2.3% | −22.5% | −11.0% |
| November 7, 2024 | −5.8% | +1.2% | −9.1% | −29.5% |
| August 8, 2024 | +4.7% | +2.8% | +15.9% | +19.6% |
| May 9, 2024 | −9.0% | +0.7% | −6.6% | +9.0% |
| March 14, 2024 | −9.3% | −0.9% | −0.8% | +0.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $4.7M |
| FY23 Q4 | $6.8M |
| FY24 Q1 | $6.7M |
| FY24 Q2 | $9.1M |
| FY24 Q3 | $7.3M |
| FY24 Q4 | $3.9M |
| FY25 Q1 | $3.5M |
| FY25 Q2 | $1M |
| FY25 Q3 | $507.9K |
| FY25 Q4 | $622.5K |
| FY26 Q1 | $718.2K |
| FY26 Q2 | $721.4K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -91.2% |
| FY23 Q4 | -80.1% |
| FY24 Q1 | -44.9% |
| FY24 Q2 | 25.2% |
| FY24 Q3 | 57.2% |
| FY24 Q4 | -42.5% |
| FY25 Q1 | -47.6% |
| FY25 Q2 | -89.0% |
| FY25 Q3 | -93.1% |
| FY25 Q4 | -84.1% |
| FY26 Q1 | -79.5% |
| FY26 Q2 | -28.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -1223.7% |
| FY23 Q4 | -626.9% |
| FY24 Q1 | -644.1% |
| FY24 Q2 | -423.6% |
| FY24 Q3 | -546.4% |
| FY24 Q4 | -1023.7% |
| FY25 Q1 | -1097.2% |
| FY25 Q2 | -3861.1% |
| FY25 Q3 | -6995.7% |
| FY25 Q4 | -8058.8% |
| FY26 Q1 | -7076.6% |
| FY26 Q2 | -6787.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -483.2% |
| FY23 Q4 | -344.2% |
| FY24 Q1 | -393.0% |
| FY24 Q2 | -278.4% |
| FY24 Q3 | -366.7% |
| FY24 Q4 | -763.8% |
| FY25 Q1 | -853.4% |
| FY25 Q2 | -3311.3% |
| FY25 Q3 | -6263.1% |
| FY25 Q4 | -4793.2% |
| FY26 Q1 | -4036.4% |
| FY26 Q2 | -3808.0% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 0 | 0 | 0 | 75 | 98 | 34 | 7 | 4 | 1 | 1 |
| Gross profit | 0 | 0 | 0 | 58 | 86 | 29 | 3 | 3 | 0 | 0 |
| EBITDA | −5 | −6 | −6 | 42 | 46 | −26 | −41 | −39 | −49 | −48 |
| Operating income | −5 | −6 | −6 | 42 | 46 | −27 | −43 | −40 | −50 | −49 |
| Net income | −7 | −6 | −6 | 42 | 37 | −14 | −35 | −38 | −47 | −47 |
| Diluted EPS | −$0.63 | −$0.50 | −$0.37 | $1.52 | $1.23 | −$0.45 | −$1.20 | −$37.22 | −$35.25 | — |
| Growth (year on year) | ||||||||||
| Revenue | — | +420.9% | +438.6% | +>999% | +31.3% | −65.0% | −80.1% | −42.5% | −84.1% | −28.1% |
| EBITDA | — | — | — | — | +10.9% | −155.4% | — | — | — | — |
| Operating income | — | — | — | — | +10.5% | −158.6% | — | — | — | — |
| Net income | — | — | — | — | −13.7% | −138.8% | — | — | — | — |
| Diluted EPS | — | — | — | — | −19.1% | −136.6% | — | — | — | — |
| Margins | ||||||||||
| Gross margin | 96.1% | 76.5% | 47.7% | 77.7% | 88.2% | 84.0% | 38.6% | 74.5% | 64.3% | 43.5% |
| EBITDA margin | <−999% | <−999% | <−999% | 56.1% | 47.4% | −75.1% | −608.9% | −988.6% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | 55.9% | 47.1% | −78.8% | −626.9% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | 57.0% | 37.5% | −41.6% | −518.7% | −961.4% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | 36.7% | 41.3% | 15.0% | −344.2% | −763.8% | <−999% | <−999% |
| Cash flow | ||||||||||
| Cash from operations | −3 | −4 | −6 | 28 | 41 | 7 | −22 | −29 | −29 | −27 |
| Capital spending | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Free cash flow | −3 | −4 | −6 | 27 | 40 | 5 | −23 | −30 | −30 | −27 |
| Stock-based pay | 2 | 1 | 1 | 3 | 6 | 8 | 8 | 5 | 2 | 1 |
| Free cash flow after stock pay | −5 | −5 | −7 | 25 | 35 | −2 | −32 | −35 | −32 | −29 |
| Balance sheet | ||||||||||
| Cash | 4 | 1 | 1 | 43 | 89 | 23 | 15 | 3 | 12 | 4 |
| Total debt | 0 | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −3 | −1 | −1 | −43 | −89 | −23 | −15 | −3 | −12 | −4 |
| Diluted shares | — | — | — | — | — | 1m | — | 1m | 1m | — |
| Returned to shareholders | ||||||||||
| Buybacks | — | — | — | — | — | 14 | 1 | — | — | — |
| Total returned | — | — | — | — | — | 14 | 1 | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 0 | −0 | 0 | 0 | 0 | 0 | −0 | 0 |
| EBITDA | −10 | −12 | −8 | −8 | −7 | −26 | −9 | −6 |
| Operating income | −10 | −12 | −9 | −8 | −7 | −27 | −9 | −6 |
| Net income | −10 | −11 | −8 | −8 | −6 | −26 | −9 | −6 |
| Diluted EPS | −$0.16 | −$18.17 | −$3.52 | −$3.50 | −$2.40 | −$17.32 | −$2.03 | −$1.46 |
| Growth (year on year) | ||||||||
| Revenue | −73.9% | −95.8% | −89.3% | −93.9% | −77.3% | +76.7% | +190.3% | +2.0% |
| Margins | ||||||||
| Gross margin | 53.6% | −70.8% | 57.1% | 80.3% | 81.9% | 46.0% | −32.8% | 72.7% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −7 | −8 | −9 | −8 | −6 | −6 | −8 | −7 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −7 | −8 | −9 | −9 | −6 | −6 | −8 | −7 |
| Stock-based pay | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −8 | −10 | −10 | −9 | −6 | −7 | −8 | −7 |
| Last 12 months unless stated | CODX | ITOC | PLSE | IMDX | ICU | QTEX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $721387 | $523031 | $1m | $2m | $2m | $289000 | $99m |
| Revenue growth, last 12 months | −28.1% | 16.7% | 100.0% | −60.8% | 123.6% | — | 9.2% |
| Revenue growth, 3-year average | −53.8% | — | — | 14.9% | — | — | 13.5% |
| Revenue growth, latest quarter | 2.0% | — | 100.0% | −53.9% | 82.0% | — | 10.2% |
| Gross margin | 43.5% | 62.6% | 0.3% | 48.3% | 92.6% | 0.7% | 61.2% |
| Operating margin | <−999% | −991.7% | <−999% | <−999% | −816.6% | <−999% | −8.5% |
| Operating margin, 3-year average | <−999% | — | >999% | <−999% | — | — | −17.9% |
| Net margin | <−999% | −974.7% | <−999% | <−999% | −795.5% | <−999% | −12.0% |
| Cash from operations / revenue | <−999% | −617.8% | <−999% | <−999% | −799.4% | <−999% | −1.9% |
| Free-cash-flow margin | <−999% | −618.6% | <−999% | <−999% | — | <−999% | −3.9% |
| Free-cash-flow margin, 3-year average | <−999% | — | >999% | <−999% | — | — | −7.0% |
| Stock pay / revenue | 169.9% | 563.2% | >999% | 150.8% | 20.5% | >999% | 6.1% |
| Change in share count | 4.0% | 26.1% | 7.4% | 16.8% | — | 60.0% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -28.1% | 9.1% | 124 of 129 |
| Change in growth rate Growth | +51.3pp | -0.6pp | 4 of 129 |
| Gross margin Profitability | 43.5% | 61.9% | 94 of 123 |
| Operating margin Profitability | -6787.6% | -8.3% | 128 of 132 |
| Net margin Profitability | -6523.0% | -12.0% | 129 of 133 |
| Free-cash-flow margin Cash generation | -3808.0% | -3.4% | 124 of 128 |
| Stock pay as % of revenue Cash generation | 169.9% | 6.1% | 117 of 123 |
| Days sales outstanding Balance sheet | 26 days | 57 days | 10 of 118 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Products | $418,205 | 67.2% | ▼ 45.7% |
| Grant | $204,284 | 32.8% | ▼ 93.5% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $581,549 | 93.4% | ▼ 83.5% |
| Outside the US | $40,940 | 6.6% | ▼ 89.6% |
From Co-diagnostics, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Armistice Capital, LLC | $731,600 | 236K | 39.6% | New |
| Jane Street Group, LLC | $276,644 | 89K | 15.0% | New |
| Vanguard Capital Management LLC | $180,653 | 58K | 9.8% | New |
| Private Advisory Group LLC | $122,100 | 39K | 6.6% | ▼ 4.8% |
| Millennium Management LLC | $99,184 | 32K | 5.4% | New |
| Susquehanna International Group, LLP | $96,841 | 31K | 5.2% | New |
| Geode Capital Management, LLC | $79,282 | 26K | 4.3% | New |
| Vanguard Fiduciary Trust Co | $61,306 | 20K | 3.3% | ▲ 1977500.0% |
| Virtu Financial LLC | $55,000 | 18K | 3.0% | New |
| UBS Group AG | $49,882 | 16K | 2.7% | ▲ 118.4% |
| State Street Corp | $45,880 | 15K | 2.5% | New |
| Renaissance Technologies LLC | $38,750 | 13K | 2.1% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Co-diagnostics, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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