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Fundamentals snapshot

Co-Diagnostics, Inc.

CODX · NCM · Healthcare · Medical Devices

Current price

$0.33

52-week range

$0.24 - $13.54

Market cap

$2.90M

One-glance verdict

Undervalued

$36.80 our estimate vs market $0.33

Wall Street consensus: $4.00 (-89.1% lower than our fair-value estimate)

Balance sheet

Healthy

-106.79x Concerning

Net cash $1.85M. Interest coverage shows how many times profit covers the interest bill.

What this company does

Co-Diagnostics, Inc.

Co-Diagnostics, Inc. makes and sells special chemicals (reagents) and tests that help doctors and people figure out if they have certain illnesses, like COVID-19 or the flu, by looking at tiny bits of genetic material. Their main sales come from these diagnostic tests, and it matters because it helps people get quick answers about their health, especially when they are not in a hospital.

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q3 $-7.40M FY2024 Q4 $-8.30M FY2025 Q1 $-8.84M FY2025 Q2 $-8.69M FY2025 Q3 $-5.98M FY2025 Q4 $-6.33M FY2026 Q1 $-7.99M FY2026 Q2 $-7.17M
Revenue $166.13K
Net income $-6.28M
Diluted EPS -1.46
Operating cash flow $-7.15M
Free cash flow $-7.17M
Revenue $145.95K
Net income $-9.14M
Diluted EPS -4.06
Operating cash flow $-7.85M
Free cash flow $-7.99M
Revenue $263.92K
Net income $-25.75M
Diluted EPS -34.62
Operating cash flow $-6.20M
Free cash flow $-6.33M
Revenue $145.38K
Net income $-5.89M
Diluted EPS -0.16
Operating cash flow $-5.90M
Free cash flow $-5.98M
Revenue $162.91K
Net income $-7.73M
Diluted EPS -0.23
Operating cash flow $-8.29M
Free cash flow $-8.69M
Revenue $50.28K
Net income $-7.53M
Diluted EPS -0.24
Operating cash flow $-8.75M
Free cash flow $-8.84M
Revenue $149.32K
Net income $-11.03M
Diluted EPS -0.36
Operating cash flow $-8.23M
Free cash flow $-8.30M
Revenue $641.14K
Net income $-9.70M
Diluted EPS -0.32
Operating cash flow $-7.23M
Free cash flow $-7.40M

Is it cheap or expensive?

Fair value $36.80 vs current price $0.33

Wall Street consensus is the average analyst price target: $4.00 (-89.1% lower than our fair-value estimate).

Our most-likely fair value is $36.80 a share — about 11,096.6% above today's price of $0.33, so the stock currently looks cheap (undervalued).

undervalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 5.0% · Discount 12.7% · Terminal 3.0%

$36.80

Bear

Growth 3.0% · Discount 12.7% · Terminal 3.0%

$33.18

Bull

Growth 25.0% · Discount 12.7% · Terminal 3.0%

$101.80

Is it drowning in debt?

Healthy

Net cash $1.9M - more cash than debt. Interest coverage -106.8x.

Net debt $-1.85M
Interest coverage -106.79x

Co-Diagnostics, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.

Healthy
Worse cushion Baseline Better cushion
CODX BASELINE Co-Diagnostics, Inc.

Total debt $1.80M Interest coverage -106.79x This is the baseline the peer rows are being compared against.

-106.79x
BDSX Biodesix, Inc.

Total debt $72.44M Interest coverage -3.60x Neither company has much profit cushion over interest right now.

-3.60x
QTRX Quanterix Corporation

Total debt $33.39M Interest coverage -12.82x Neither company has much profit cushion over interest right now.

-12.82x
QDEL QuidelOrtho Corporation

Total debt $3.12B Interest coverage 0.30x This peer still has a real interest-payment cushion, while CODX does not.

0.30x
DYAI Dyadic International, Inc.

Total debt $5.05M Interest coverage -15.67x Neither company has much profit cushion over interest right now.

-15.67x

What you should know

The case for and against CODX

2 Rewards 2 Risks

Rewards

  • Revenue grew 15.9% last year.
  • Free cash flow was positive in 3/10 years.

Risks

  • Operating margin compressed from -33.9% to -3732.5% over 3 years.
  • Return on equity was -174.8% last year — the company lost money on shareholders' equity.

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
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Forward P/E
-0.40x
P/B
0.13x
P/S
4.02x
EV/EBITDA
0.01x
PEG ratio
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Profitability

How much profit each dollar creates

Gross margin
43.5%
Operating margin
-3,732.5%
Net margin
0.0%
ROE
-174.8%
ROA
-59.6%

Health

Liquidity and balance-sheet strength

Debt / equity
0.14x
Current ratio
1.81x
Quick ratio
1.29x
Total debt
$1.80M
Total cash
$3.65M

Growth

How the business has been compounding

Revenue TTM
$721.39K
Revenue 5Y CAGR
-71.8%
EPS TTM
-26.14
EPS 5Y CAGR
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Cash flow

How much cash the business throws off

Operating CF TTM
$-27.10M
Free CF TTM
$-29.84M
FCF margin
-4,136.1%

Dividend

Shareholder payout

Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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