Co-Diagnostics, Inc. - Molecular Diagnostics Platform Pioneer

Company Overview (Updated April 2026)

Co-Diagnostics, Inc. is a molecular diagnostics company headquartered in Salt Lake City, Utah, USA. Founded in 2008, the company develops, manufactures, and markets state-of-the-art diagnostic technologies utilizing the detection and analysis of nucleic acid molecules (DNA or RNA). The company trades under the ticker CODX on OTC markets, following its transfer from the Nasdaq in January 2026.

Mission: To develop and commercialize innovative, cost-effective molecular diagnostic solutions that improve patient outcomes through Rapid, accurate detection of infectious diseases and genetic markers.

Corporate History and Development (2008-2026)

Founding and Early Growth (2008-2019)

- 2008: Founded in Utah as a molecular diagnostics company focused on proprietary PCR technology

- 2016: Established CoSara Diagnostics Pvt. Ltd. as a joint venture in India for manufacturing and distribution

COVID-19 Era and Expansion (2020-2024)

- 2020-2022: Developed and commercialized COVID-19 PCR tests, achieving peak revenue of $34.2 million in 2022

- 2024: Revenue declined to $3.9 million as COVID-19 testing demand normalized; pivot to point-of-care platform accelerated

Platform Advancement and Capital Restructuring (2025-2026)

- 2025: Completed two direct offerings totaling approximately $10.8 million to fund platform development

- January 2026: Transferred stock listing from Nasdaq to OTC markets

- March 2026: Participated in Medical Korea 2026 in Seoul as part of Utah trade delegation

- April 2026: Exhibited CE-IVD solutions at ESCMID Global 2026 in Munich, Germany

Core Technology and Product Portfolio

Co-Dx™ PCR Platform

The company's flagship Co-Dx PCR platform comprises portable, cloud-connected PCR diagnostic devices:

Co-Dx PCR Pro®:

- Point-of-care PCR instrument delivering results in approximately 30 minutes

- Over 200 units deployed as of October 2025

- Cloud-connected with intuitive smartphone interface

- Regulatory Status: Subject to FDA and other regulatory review; not yet available for sale

Co-Dx PCR Home™:

- At-home PCR testing platform (in development)

- Integrated mobile app for test operation and result reporting

- Regulatory Status: Pending regulatory approval

Test Pipeline (2025-2026)

Upper Respiratory Multiplex Test (Most Advanced):

- Detects Flu A/B, COVID-19, and RSV

- Clinical evaluations initiated November 2025 to support U.S. FDA 510(k) submission

Tuberculosis (TB) Test:

- Clinical evaluations planned for India and South Africa

- Aligns with WHO recommendations for near-point-of-care molecular testing using tongue swab samples

HPV Test:

- 8-type HPV multiplex test in development

- Clinical evaluations planned for 2025-2026

AI Integration:

- Expanded AI business unit integrating machine learning into the Co-Dx™ Primer Ai™ platform

- Designed to minimize user error and improve real-time point-of-care testing outcomes

Financial Performance (2025)

Full Year 2025 Results

- Total Revenue: $0.6 million (vs $3.9 million in 2024)

- Product Revenue: $0.4 million

- Grant Revenue: $0.2 million

- Cost of Revenue: $0.2 million

- Gross Profit: $0.4 million

- Operating Expenses: $50.6 million (vs $43.0 million in 2024)

- Impairment Charges: $18.9 million (non-cash, from revaluation of intangible assets)

- Operating Loss: $50.2 million (vs $40.1 million in 2024)

- Net Loss: $46.9 million, or $35.25 per share (vs $37.6 million, or $37.22 per share in 2024)

- Adjusted EBITDA Loss: $28.0 million (vs $33.5 million in 2024)

- Cash and Cash Equivalents: $11.9 million as of December 31, 2025 (vs $29.7 million as of December 31, 2024)

Capital Raises (2025)

- First Offering: $3.8 million from 9.62 million shares at $0.40 per share (pre-reverse split basis)

- Second Offering: $7.0 million from 12.7 million shares at $0.55 per share (pre-reverse split basis)

- Total Raised: Approximately $10.8 million

International Joint Ventures and Expansion

CoSara Diagnostics (India)

- Status: Ongoing joint venture for manufacturing and distribution in India

- Progress: Regulatory advancements and manufacturing readiness for PCR Pro instrument

CoMira Diagnostics (Saudi Arabia)

- Status: Definitive agreement signed with Arabian Eagle

- Progress: Executing agreement and finalizing lease for manufacturing facility

- Market Opportunity: Expanding access to Middle Eastern markets

Intellectual Property and R&D

- Patent Portfolio: Strengthened with new international patent granted in Australia (2025)

- Proprietary Technology: CoPrimer™ technology for multiplex PCR test design

- R&D Expenditure: $19.1 million in 2025

Leadership Team

Executive Leadership

Chief Executive Officer: Dwight Egan

Chief Financial Officer: Brian Brown

Head of Investor Relations: Andrew Benson

- Phone: +1 801.438.1036

- Email: investors@codiagnostics.com

Analyst Ratings and Market Data (2026)

- Consensus Rating: Hold (4 analysts: 1 Sell, 2 Hold, 1 Buy)

- Average Price Target: $55.00

- Current Stock Price: ~$2.33 (February 2026)

- Market Cap: ~$4.88 million (February 2026)

- 52-Week Range: $2.20 - $46.50

Company Information

Corporate Details

Legal Name: Co-Diagnostics, Inc.

Founded: 2008

Headquarters: Salt Lake City, Utah, USA

Stock Exchange: OTC (transferred from Nasdaq in January 2026)

Ticker Symbol: CODX

Status: Public company

Industry: Medical Devices / Molecular Diagnostics / In Vitro Diagnostics

Employees: 132 (as of 2024)

Contact Information

Investor Relations: ir.co-dx.com

General Website: www.co-dx.com

Email: investors@codiagnostics.com

Keywords: Co-Diagnostics, CODX, molecular diagnostics, PCR, Co-Dx PCR, point-of-care diagnostics, Salt Lake City, Utah, CoSara, CoMira, infectious disease, TB, HPV, COVID-19, flu, RSV, AI diagnostics, Primer Ai, joint venture, 2008 founded