Co-Diagnostics, Inc. operates as a molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the ...
Co-Diagnostics, Inc. (NASDAQ: CODX) is a Utah-based molecular diagnostics company (headquartered in Salt Lake City) that focuses on bringing PCR testing capability closer to where patients need it. The company’s core value proposition is built around nucleic-acid detection—using PCR (polymerase chain reaction) to identify and analyze specific genetic material from ...Co-Diagnostics, Inc. (NASDAQ: CODX) is a Utah-based molecular diagnostics company (headquartered in Salt Lake City) that focuses on bringing PCR testing capability closer to where patients need it. The company’s core value proposition is built around nucleic-acid detection—using PCR (polymerase chain reaction) to identify and analyze specific genetic material from patient or sample sources—enabling rapid, real-time style testing that supports faster clinical and public-health decision-making.
Business and operating model: Co-Dx develops and sells diagnostic reagents and testing products used to detect infectious diseases. In addition to its reagent/test offerings, the company promotes a PCR platform designed to broaden access to molecular diagnostics, including point-of-care and at-home use cases. This matters from a cost and implementation perspective because decentralized testing can reduce operational friction compared with centralized laboratory workflows (e.g., logistics delays), while still aiming to deliver high-quality PCR-based results.
Products and services: The company offers the Co-Dx PCR platform and PCR diagnostic tests covering infectious disease targets such as COVID-19, influenza, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and Zika virus. It also markets multiplexed test solutions for mosquito identification of diseases they may carry, along with additional molecular tools spanning applications such as liquid biopsy/cancer screening, and agricultural genomics (genetic trait identification in plant and animal genomes). Complementing these tests, Co-Dx also highlights portable diagnostic device capabilities to bring PCR-like testing to more immediate settings.
Cost and BOM/inputs (high-level): As a molecular diagnostics provider, the main bill-of-materials typically includes PCR consumables and reagents (e.g., target-specific assay components, buffers, controls) and supporting infrastructure for sample processing and detection. The company’s emphasis on reagents and an integrated PCR platform suggests a design goal of packaging diagnostic capability in a way that can be deployed broadly—potentially simplifying the procurement and operational burden for customers (clinics, testing partners, and other settings) versus assembling components from multiple sources.
Financial and investment context: Based on the provided financial snapshot, the company has negative profitability measures (e.g., negative margins and free cash flow figures in the trailing-twelve-month view), which is common for development-and-growth stages in the diagnostics sector where research and commercialization spend can be elevated. The snapshot also indicates meaningful research intensity (research and development to revenue). Market metrics provided show market capitalization in the low millions of USD range in the snapshot and a beta indicating higher volatility.
Key people and leadership: Dwight Egan serves as Chief Executive Officer and has been associated with the company since its early formation, with sources describing him as a co-founder and CEO since inception.
Wishes/trajectory: Co-Dx’s stated mission centers on democratizing access to molecular diagnostics and lowering the cost of healthcare by increasing access to PCR tools—reflecting an intent to scale availability, improve accessibility of testing, and support broader adoption of PCR beyond traditional laboratory-only pathways.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$622489
-84.1%
+13.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-46.9M
-24.6%
+31.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+64.3%
-13.7%
+135.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-5025.5%
-390.9%
+40.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-7533.6%
-683.6%
+39.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-29.8M
+0.2%
+10.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-4793.2%
-527.6%
+21.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
6.0%
+51.3%
+11.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.87x
-12.4%
-20.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. At this time, I would like to welcome everyone to the Co-Diagnostics, Inc. Second Quarter 26 Earnings Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. I would now like to turn the conference over to Andrew Benson, Head of Investor Relations. The floor is yours.
Andrew Benson: Good afternoon, everyone. Thank you all for participating in today's conference call. On the line today from Co-Diagnostics, we have Dwight H. Egan, chief executive officer, and Brian L. Brown, chief financial officer. Earlier today, Co-Diagnostics released financial results from second quarter ended 06/30/2026. A copy of the press release is available on the company's website. We will begin with management's prepared remarks and then open up the call to analyst Q&A. Before we begin, we would like to inform listeners that certain statements made by Co-Diagnostics during this call are not historical facts, are forward-looking statements. In addition to diagnostic test developments and clinical evaluation time lines, this includes statements concerning regulatory review and clearance. Commercialization plans and timing, international regulatory and manufacturing initiatives, financing and liquidity, and the capabilities and potential uses of the company's technology and data infrastructure. The company's Co-Dx PCR testing platform and related tests are subject to regulatory review clearance, or authorization are not currently for sale. Actual outcomes and results may differ materially from what is expressed or implied in any statement. Important factors which could cause actual results to differ materially from those in these forward-looking statements are described in the company's annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings with the SEC, including under the heading Risk Factors, as well as in today's earnings release. Co-Diagnostics assumes no obligation and expressly disclaims any duty to update any forward-looking statements to reflect events or circumstances occurring after this call to reflect the occurrence of unanticipated events. In addition, the company may discuss certain non GAAP financial measures during today's call. These non GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. We refer you to the company's earnings release issued shortly before this call which contains reconciliations to the non GAAP financial measures presented to their most comparable GAAP results. At this time, I would like to turn the call over to Co-Diagnostics' chief executive officer, Dwight H. Egan. Dwight.
Dwight H. Egan: Thank you everyone for joining us today and for your continued support of CoDiagnostics. This past …
