Co-Diagnostics Inc
NASDAQ:CODX
Co-Diagnostics Inc
Co-Diagnostics, Inc. engages in the development and innovation of molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. The company is headquartered in Salt Lake City, Utah and currently employs 101 full-time employees. The company went IPO on 2017-07-12. The firm is engaged in developing, manufacturing and marketing diagnostics technology. Its reagents are used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules, such as deoxyribonucleic acid and ribonucleic acid. The company also sells diagnostic equipment from other manufacturers as self-contained lab systems (MDx device). The firm uses its proprietary test design system and proprietary reagents to design and sell polymerase chain reaction diagnostic tests for diseases and pathogens starting with tests for tuberculosis, a drug resistant tuberculosis test, hepatitis B and C, Malaria, dengue, human immunodeficiency virus and Zika virus, all of which tests have been designed and validated in its laboratory. Its diagnostics systems enable molecular testing for organisms and genetic diseases by automating historically complex procedures in both the development and administration of tests.
Co-Diagnostics, Inc. engages in the development and innovation of molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. The company is headquartered in Salt Lake City, Utah and currently employs 101 full-time employees. The company went IPO on 2017-07-12. The firm is engaged in developing, manufacturing and marketing diagnostics technology. Its reagents are used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules, such as deoxyribonucleic acid and ribonucleic acid. The company also sells diagnostic equipment from other manufacturers as self-contained lab systems (MDx device). The firm uses its proprietary test design system and proprietary reagents to design and sell polymerase chain reaction diagnostic tests for diseases and pathogens starting with tests for tuberculosis, a drug resistant tuberculosis test, hepatitis B and C, Malaria, dengue, human immunodeficiency virus and Zika virus, all of which tests have been designed and validated in its laboratory. Its diagnostics systems enable molecular testing for organisms and genetic diseases by automating historically complex procedures in both the development and administration of tests.
Revenue Decline: Q3 revenue fell to $0.1 million from $0.6 million a year ago, with all current revenue from product sales rather than grants.
Cost Control: Operating expenses decreased significantly to $7.1 million from $10.6 million, reflecting ongoing efficiency efforts.
Strategic Initiatives: Company highlighted four major growth pillars: CoSara SPAC transaction, CoMira joint venture in the Middle East, expansion of its AI business, and initiation of clinical evaluations for a key respiratory test.
Financial Position: Ended the quarter with $11.4 million in cash and recently raised $10.8 million in gross proceeds from two direct offerings.
Pipeline Progress: Clinical evaluations for multiplex respiratory, tuberculosis, and HPV tests are expected to start soon, with commercial launches targeted for 2026.
International Expansion: CoSara in India and new CoMira JV in the Middle East are central to global growth and capital strategy.
