Co-Diagnostics Reports Second Quarter 2026 Financial Results
Advancing Commercialization Through FDA Submission, Global Clinical Progress and Manufacturing Expansion
Strengthening Integrated Co-Dx PCR Platform Through Scientific Innovation, Cloud Connectivity and AI-Enabled Capabilities
SALT LAKE CITY, Aug. 13, 2026 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) ("Co-Dx," or "the Company"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced its financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Business Highlights:
"Our second quarter marked a period of meaningful operational progress for Co-Diagnostics, as years of investment across our platform are illustrated by these tangible milestones," said Dwight Egan, Chief Executive Officer of Co-Diagnostics. "This progress was reflected across our regulatory, clinical and commercial priorities, including expanding our tuberculosis program in India and strengthening our international manufacturing and commercialization capabilities. More recently, we built on that momentum by submitting our FDA 510(k) application for the Co-Dx™ PCR Flu A/B & RSV upper respiratory multiplex test on the Co-Dx PCR Pro ® instrument. Together, these milestones reinforce that we are executing against our strategic priorities and advancing the platform toward commercialization."
Mr. Egan continued, "What differentiates Co-Diagnostics is that we have never viewed our opportunity as simply developing another diagnostic test. We have built an integrated molecular diagnostics platform that combines instrumentation, assays, cloud connectivity and artificial intelligence, along with manufacturing, and global commercial infrastructure into a scalable ecosystem. As we continue to advance regulatory milestones and expand deployment across international markets, we believe this strategy has the potential to create long-term value for our shareholders."
Second Quarter 2026 Financial Results:
Recent Developments:
Conference Call and Webcast:
Co-Diagnostics will host a conference call and webcast at 4:30 p.m. EDT today to discuss its financial results with analysts and institutional investors. The conference call and webcast will be available via:
Webcast: ir.co-dx.com on the Events & Webcasts page, or accessible directly here
Conference Call: 1-888-880-3330 (Toll Free) or 1-646-357-8766 (Toll)
The call will be recorded and later made available on the Company's website.
*The Co-Dx PCR platform (including the PCR Home ®, PCR Pro ®, mobile app, and all associated tests) has not been cleared or authorized by the FDA, is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale.
About Co-Diagnostics, Inc.
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform (subject to regulatory review and not currently for sale) and to identify genetic markers for use in applications other than infectious disease.
Non-GAAP Financial Measures:
This press release contains adjusted EBITDA, which is a non-GAAP measure defined as net income (loss) adjusted for depreciation, amortization, income tax (benefit) expense, net interest (income) expense, stock-based compensation, change in fair value of contingent consideration, and realized gain (loss) on investments. The Company believes that adjusted EBITDA provides useful information to management and investors relating to its results of operations. The Company's management uses this non-GAAP measure to compare the Company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The Company believes that the use of adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
Management does not consider the non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of the non-GAAP financial measure is that it excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements. In order to compensate for these limitations, management presents the non-GAAP financial measure together with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation table of the net income, the most comparable GAAP financial measure to adjusted EBITDA, is included at the end of this release. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company's business.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Forward-looking statements in this release include, but are not limited to, statements regarding: (i) the continued development, clinical evaluation, regulatory submission, clearance, authorization, and commercialization of the Co-Dx PCR platform and related tests; (ii) anticipated timing and progress of clinical studies and regulatory submissions; (iii) the Company's ability to develop, scale, and commercialize its manufacturing capabilities, including through CoSara and CoMira and other third parties; (iv) anticipated market opportunities and international expansion initiatives; (v) the expected capabilities, differentiation, and adoption of the Company's platform technologies; and (vi) the Company's strategic, operational, and growth initiatives generally. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. These risks and uncertainties include, among others, risks relating to the timing and outcome of FDA and other regulatory review processes; the possibility that clinical or analytical data may not support regulatory clearance, authorization or commercialization; the Company's ability to successfully complete product development, manufacturing scale-up and commercialization activities; market acceptance and adoption of the Company's products and technologies; the Company's dependence on joint ventures, distributors, manufacturers and other third parties; risks associated with conducting business and obtaining regulatory approvals in international markets; the Company's ability to obtain additional capital when needed and maintain sufficient liquidity to execute its business plans; and competitive and technological developments. Actual results may differ materially from those contemplated or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. There can be no assurance that any regulatory submission, authorization, commercialization milestone, manufacturing initiative, strategic collaboration, or market opportunity will occur on the timelines anticipated by the Company, or at all, due to certain risks and uncertainties, a discussion of which can be found in our Risk Factors disclosure in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 31, 2026, and in our other filings with the SEC. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
$
3,649,632
$
11,884,607
Accounts receivable, net
52,059
190,375
Inventory, net
841,669
992,397
Income taxes receivable
425
44,559
Prepaid expenses and other current assets
648,673
581,527
Total current assets
5,192,458
13,693,465
Property and equipment, net
1,975,111
2,272,098
Operating lease right-of-use asset
1,769,011
1,207,453
Intangible assets, net
7,219,000
7,219,000
Investment in joint ventures
435,051
350,569
Total assets
$
16,590,631
$
24,742,585
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$
1,078,380
$
1,878,225
Accrued expenses
899,183
865,301
Operating lease liability, current
784,261
662,258
Contingent consideration liabilities, current
72,927
119,036
Deferred revenue
28,644
14,800
Total current liabilities
2,863,395
3,539,620
Long-term liabilities
Operating lease liability
1,014,887
574,301
Total long-term liabilities
1,014,887
574,301
Total liabilities
3,878,282
4,113,921
Commitments and contingencies (Note 11)
Stockholders' equity
Convertible preferred stock, $0.001 par value; 5,000,000 shares
authorized; 0 shares issued and outstanding as of June 30, 2026
and December 31, 2025, respectively
-
-
Common stock, $0.001 par value; 100,000,000 shares
authorized; 5,040,580 shares issued and 4,878,957 shares
outstanding as of June 30, 2026 and 2,256,654 shares issued and
2,095,031 shares outstanding as of December 31, 2025
70,484
67,700
Treasury stock, at cost; 161,623 shares held as of June 30, 2026
and December 31, 2025, respectively
(15,575,795)
(15,575,795)
Additional paid-in capital
124,015,023
116,510,298
Accumulated deficit
(95,797,363)
(80,373,539)
Total stockholders' equity
12,712,349
20,628,664
Total liabilities and stockholders' equity
$
16,590,631
$
24,742,585
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended June 30,
2026
2025
Product revenue
$
166,131
$
162,910
Total revenue
166,131
162,910
Cost of revenue
45,303
32,106
Gross profit
120,828
130,804
Operating expenses
Sales and marketing
466,681
609,713
General and administrative
1,500,803
2,599,982
Research and development
4,152,287
4,687,459
Depreciation and amortization
201,840
291,414
Total operating expenses
6,321,611
8,188,568
Loss from operations
(6,200,783)
(8,057,764)
Other income (expense), net
Interest income, net
17,493
12,158
Realized gain on investments
-
340,358
Loss on disposition of assets
-
(9,004)
Gain (loss) on remeasurement of acquisition contingencies
(29,171)
10,222
Loss on equity method investment in joint ventures
(52,157)
(13,760)
Total other income (expense), net
(63,835)
339,974
Loss before income taxes
(6,264,618)
(7,717,790)
Income tax provision
19,168
12,327
Net loss
$
(6,283,786)
$
(7,730,117)
Other comprehensive loss
Change in net unrealized gains on marketable securities, net of tax
-
(196,585)
Total other comprehensive loss
$
-
$
(196,585)
Comprehensive loss
$
(6,283,786)
$
(7,926,702)
Loss per common share:
Basic and Diluted
$
(1.46)
$
(7.00)
Weighted average shares outstanding:
Basic and Diluted
4,309,997
1,103,614
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES
GAAP AND NON-GAAP MEASURES
(Unaudited)
Reconciliation of net loss to adjusted EBITDA:
Three Months Ended June 30,
2026
2025
Net loss
$
(6,283,786)
$
(7,730,117)
Interest income, net
(17,493)
(12,158)
Realized gain on investments
-
(340,358)
Depreciation and amortization
201,840
291,414
Loss on disposition of assets
-
9,004
Change in fair value of contingent consideration
29,171
(10,222)
Stock-based compensation expense
213,752
580,265
Income tax provision
19,168
12,327
Adjusted EBITDA
$
(5,837,348)
$
(7,199,845)
SOURCE Co-Diagnostics