Co-Diagnostics, Inc. Reports Second Quarter 2025 Financial Results
Co-Diagnostics (NASDAQ: CODX) released its Q2 2025 financial results, reporting revenue of $0.2 million, down from $2.7 million in Q2 2024, primarily due to timing of grant revenue recognition. The company posted a net loss of $7.7 million ($0.23 per share) compared to a $7.6 million loss ($0.25 per share) in Q2 2024.
Operating expenses decreased by 19.1% to $8.2 million, while cash and equivalents stood at $13.4 million. The company remains on track with its Co-Dx PCR platform development, preparing to initiate clinical evaluations for all tests before year-end, with enhanced COVID-19 test trials beginning imminently.
Co-Diagnostics (NASDAQ: CODX) ha pubblicato i risultati finanziari del secondo trimestre 2025, registrando ricavi per $0.2 million, in calo rispetto a $2.7 million nel Q2 2024, principalmente a causa del timing nel riconoscimento di contributi a fondo perduto. La societ脿 ha riportato una perdita netta di $7.7 million (0,23 $ per azione) rispetto a una perdita di $7.6 million (0,25 $ per azione) nel Q2 2024.
Le spese operative sono diminuite del 19,1% a $8.2 million, mentre la liquidit脿 e equivalenti ammontavano a $13.4 million. L'azienda prosegue nello sviluppo della piattaforma Co-Dx PCR, con l'obiettivo di avviare le valutazioni cliniche di tutti i test entro fine anno e con test migliorati per il COVID-19 in fase di lancio imminente.
Co-Diagnostics (NASDAQ: CODX) public贸 sus resultados financieros del segundo trimestre de 2025, con ingresos de $0.2 million, frente a $2.7 million en el Q2 de 2024, principalmente por el momento en que se reconocieron subvenciones. La compa帽铆a registr贸 una p茅rdida neta de $7.7 million (0,23 $ por acci贸n) comparada con una p茅rdida de $7.6 million (0,25 $ por acci贸n) en el Q2 de 2024.
Los gastos operativos disminuyeron un 19,1% hasta $8.2 million, mientras que efectivo y equivalentes se situaron en $13.4 million. La empresa sigue avanzando en el desarrollo de la plataforma Co-Dx PCR, preparando evaluaciones cl铆nicas para todos los ensayos antes de fin de a帽o y con ensayos mejorados para la prueba de COVID-19 que empezar谩n pr贸ximamente.
Co-Diagnostics (NASDAQ: CODX)電� 2025雲� 2攵勱赴 鞁れ爜鞚� 氚滍憸頃橂┌ 毵れ稖鞎§澊 $0.2 million鞙茧 2024雲� 2攵勱赴 $2.7 million鞐愳劀 臧愳唽頄堧嫟瓿� 氚濏様鞀惦媹雼�. 鞚措姅 欤茧 氤挫“旮� 靾橃澋 鞚胳嫕 鞁滌爯 彀澊鞐� 霐半ジ 瓴冹瀰雼堧嫟. 須岇偓電� $7.7 million鞚� 靾滌啇鞁�(欤茧嫻 0.23雼煬)鞚� 旮半頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴鞚� 0.25雼煬(齑� $7.6 million) 靻愳嫟瓿� 鞙犾偓頃╇媹雼�.
鞓侅梾牍勋毄鞚赌 19.1% 臧愳唽頃� $8.2 million鞓�瓿�, 順勱笀 氚� 順勱笀靹膘瀽靷办潃 $13.4 million毳� 鞙犾頄堨姷雼堧嫟. 須岇偓電� Co-Dx PCR 頂岆灚韽� 臧滊皽鞚� 靾滌“搿矊 歆勴枆 欷戩澊氅�, 鞐半 鞝� 氇摖 瓴�靷棎 雽�頃� 鞛勳儊 韽夑皜毳� 鞁滌瀾頃� 瓿勴殟鞚搓碃 頄レ儊霅� 旖旊雮�19 瓴�靷� 鞁滍棙霃� 瓿� 鞁滌瀾霅� 鞓堨爼鞛呺媹雼�.
Co-Diagnostics (NASDAQ: CODX) a publi茅 ses r茅sultats du deuxi猫me trimestre 2025, faisant 茅tat d'un chiffre d'affaires de $0.2 million, en baisse par rapport 脿 $2.7 million au T2 2024, principalement en raison du calendrier de reconnaissance des subventions. La soci茅t茅 a enregistr茅 une perte nette de $7.7 million (0,23 $ par action) contre une perte de $7.6 million (0,25 $ par action) au T2 2024.
Les charges d'exploitation ont diminu茅 de 19,1% 脿 $8.2 million, tandis que la tr茅sorerie et 茅quivalents s'茅levaient 脿 $13.4 million. La soci茅t茅 poursuit le d茅veloppement de la plateforme Co-Dx PCR, visant 脿 lancer les 茅valuations cliniques de tous les tests avant la fin de l'ann茅e, avec des essais am茅lior茅s pour le test COVID-19 qui d茅buteront prochainement.
Co-Diagnostics (NASDAQ: CODX) ver枚ffentlichte seine Finanzergebnisse f眉r das zweite Quartal 2025 und meldete einen Umsatz von $0.2 million, gegen眉ber $2.7 million im Q2 2024, was haupts盲chlich auf das Timing bei der Erfassung von F枚rdermitteln zur眉ckzuf眉hren ist. Das Unternehmen verzeichnete einen Nettoverlust von $7.7 million (0,23 $ je Aktie) gegen眉ber einem Verlust von $7.6 million (0,25 $ je Aktie) im Q2 2024.
Die Betriebskosten sanken um 19,1% auf $8.2 million, w盲hrend liquide Mittel und 脛quivalente bei $13.4 million lagen. Das Unternehmen bleibt beim Ausbau der Co-Dx PCR-Plattform im Plan und bereitet klinische Bewertungen f眉r alle Tests noch vor Jahresende vor; verbesserte COVID-19-Testreihen sollen in K眉rze starten.
- None.
- Revenue declined significantly to $0.2M from $2.7M in Q2 2024
- Net loss increased to $7.7M from $7.6M year-over-year
- Adjusted EBITDA loss of $7.2M
- Cash position of $13.4M may require additional funding given current burn rate
Insights
Co-Diagnostics reports significant revenue decline and continued losses while advancing its PCR platform toward clinical evaluation stages.
Co-Diagnostics' Q2 2025 results reveal concerning financial metrics alongside pipeline progress. Revenue plummeted to just
Despite reducing operating expenses by
The company's cash position of
The company's strategic focus on its Co-Dx PCR platform appears to be a high-stakes gamble. While management remains confident about meeting development and regulatory milestones, investors should note that their entire pipeline remains subject to FDA review with no products yet commercially available. The enhanced COVID-19 test is positioned as their lead candidate, but the market dynamics for COVID testing have changed dramatically since the pandemic peak.
Second Quarter 2025 Financial Results:
- Revenue of
$0.2 million $2.7 million - Operating expenses of approximately
$8.2 million 19.1% from the prior year second quarter - Operating loss of
$8.1 million $7.7 million - Net loss of
$7.7 million $0.23 $7.6 million $0.25 - Adjusted EBITDA loss of
$7.2 million - Cash, cash equivalents, and marketable securities of
$13.4 million
Recent Business Highlights:
- Company remains on track to initiate clinical evaluations for all tests in听Co-Dx PCR platform* pipeline before year-end, and is currently training clinical evaluation sites for enhanced COVID-19 test and expects to begin accepting trial participants imminently
Dwight Egan, Chief Executive Officer of Co-Diagnostics, remarked, "The investments made during the course of developing the Co-Dx PCR platform from the ground-up have all contributed to the robust manufacturing, development, and regulatory framework required to successfully bring it to market, and we are pleased to report that we remain on track to reach our 2025 development and regulatory milestones. The enhanced COVID-19 test is planned to be the first of four infectious disease PCR test panels submitted for regulatory clearance following completion of the clinical evaluations. We are confident in the quality of our real-time PCR point-of-care platform and believe that the results of our clinical evaluations will position us for strong regulatory submissions in multiple jurisdictions, as we move closer to our near- and long-term commercialization goals."
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:
奥别产肠补蝉迟:听听on the page, or accessible directly
Conference Call: 888-880-3330 (Toll Free) or (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鈩�, PCR Pro鈩�, mobile app, and all associated tests) 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
Non-GAAP Financial Measures:
This press release contains adjusted EBITDA, which is a non-GAAP measure defined as net income excluding 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. 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 statements regarding (i) advancement into clinical evaluations and continued development and regulatory submissions for the Co-Dx PCR platform and (ii) our belief that the platform will play a key role in transforming the global accessibility of diagnostic testing solutions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. 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 of the anticipated results will occur on a timely basis 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 27, 2025, and in our other filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
听
CO-DIAGNOSTICS, INC. AND SUBSIDIARES听 | ||||||||
June 30, 2025 | December 31, 2024 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 11,115,181 | $ | 2,936,544 | ||||
Marketable investment securities | 2,247,638 | 26,811,098 | ||||||
Accounts receivable, net | 210,968 | 132,570 | ||||||
Inventory, net | 1,084,627 | 1,072,724 | ||||||
Prepaid expenses and other current assets | 648,752 | 1,338,762 | ||||||
Total current assets | 15,307,166 | 32,291,698 | ||||||
Property and equipment, net | 2,673,390 | 2,761,280 | ||||||
Operating lease right-of-use asset | 1,668,416 | 2,114,876 | ||||||
Intangible assets, net | 26,101,000 | 26,101,000 | ||||||
Investment in joint venture | 715,861 | 731,065 | ||||||
Total assets | $ | 46,465,833 | $ | 63,999,919 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,635,196 | $ | 3,294,254 | ||||
Accrued expenses | 1,008,127 | 2,562,169 | ||||||
Operating lease liability, current | 824,458 | 915,619 | ||||||
Contingent consideration liabilities, current | 197,610 | 502,819 | ||||||
Deferred revenue | 45,857 | 40,857 | ||||||
Total current liabilities | 3,711,248 | 7,315,718 | ||||||
Long-term liabilities | ||||||||
Income taxes payable | 736,933 | 713,643 | ||||||
Operating lease liability | 879,258 | 1,236,560 | ||||||
Contingent consideration liabilities | - | 422,080 | ||||||
Total long-term liabilities | 1,616,191 | 2,372,283 | ||||||
Total liabilities | 5,327,439 | 9,688,001 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Stockholders' equity | ||||||||
Convertible preferred stock, | - | - | ||||||
Common stock, | 41,031 | 37,902 | ||||||
Treasury stock, at cost; 4,848,678 shares held as of June 30, 2025 | (15,575,795) | (15,575,795) | ||||||
Additional paid-in capital | 104,843,320 | 102,472,210 | ||||||
Accumulated other comprehensive income | 134,068 | 418,443 | ||||||
Accumulated deficit | (48,304,230) | (33,040,842) | ||||||
Total stockholders' equity | 41,138,394 | 54,311,918 | ||||||
Total liabilities and stockholders' equity | $ | 46,465,833 | $ | 63,999,919 | ||||
听
CO-DIAGNOSTICS, INC. AND SUBSIDIARES听 | ||||||||
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Product revenue | $ | 162,910 | $ | 161,102 | ||||
Grant revenue | - | 2,495,738 | ||||||
Total revenue | 162,910 | 2,656,840 | ||||||
Cost of revenue | 32,106 | 212,148 | ||||||
Gross profit | 130,804 | 2,444,692 | ||||||
Operating expenses | ||||||||
Sales and marketing | 609,713 | 1,041,243 | ||||||
General and administrative | 2,599,982 | 3,132,385 | ||||||
Research and development | 4,687,459 | 5,612,691 | ||||||
Depreciation and amortization | 291,414 | 338,335 | ||||||
Total operating expenses | 8,188,568 | 10,124,654 | ||||||
Loss from operations | (8,057,764) | (7,679,962) | ||||||
Other income, net | ||||||||
Interest income, net | 12,158 | 342,188 | ||||||
AG真人官方ized gain on investments | 340,358 | 74,165 | ||||||
Gain (loss) on disposition of assets | (9,004) | 3,500 | ||||||
Gain (loss) on remeasurement of acquisition contingencies | 10,222 | (244,116) | ||||||
Loss on equity method investment in joint venture | (13,760) | (74,503) | ||||||
Total other income, net | 339,974 | 101,234 | ||||||
Loss before income taxes | (7,717,790) | (7,578,728) | ||||||
Income tax provision | 12,327 | 20,590 | ||||||
Net loss | $ | (7,730,117) | $ | (7,599,318) | ||||
Other comprehensive income (loss) | ||||||||
Change in net unrealized gains (losses) on marketable securities, | (196,585) | 144,653 | ||||||
Total other comprehensive income (loss) | $ | (196,585) | $ | 144,653 | ||||
Comprehensive loss | $ | (7,926,702) | $ | (7,454,665) | ||||
Loss per common share: | ||||||||
Basic and Diluted | $ | (0.23) | $ | (0.25) | ||||
Weighted average shares outstanding: | ||||||||
Basic and Diluted | 33,108,399 | 30,124,696 | ||||||
听
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES | ||||||||
Reconciliation of net loss to adjusted EBITDA:听 | ||||||||
Three Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Net loss | $ | (7,730,117) | $ | (7,599,318) | ||||
Interest income, net | (12,158) | (342,188) | ||||||
AG真人官方ized gain on investments | (340,358) | (74,165) | ||||||
Depreciation and amortization | 291,414 | 338,335 | ||||||
(Gain) loss on disposition of assets | 9,004 | (3,500) | ||||||
Change in fair value of contingent consideration | (10,222) | 244,116 | ||||||
Stock-based compensation expense | 580,265 | 1,499,658 | ||||||
Income tax provision | 12,327 | 20,590 | ||||||
Adjusted EBITDA | $ | (7,199,845) | $ | (5,916,472) | ||||
听
View original content to download multimedia:
SOURCE Co-Diagnostics
FAQ
What were Co-Diagnostics (CODX) Q2 2025 earnings results?
How much cash does Co-Diagnostics (CODX) have as of Q2 2025?
What is the status of Co-Diagnostics' PCR platform development?
How did Co-Diagnostics' operating expenses change in Q2 2025?
What are Co-Diagnostics' plans for regulatory submissions?
