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Here are 1-3 brief analogies for Co-Diagnostics (CODX):

• Pure-play molecular diagnostics, like a focused division of Abbott Laboratories.
• Illumina for highly accurate PCR diagnostic tests.

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• Logix Smart™ Test Kits: These are real-time PCR diagnostic tests utilizing CoPrimer™ technology for the detection of various infectious diseases, including respiratory pathogens, sexually transmitted infections, and tropical diseases.
• CoDx™ PCR Instruments and Software: This includes the specialized equipment and accompanying software platforms required to perform and analyze molecular diagnostic tests using their Logix Smart™ kits.
• CoDx RPX™ Rapid PCR Platform: A novel, rapid point-of-care PCR platform designed to provide quick molecular diagnostic results for various pathogens in decentralized settings.

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Co-Diagnostics (CODX) - Major Customers

Co-Diagnostics (CODX) primarily sells its diagnostic products and technology to other companies and organizations, rather than directly to individuals.

While the company has previously noted reliance on a limited number of distributors and customers for a significant portion of its revenue (including past mentions of governmental entities like the State of Utah during the peak of the COVID-19 pandemic), specific names of current major customer companies (especially public ones with associated symbols) are not consistently disclosed in its most recent public filings (e.g., 10-K reports) in a way that would allow for precise identification.

However, based on its business model and publicly stated target markets, the major categories of organizations that comprise Co-Diagnostics' customer base include:

• Clinical Laboratories: These include large reference laboratories that process a high volume of diagnostic tests for a wide range of clients, as well as smaller regional or specialized labs. These laboratories use CODX products for disease detection and analysis.
• Hospitals and Healthcare Providers/Networks: Hospitals, clinics, and integrated healthcare delivery networks purchase diagnostic tests for in-house use, patient care, and disease management within their systems.
• Government Health Agencies and Academic/Research Institutions: National, state, and local public health organizations, as well as universities and research facilities, utilize Co-Diagnostics' technology for public health surveillance, outbreak response, and research and development purposes.

It is important to note that Co-Diagnostics often sells through a network of distributors globally, meaning the direct customer for CODX may be a distributor who then sells to the end-user clinical laboratories, hospitals, or government agencies.

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Dwight H. Egan, Chief Executive Officer

Dwight H. Egan is a co-founder of Co-Diagnostics, Inc. and has served as CEO since April 2013. He has been engaged in the private investment business since February 1999. Mr. Egan co-founded and served as CEO and Chairman of the Board of Broadcast International, Inc. from 1984 to 1995. Broadcast International was acquired by Data Broadcasting Corporation in 1995, which then created CBS MarketWatch, a leading financial news site, and participated in its initial public offering. He was a senior executive at Data Broadcasting Corporation from 1995 to 1999. Mr. Egan also founded Market Street Logix LLC in 2008. His experience includes taking companies from inception to successfully traded public companies.

Brian L. Brown, CPA, Chief Financial Officer

Brian L. Brown was appointed Chief Financial Officer of Co-Diagnostics, Inc. in February 2021. Previously, he served as Chief Financial Officer of A-Core Concrete Cutting, Inc., a privately held specialty construction company. He also held roles as Vice President of Accounting, Treasury & Investor Relations, and Director of Finance for Sportsman's Warehouse Holdings, Inc. (Nasdaq: SPWH), a publicly traded outdoor sporting goods retailer. Mr. Brown's prior experience includes CFO, Vice President of Accounting & Investor Relations, and Director of Finance roles for both public and private companies. He also worked as an Assurance Senior at KPMG LLP from 2001 to 2005.

Richard Abbott, President

Richard Abbott has over 25 years of experience in senior leadership positions within in vitro diagnostics, which includes developing systems for infectious disease diagnosis and genetics research. Prior to becoming President of Co-Diagnostics, Inc. in March 2024, he served as the President of Advanced Conceptions, Inc., a wholly-owned subsidiary of Co-Diagnostics. He was also Vice President of Engineering at BioFire Diagnostics, where he built and led cross-functional teams.

David Nielsen, Chief Operations Officer

David Nielsen joined Co-Diagnostics, Inc. in January 2022 following the acquisition of Advanced Conceptions, Inc. He has over 25 years of R&D technical and leadership experience, primarily at BioFire and BioFire Defense (formerly Idaho Technology), which was acquired by bioMérieux in 2014. Mr. Nielsen was also the COO for Idaho Molecular, which was acquired by Co-Diagnostics in 2021.

Christopher Thurston, Chief Technology Officer

Christopher Thurston came to Co-Diagnostics, Inc. as the co-founder of Idaho Molecular and a co-inventor of the Co-Dx PCR Pro™. His career includes serving as a senior architect at Ernst and Young, senior architect at BioFire Defense, and executive positions at several startups. Mr. Thurston was also the principal developer and architect behind BioMerieux's SyndromicTrends.com.

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1. Uncertainty of Future Profitability and Significant Cash Burn

   Co-Diagnostics has a limited commercial history and has consistently incurred substantial net losses, particularly following the decline in demand for COVID-19 diagnostic tests. The company's ability to achieve profitability in the future is uncertain, and it is currently experiencing a rapid rate of cash consumption. For instance, the net loss narrowed to $5.9 million in Q3 2025, compared to $9.7 million in Q3 2024, indicating ongoing losses despite some cost reductions. As of September 30, 2025, cash, cash equivalents, and marketable securities were $11.4 million.

2. Reliance on Co-Dx PCR Platform and Regulatory Approval Risks

   A critical factor for Co-Diagnostics' future success is the development, regulatory approval, and successful commercialization of its Co-Dx PCR platform, designed for point-of-care and at-home use. The company recently withdrew its 510(k) application for the Co-Dx PCR Pro and Co-Dx PCR COVID-19 test from the FDA to gather updated clinical data for a new submission, highlighting the ongoing regulatory hurdles. There is no assurance that the Co-Dx PCR platform will receive the necessary regulatory clearances for commercialization or that it will be successfully commercialized, even if approved.

3. Steep Revenue Decline and Market Volatility

   Co-Diagnostics has experienced a significant decline in revenue as the demand for high-volume COVID-19 testing has normalized. The company's revenue in Q3 2025 was $0.1 million, a stark drop from $0.6 million in Q3 2024, primarily due to reduced grant revenue. This substantial revenue decrease, coupled with ongoing financial losses, characterizes a challenging transitional period for the company. The stock price has also exhibited high volatility.

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Co-Diagnostics (CODX) operates within the broader molecular diagnostics and infectious disease diagnostics markets, with specific products addressing segments like COVID-19 and point-of-care testing.

The addressable markets for Co-Diagnostics' main products and services can be understood through the following market sizes:

• Global Molecular Diagnostics Market: This market is predicted to be valued at approximately USD 27.1 billion in 2025 and is projected to grow to about USD 39.1 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 4.2% from 2025 to 2034. Other estimates suggest the market size was USD 25.75 billion in 2024 and is projected to reach USD 33.08 billion by 2030, growing at a CAGR of 3.97% from 2025 to 2030. Another report estimates it will grow from USD 15.78 billion in 2025 to USD 21.21 billion by 2032.
• U.S. Molecular Diagnostics Market: This market is projected to be valued at approximately USD 8.7 billion in 2025 and is expected to reach USD 12.3 billion by 2034, exhibiting a CAGR of 3.9%. North America, which includes the U.S., held a significant share of the global market.
• Global Infectious Disease Diagnostics Market: This market was valued at USD 24.96 billion in 2024, is estimated at USD 26.58 billion in 2025, and is forecast to reach USD 40.20 billion by 2030, growing at a CAGR of 9.7%. Another projection indicates a market size of USD 23.0 billion in 2025, expanding to USD 46.2 billion by 2035 with a CAGR of 7.2%. The market is also reported to be USD 46.81 billion in 2025, expected to reach USD 55.55 billion by 2030 at a 3.48% CAGR. Specifically, the global infectious disease molecular diagnostics market size was estimated at USD 16,237.5 million in 2024 and is projected to reach USD 20,155.3 million by 2030.
• Global COVID-19 Diagnostics Market: This market was valued at USD 30.02 billion in 2024 and is projected to decline to USD 7.26 billion by 2034, at a CAGR of -13.3% during 2025–2034, due to decreasing demand.
• Global Point-of-Care Infectious Disease Diagnostics Market: This market was estimated at USD 5.36 billion in 2024, grew to USD 6.20 billion in 2025, and is predicted to reach approximately USD 22.86 billion by 2034, with a CAGR of 15.60% between 2024 and 2034.

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Co-Diagnostics (CODX) is poised for potential future revenue growth over the next 2-3 years, primarily driven by the commercialization and expansion of its new Co-Dx PCR testing platform and associated diagnostic tests. The company has experienced recent revenue declines, making the success of these initiatives critical for future growth.

Here are the key expected drivers of future revenue growth:

1. Commercialization of the Co-Dx PCR Platform: Co-Diagnostics is actively working towards the regulatory approval and commercial launch of its Co-Dx PCR testing platform. The company aims for mid-2026 commercialization for this platform, which is designed for point-of-care and at-home diagnostics. This platform represents a significant shift in the company's product offerings and is expected to be a primary revenue generator.
2. Launch of New Diagnostic Tests: Alongside the platform, Co-Diagnostics has a pipeline of new diagnostic tests that are undergoing clinical evaluations and regulatory submissions. These include an enhanced COVID-19 test, a 4-plex respiratory panel, a tuberculosis (TB) test, and an HPV 8-type multiplex panel. The sequential launch of these tests, following regulatory clearances, is expected to diversify and boost product revenue. The COVID-19 test is planned to be the first of these four infectious disease PCR test panels submitted for regulatory clearance.
3. Expansion into New International Markets: The company is strategically focused on expanding its market reach, particularly in high-burden regions for diseases like tuberculosis and HPV. Co-Diagnostics is preparing to seek regulatory clearances for multiple tests on its new platform in India through its joint venture, CoSara Diagnostics, and plans to pursue clearance in South Africa and World Health Organization (WHO) prequalification for African markets. This international commercialization model, which proved successful during the pandemic for its centralized lab COVID-19 PCR tests, is anticipated to be replicated for the new platform.
4. Strategic Partnerships and Grant Funding: While recent grant income has decreased, the development of key tests, such as the TB and HPV tests, is supported by grants from organizations like the Bill & Melinda Gates Foundation. Similarly, the 4-plex respiratory panel is backed by a grant from the National Institute of Health's RADx Tech program. Continued grant funding and strategic partnerships are crucial for research, development, and offsetting operational costs, which can indirectly contribute to future revenue growth by accelerating product development and market entry. The company also plans to meet capital requirements through equity and/or debt financing, in addition to grant funding.

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Share Repurchases

• In March 2022, Co-Diagnostics' board of directors authorized a share repurchase program for up to $30.0 million of common stock.
• As of December 31, 2023, Co-Diagnostics repurchased $1.364 million in common stock under the program.
• As of August 14, 2025, the company had repurchased 4,848,678 shares for $15.58 million under the March 2022 buyback authorization.

Share Issuance

• On October 29, 2025, Co-Diagnostics closed a registered direct offering of 12,727,272 shares of common stock (or pre-funded warrants) at $0.55 per share, raising approximately $7.0 million in gross proceeds for working capital and general corporate purposes.
• In October 2025, the company also completed a registered direct offering, raising approximately $3.8 million by selling 9,619,000 shares of common stock at $0.40 per share to institutional investors for working capital and general corporate purposes.
• As of December 31, 2024, Co-Diagnostics sold 314,707 shares of common stock under an At-the-Market (ATM) Agreement, generating net proceeds of $0.2 million.

Inbound Investments

• Co-Diagnostics received approximately $7.0 million in gross proceeds from institutional investors through a registered direct offering of 12,727,272 shares of common stock (or pre-funded warrants) at $0.55 per share, which closed on October 29, 2025.
• The company raised approximately $3.8 million by selling 9,619,000 shares of common stock at $0.40 per share to institutional investors in a registered direct offering in October 2025.

Outbound Investments

• In October 2025, Co-Diagnostics announced a definitive agreement to form CoMira Diagnostics, a joint venture in Saudi Arabia with Arabian Eagle Manufacturing. This venture aims to develop, manufacture, and commercialize Co-Dx technologies, including the upcoming Co-Dx PCR point-of-care platform and existing lab-based PCR diagnostic products, across Saudi Arabia and 18 other countries in the Middle East and North Africa region.

Capital Expenditures

• Capital expenditures in the last 12 months (around late 2024 to late 2025) were -$740,403.
• In 2024, the company inaugurated a new manufacturing facility in South Salt Lake for the production of its patented Co-Primers oligonucleotides, the Co-Dx PCR Pro instrument, and test cups for the new Co-Dx PCR platform.
• Inventory moved to property, plant and equipment amounted to $673 for the year ended December 31, 2023, and $218,906 for the year ended December 31, 2022.