Co-Diagnostics Reports Third Quarter 2025 Financial Results

SALT LAKE CITY, Nov. 13, 2025 /PRNewswire/ -- Co-Diagnostics, Inc. (NASDAQ: CODX) ("Co-Diagnostics," "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 third quarter ended September 30, 2025.

Third Quarter 2025 Business Highlights:

Business Highlights Subsequent to Third Quarter 2025:

Third Quarter 2025 Financial Results:

"We are entering one of the most active and strategically important periods in our Company's history," said Dwight Egan, Co-Diagnostics Chief Executive Officer. "CoMira Diagnostics, our new joint venture in the Kingdom of Saudi Arabia, establishes a strong commercial presence in the KSA and 18 additional MENA markets, expanding our international footprint and supporting the localization of advanced molecular diagnostics in one of the world's fastest-growing healthcare regions. Additionally, our recently-announced engagement of Maxim to pursue a strategic transaction, including a SPAC transaction with our India joint venture, CoSara, if completed, would represent a significant step toward unlocking value from our India joint venture for our shareholders."

Mr. Egan continued, "In parallel, we have launched a dedicated AI business unit to unify our proprietary applications under the Co-Dx Primer Ai platform and are preparing to initiate clinical evaluations for our upper-respiratory multiplex test supported by a grant from the NIH's RADx Tech® program. Together, these initiatives reflect the execution of a cohesive strategy built on financial strength, technological innovation, and scientific leadership that is intended to position Co-Diagnostics for potential sustainable growth, expanded global reach, and long-term value creation."

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) 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 to detect and/or analyze 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 excluding depreciation and amortization, income tax (benefit) expense, net interest (income) expense, stock-based compensation, change in fair value of contingent consideration, realized gain (loss) on investments, and (gain) loss on disposition of assets. 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. Adjusted EBITDA may differ from similarly titled measures used by other companies and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. Management uses Adjusted EBITDA solely as a supplemental tool to evaluate operating performance and for internal budgeting and planning purposes.

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) the anticipated benefits, timing, and outcomes of the Company's strategic initiatives, including its CoMira Diagnostics joint venture and the planned CoSara strategic or SPAC transaction; (ii) the development, regulatory review, and potential commercialization of the Co-Dx PCR platform, Primer Ai™ platform, and related AI or point-of-care technologies; (iii) the Company's plans to initiate or advance clinical evaluations and regulatory submissions; and (iv) expectations regarding financial strength, strategic positioning, and long-term value creation. 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.

CO-DIAGNOSTICS, INC. AND SUBSIDIARES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

2025

December 31,

2024

Assets

Current assets

Cash and cash equivalents

11,443,943

2,936,544

Marketable investment securities

26,811,098

Accounts receivable, net

55,905

132,570

Inventory, net

1,089,956

1,072,724

Income taxes receivable

923,217

Prepaid expenses and other current assets

541,946

1,338,762

Total current assets

14,054,967

32,291,698

Property and equipment, net

2,485,112

2,761,280

Operating lease right-of-use asset

1,439,779

2,114,876

Intangible assets, net

26,101,000

Investment in joint venture

659,903

731,065

Total assets

44,740,761

63,999,919

Liabilities and stockholders' equity

Current liabilities

Accounts payable

1,458,397

3,294,254

Accrued expenses

1,204,660

2,562,169

Operating lease liability, current

744,156

915,619

Contingent consideration liabilities, current

239,955

502,819

Deferred revenue

45,557

40,857

Total current liabilities

3,692,725

7,315,718

Long-term liabilities

Income taxes payable

491,848

713,643

Operating lease liability

727,943

1,236,560

Contingent consideration liabilities

422,080

Total long-term liabilities

1,219,791

2,372,283

Total liabilities

4,912,516

9,688,001

Commitments and contingencies (Note 10)

Stockholders' equity

Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

Common stock, $0.001 par value; 100,000,000 shares authorized; 52,991,260 shares issued and 48,142,582 shares outstanding as of September 30, 2025 and 37,902,222 shares issued and 33,053,544 shares outstanding as of December 31, 2024

52,991

37,902

Treasury stock, at cost; 4,848,678 shares held as of September 30, 2025 and December 31, 2024, respectively

(15,575,795)

Additional paid-in capital

109,447,214

102,472,210

Accumulated other comprehensive income

94,888

418,443

Accumulated deficit

(54,191,053)

(33,040,842)

Total stockholders' equity

39,828,245

54,311,918

Total liabilities and stockholders' equity

44,740,761

63,999,919

CO-DIAGNOSTICS, INC. AND SUBSIDIARES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

Three Months Ended September 30,

2025

2024

Product revenue

145,380

206,876

Grant revenue

434,265

Total revenue

145,380

641,141

Cost of revenue

26,285

297,403

Gross profit

119,095

343,738

Operating expenses

Sales and marketing

568,937

1,059,745

General and administrative

1,815,945

4,287,380

Research and development

4,480,678

4,880,315

Depreciation and amortization

267,383

351,235

Total operating expenses

7,132,943

10,578,675

Loss from operations

(7,013,848)

(10,234,937)

Other income (expense), net

Interest income, net

13,194

263,335

Realized gain on investments

41,542

293,067

Gain (loss) on disposition of assets

4,000

3,513

Gain (loss) on remeasurement of acquisition contingencies

(42,345)

(11,927)

Gain (loss) on equity method investment in joint venture

(55,959)

12,683

Total other income (expense), net

(39,568)

560,671

Loss before income taxes

(7,053,416)

(9,674,266)

Income tax provision (benefit)

(1,166,593)

22,189

Net loss

(5,886,823)

(9,696,455)

Other comprehensive income (loss)

Change in net unrealized gains (losses) on marketable securities,

net of tax

(39,180)

37,158

Total other comprehensive income (loss)

(39,180)

37,158

Comprehensive loss

(5,926,003)

(9,659,297)

Loss per common share:

Basic and Diluted

(0.16)

(0.32)

Weighted average shares outstanding:

Basic and Diluted

37,890,923

30,494,206

CO-DIAGNOSTICS, INC. AND SUBSIDIARIES

GAAP AND NON-GAAP MEASURES

(Unaudited)

Reconciliation of net loss to adjusted EBITDA:

Three Months Ended September 30,

2025

2024

Net loss

(5,886,823)

(9,696,455)

Interest income, net

(13,194)

(263,335)

Realized gain on investments

(41,542)

(293,067)

Depreciation and amortization

267,383

351,235

Gain on disposition of assets

(4,000)

(3,513)

Change in fair value of contingent consideration

42,345

11,927

Stock-based compensation expense

500,585

1,045,583

Income tax provision (benefit)

(1,166,593)

22,189

Adjusted EBITDA

(6,301,839)

(8,825,436)

SOURCE Co-Diagnostics