Co-Diagnostics, Inc.
Co-Diagnostics, Inc. develops and commercializes molecular diagnostic technologies and tests, with a focus on PCR-based platforms used to detect infectious diseases and other targets. The company also appears to support commercialization through licensing, distribution, and related diagnostic product activities rather than a broad consumables or hospital-equipment model.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePCR and other molecular assays used to detect infectious diseases and other biological targets.
Proprietary CoPrimer technology and related assay design capabilities that underpin test performance.
Licensing, distribution, and partner-led commercialization of diagnostic products and technologies.
Ancillary corporate and financing-related activities that support the business.
Products
Reported · share of revenue- Products67.2 %
- Grant32.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are primarily laboratories, healthcare providers, distributors, and commercial partners that need molecular testing capability for infectious disease detection. The company may also sell or license through channel partners in markets where local commercialization and regulatory access are important. Demand is driven by the need for accurate, scalable, and relatively fast diagnostic results.
Buy PCR-based assays and test kits to run diagnostic workflows for infectious disease detection.
Purchase or license products to commercialize them in local markets where the company lacks direct reach.
Use diagnostic tests to support patient care, triage, and treatment decisions.
License technology or assays to expand product availability and monetize the platform.
Use molecular tests for surveillance, outbreak response, or high-volume screening.
Strategy
The company’s strategy appears centered on advancing its molecular diagnostic platform and expanding commercialization through partners, licensing, and selective market access. Recent filings also show capital-market activity, including an equity distribution agreement and advisory-share issuance, indicating a focus on funding development and expansion. Preserving liquidity while building product adoption is likely central to execution.
Partner-led distribution can extend reach without requiring a large direct-sales footprint.
The company states it expects to use available funds to finance future development and expansion.
Proprietary assay design technology can support product performance and licensing value.
Geography
Q1/2026The company is based in the United States, but the available excerpts do not disclose a country-by-country revenue split or operating footprint. Its business model suggests exposure to international commercialization through distributors and partners, which can make market access, regulatory approvals, and local demand conditions important. Because no authoritative geographic revenue table was provided, the geography breakdown is left empty.
Share of the revenue the company reports by geography.
Risks
Co-Diagnostics faces the typical risks of a small molecular diagnostics company: commercialization uncertainty, regulatory dependence, and competition from larger diagnostic platforms. The filings also show ongoing financing reliance, which can dilute shareholders and signal that operating cash generation may be limited. Because the company depends on product adoption and partner execution, delays in market uptake or reimbursement can materially affect results.
The company has used equity-based financing and advisory-share issuance, which can dilute existing holders.
Exposure: Common stock issuance and equity distribution agreements
Revenue depends on customers and partners adopting the company’s molecular tests and technology.
Diagnostic products often require approvals, clearances, and payer acceptance before scaling.
Exposure: New assay launches and geographic expansion
The molecular diagnostics market includes larger, better-capitalized competitors with broader menus.
Exposure: PCR and infectious disease testing
Accounting
Judgemental items500,000 shares issued for advisory services require fair-value measurement and non-cash expense recognition.
Impact: Affects operating expenses, dilution, and equity balances
Different contract types may recognize revenue at shipment, delivery, acceptance, or over time.
Impact: Affects quarterly revenue timing and comparability
The company states it expects to use available funds for development and expansion, indicating ongoing capital needs.
Impact: Affects disclosure, financing assumptions, and valuation
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Last updated: 24/09/2026