Co-Diagnostics Inc. (CODX), a molecular diagnostics company, on Thursday reported first quarter results, and provided various business updates.
Q1 2026:
The company reported a net loss of $9.14 million amounting to $4.06 per share, while in the first quarter of 2025 it reported a net loss of $7.53 million, or $7.05 per share.
The net loss resulted due to a higher cost of revenue amounting to $0.19 million, compared to $0.02 million in the prior year. Additional contributors to the loss include expenditure on research and development, clinical studies, and lower other income.
Revenues reached $0.14 million, a mild increase from the $0.05 million recorded a year ago. Product revenues accounted entirely for the total recorded revenues in the quarter.
Adjusted EBITDA was a loss of $8.75 million in the first quarter, compared to the adjusted EBITDA loss of $7.40 million in the previous year.
Cash and cash equivalents held by the company on March 31, 2026, totaled $8.23 million.
Business Highlights:
Co-Diagnostics received a license to manufacture and sell the CoSara PCR Pro instrument from the Central Drugs Standard Control Organization (CDSCO) regulatory board in India. The company also entered into an agreement to expand distribution across South Asia.
The Co-Dx test for diagnosing upper respiratory infections is being advanced for a 501(k) filing to the U.S. Food and Drug Administration (FDA). A clinical study to evaluate the test completed enrollment of 1,400 patients.
CODX is currently trading at $1.32, up 2.66%.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.