Co-Diagnostics (CODX) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $0.2 million, down sharply from $2.7 million in Q2 2024, mainly due to lower or paused grant revenues.

• Net loss for Q2 2025 was $7.7 million ($0.23 per share), slightly higher than $7.6 million ($0.25 per share) in Q2 2024.

• Operating expenses decreased to $8.2 million from $10.1 million year-over-year, driven by lower stock-based compensation, personnel, and R&D costs.

• Advancements continued on the PCR point-of-care platform, with all pipeline tests on track to begin clinical evaluations in 2025.

• The test pipeline includes COVID-19, a four-plex respiratory panel, tuberculosis, and an HPV multiplex panel, supported by grants from NIH and the Gates Foundation.

Financial highlights

• Q2 2025 revenue was $0.2 million, with prior year revenue mainly from grants.

• Operating expenses decreased to $8.2 million, and adjusted EBITDA loss was $7.2 million for the quarter.

• Net loss for the six months ended June 30, 2025 was $15.3 million, improved from $16.9 million in the prior year period.

• Cash, cash equivalents, and marketable securities totaled $13.4 million as of June 30, 2025.

• Net cash used in operating activities was $17.0 million for the six months ended June 30, 2025.

Outlook and guidance

• All four pipeline tests expected to enter clinical trials in 2025, starting with COVID-19, followed by the respiratory panel, TB, and HPV.

• FDA 510(k) submissions planned after clinical evaluations, with COVID-19 test submission anticipated first.

• Commercial launch of the COVID-19 test targeted for mid-2026, pending regulatory clearance.

• Management anticipates continued operating losses and cash use in the near term, with additional capital likely needed.

• There is substantial doubt about the company's ability to continue as a going concern over the next 12 months.