aibioCo-Diagnostics reports second quarter 2026 results and flu and RSV test submission
Tickers CODX
The net loss was $6.3 million, or $1.46 per share, and cash and cash equivalents were $3.6 million at June 30, 2026. The company said it submitted a 510(k) for its flu A/B and RSV test.
Key facts
- Company
- Co-Diagnostics, Inc. (NASDAQ: CODX)
- News type
- Company Updates
- Primary source
- Co-Diagnostics, Inc. 8-K (2026-08-13)
Co-Diagnostics, Inc. (Nasdaq: CODX) reported financial results for the quarter ended June 30, 2026 on August 13, 2026, in an exhibit to a Form 8-K. Revenue was $0.17 million, compared with $0.16 million in the second quarter of 2025, primarily driven by higher product revenue. The company said operating expenses fell to $6.3 million from $8.2 million, primarily due to lower general and administrative and research and development expenses, including reduced legal, personnel and stock-based compensation expenses.
The quarter
The operating loss was $6.2 million, compared with $8.1 million a year earlier. The net loss was $6.3 million, or $1.46 per basic and diluted share, compared with $7.7 million, or $7.00 per share, in the second quarter of 2025. Adjusted EBITDA loss was $5.8 million, compared with $7.2 million. Cash and cash equivalents totaled $3.6 million as of June 30, 2026. The release says the company strengthened its balance sheet through a $3.0 million private placement priced at-the-market under Nasdaq rules. The release names no underwriter or placement agent for that placement.
Regulatory and commercial milestones
The company submitted a 510(k) premarket notification to the FDA, with a concurrent CLIA Waiver by Application, for the Co-Dx PCR Flu A/B and RSV test on the Co-Dx PCR Pro instrument. The release says the clinical study enrolled more than 1,400 patients across nine U.S. clinical sites, and that the analytical program covered 27 studies and more than 10,000 PCR test runs. The release also states that the Co-Dx PCR platform has not been cleared or authorized by the FDA and is not yet available for sale.
Other items in the release include the appointment of Wes Lindsey, Ph.D., MBA, as Chief Scientific Officer, and the start of clinical performance studies in India for the CoSara PCR MTB test through CoSara Diagnostics. A distribution agreement now covers Mexico. Through CoMira Diagnostics, the company advanced its manufacturing plans in Saudi Arabia, including Saudi approval for a manufacturing facility site and a lease in Sudair Industrial City. The company also said the Vector Smart customer footprint reached 21 U.S. states, with four new mosquito abatement district laboratory installations completed during the quarter. It began development of a Bundibugyo virus PCR assay. The company's joint venture, CoSara Diagnostics, provided Bundibugyo virus test kits for analytical studies in India, and the company completed a proof-of-concept study evaluating extraction-free plasma-based testing on the Co-Dx PCR platform.
Egan described the company as an integrated platform combining instruments, assays, cloud connectivity and artificial intelligence.
Financial position
The XBRL data for fiscal 2025 shows revenue of $622,489, compared with $3.9 million in fiscal 2024. Research and development expense was $19.1 million in 2025 and $21.0 million in 2024. The net loss was $46.9 million in 2025 and $37.6 million in 2024. Operating cash flow was negative $29.1 million in 2025 and negative $29.2 million in 2024. The XBRL data gives year-end 2025 cash and cash equivalents of $11.9 million, and year-end 2024 cash and cash equivalents of $2.9 million with short-term investments of $26.8 million.
What the release does not show
Revenue of $0.17 million is essentially flat on the $0.16 million of a year earlier, and the loss narrowed because spending fell, not because sales grew. The release reports no sensitivity or specificity figures for the flu and RSV test, only the size of the studies, and a 510(k) submission is a request for clearance, not a clearance. The platform remains unauthorized and not for sale, and the release gives no date for an FDA decision.
Cash and cash equivalents fell to $3.6 million at June 30, 2026 from $11.9 million at the end of 2025, while operations used $29.1 million of cash in 2025. The release does not describe the placement's share count or any warrants. The release also describes a $3.0 million private placement priced at-the-market, without giving its share count or terms.