Co-Diagnostics Revenue Rises to $0.3 Million as Third-Quarter Losses Persist
Key Facts
Co-Diagnostics reported results on November 10 for the third quarter ended September 30, 2026, with revenue of $0.3 million, compared with $0.1 million in the same period of 2025. The results showed that the company continued to post losses: operating loss was $6.3 million, versus $7.0 million a year earlier. Net loss was $6.3 million, or $1.01 per share, compared with a loss of $5.9 million, or $4.66 per share, in the third quarter of 2025. The company said the year-over-year widening in net loss was due primarily to a tax benefit recorded in the prior period. In trading on November 10, the stock closed at $0.2846, down 11.06%, with 66.20 million shares traded, according to Investing.com data.
Annual revenue rose, but the company continued to record substantial operating and net losses relative to its sales. Operating expenses fell to $6.2 million in the third quarter of 2026, from $7.1 million in the same period a year earlier. The company attributed the decline primarily to lower employee and share-based compensation expenses, as well as lower spending on development of the Co-Dx PCR platform. This was partly offset by an increase in legal and professional services. Lower expenses narrowed the operating loss to $6.3 million from $7.0 million a year earlier. Net loss, however, increased year over year despite the operating improvement because of the effect of the tax benefit in the comparison period.
Cash and cash equivalents totaled $0.7 million as of September 30, according to the company’s statement. After the quarter ended, Co-Diagnostics completed a secured convertible debt financing with J.J. Astor & Co. The financing included approximately $2.1 million in initial funding, with up to an additional $1 million available under specified conditions. The timing of the transaction places the financing among developments after the end of the financial period, not in the cash balance reported as of September 30. The statement did not specify another cash amount after the financing was completed. Nor did it link the debt financing to a specific commercial outcome.
On product development, the company said it submitted an application to the U.S. Food and Drug Administration in August for 510(k) clearance and a concurrent CLIA waiver for the Co-Dx PCR test to detect influenza A and B and respiratory syncytial virus. The application was based on a clinical study involving more than 1,400 symptomatic patients at nine U.S. clinical sites. The company said its CoSara PCR MTB tuberculosis test was submitted to India’s regulator, CDSCO, after completion of a clinical performance study. The study included 676 samples, 233 of them paired with MGIT testing. The test recorded mean sensitivity of 97.3% and mean specificity of 96.0% across three test lots. These developments remain subject to regulatory reviews and evaluation processes, according to the company.
Chief Executive Dwight Egan said the company is focused on supporting the review of its regulatory filings in India and the United States, continuing the feasibility study with ReadyGo, and growing Vector Smart. He added: "With both our India and U.S. submissions under review, our focus is on supporting those reviews, advancing feasibility work with ReadyGo, and continuing to grow Vector Smart." The company had scheduled an online call to review its third-quarter results for 4:30 p.m. Eastern Time on November 10. The results show a contrast between revenue growth and lower operating expenses on one hand, and continued losses on the other. Trading data also showed the stock falling on the day results were announced, after closing at $0.319 on November 9, compared with $0.2568 on November 6, according to EL7 data. Those two closes were for sessions before the results announcement on November 10.