Co-Diagnostics, Inc.
CODX Healthcare Medical Devices
Co-Diagnostics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $622,500.00, down 84.1% from fiscal 2024. In the quarter to June 2026, revenue grew 1.96%, EPS grew 78.9% and free cash flow grew 17.5%, each against the same quarter a year earlier.
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Co-Diagnostics, Inc. (CODX) Beneish M-score
Co-Diagnostics, Inc.'s Beneish M-score for fiscal 2025 is 2.24; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 2.24 | 6.52 |
| FY2024 | −4.28 | 0.16 |
| FY2023 | −4.44 | (0.15) |
| FY2022 | −4.29 | (4.68) |
| FY2021 | 0.39 | (305.76) |
| FY2020 | 306.15 | 304.67 |
| FY2019 | 1.48 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 11.14 | — | 10.25 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 0.79 | — | 0.32 | |
| Sales growth index | 0.16 | — | 0.14 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 3.49 | — | −0.60 | |
| Total accruals to total assets | (0.72) | — | −3.36 | |
| Leverage index | 1.24 | — | −0.41 | |
| Beneish M-score | Flagged by the model | 2.24 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TRIB Trinity Biotech PLC compare | −4.3× |
| VNRX VolitionRX Limited compare | −4.1× |
| TBIO Telesis Bio Inc. compare | −2.9× |
| INBS Intelligent Bio Solutions Inc. compare | −2.5× |
| WOK WORK Medical Technology Group LTD compare | −1.7× |
| VVOS Vivos Therapeutics, Inc. compare | −1.4× |
| CODX Co-Diagnostics, Inc. | 2.2× |
| AMIX Autonomix Medical, Inc. compare | — |
| NVNO enVVeno Medical Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI