Co-Diagnostics Joint Venture CoMira Finalizes Lease Agreement for Manufacturing Facility in Saudi Arabia's Sudair Industrial City

Rhea-AI Summary

Co-Diagnostics (Nasdaq: CODX) joint venture CoMira has finalized a lease for a ~14,400 sq ft turnkey manufacturing facility in Sudair Industrial City, Saudi Arabia, advancing localized production of PCR instruments, laboratory equipment and medical consumables.

The lease follows an approved industrial land allocation and aims to support capital-efficient operational readiness, regional distribution across KSA and MENA, and alignment with Saudi Vision 2030, subject to required regulatory clearances.

Positive

• Lease finalized for ~14,400 sq ft manufacturing facility in Sudair Industrial City
• Turnkey facility expected to accelerate transition to operational readiness
• Local production supports KSA Vision 2030 goals for healthcare localization
• Regional strategy intended to serve KSA and broader MENA distribution

Negative

• Commercial activity contingent on applicable regulatory approvals, including FDA and local clearances
• Platform not yet available: Co-Dx PCR platform remains under regulatory review and not for sale

Argus May 8 session

+31.09% close to close Open Argus

Details

News Market Reaction – CODX

In the May 8 session, CODX gained 31.09%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +31.1% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +31.1% in the session following this news. A strong positive reaction aligns with the strategic importance of securing a turnkey 14,400-square-foot Sudair facility, but the magnitude matters. Partnership headlines have historically averaged about 1.33% moves, while the latest reaction around 17.68% stood far higher. Given disclosed going-concern language, shrinking $0.6M revenue and sizeable $46.9M net loss, investors have had to weigh JV progress against funding needs and execution risks around regulatory approvals and commercialization.

Key Figures

Sudair facility size: 14,400 square feet Cash & equivalents: $11.9 million Accumulated deficit: $80.4 million +5 more

Sudair facility size

14,400 square feet

Industrial facility lease in Sudair Industrial City, Saudi Arabia

Cash & equivalents

$11.9 million

Reported in 2025 annual report (Form 10-K)

Accumulated deficit

$80.4 million

As described in most recent 10-K filing

2025 revenue

$0.6 million

Down from $3.9 million in 2024 per 8-K

2025 operating loss

$50.2 million

Reported in 8-K for 2025 results

2025 net loss

$46.9 million

Net loss for 2025 per 8-K, including impairment

Adjusted EBITDA loss

$28.0 million

Adjusted EBITDA loss for 2025 per 8-K

Price move pre-news

17.68%

24h change in CODX prior to this article

Previous Partnership Reports

5 past events · Latest: Apr 16

Same Type 5 events

1. Apr 16

   Partnership summit invite

   24h Move

   +2.8%

   Invitation to present Co-Dx MTB test at Stop TB Partnership Summit.

2. Apr 02

   Saudi facility approval

   24h Move

   -4.9%

   MODON approval for industrial land allocation in Sudair Industrial City.

3. Feb 05

   India instrument license

   24h Move

   +0.0%

   CDSCO license for CoSara PCR Pro instrument manufacture and sale in India.

4. Dec 18

   TB course participation

   24h Move

   +5.3%

   CoSara invited to Advanced TB Diagnostics Course in Chennai, India.

5. Nov 05

   Strategic SPAC review

   24h Move

   +3.5%

   Engagement of Maxim Group to explore SPAC transaction for CoSara.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

molecular diagnostics, pcr, fda

3 terms

molecular diagnostics medical

"Co-Diagnostics, Inc. ("Co-Dx" ), a molecular diagnostics company with a unique,"

Molecular diagnostics are laboratory tests that look for specific molecules — such as genes, pieces of DNA or RNA, or proteins — to detect disease, predict risk, or guide treatment choices. For investors, these tests matter because they can change how illnesses are diagnosed and treated, create recurring revenue through specialized tests and companion products, and face clear regulatory and reimbursement pathways that drive commercial value; think of them as reading a biological barcode to inform medical decisions.

pcr medical

"activities related to the Co-Dx PCR platform* and other Co-Dx technology, subject"

PCR (polymerase chain reaction) is a laboratory method that makes many copies of a tiny piece of genetic material (DNA or RNA) so scientists can detect and study it reliably — think of photocopying a faint, tiny note until the words are easy to read. For investors, PCR matters because it underpins diagnostic tests, drug development, and biotech tools whose sales, regulatory approvals, and real-world use can materially affect company revenues and market perceptions during health events or product launches.

fda regulatory

"regulatory clearances are obtained by the U.S. FDA, the Co-Dx PCR platform may"

The FDA is the U.S. federal agency that evaluates and approves medical drugs, devices, biological therapies and certain foods; think of it as the gatekeeper that decides whether a medical product is safe and effective for patients. For investors, FDA decisions determine whether a company can sell a product, affect expected revenue and introduce regulatory risk, so approvals, rejections or safety warnings can quickly move a company's valuation and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Lease execution highlights transition from approval to development and advances localized manufacturing strategy in the Kingdom of Saudi Arabia in accordance with Vision 2030

SALT LAKE CITY, May 8, 2026 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) ("Co-Dx" or "the Company"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced that its joint venture, CoMira Diagnostics LLC ("CoMira"), has finalized a lease agreement for its planned manufacturing facility in Sudair Industrial City in the Kingdom of Saudi Arabia ("KSA").

The lease execution represents a key milestone as CoMira advances domestic manufacturing capabilities within the KSA and follows the Company's previously announced approval for an industrial land allocation in Sudair Industrial City by the Saudi Authority for Industrial Cities and Technology Zones ("MODON").

"Co-Dx continues to advance our CoMira joint venture, with today's lease finalization marking an important milestone in expanding our presence in the KSA," said Dwight Egan, Chief Executive Officer of Co-Diagnostics. "Executing the lease moves us from planning into the execution phase of development and reflects ongoing progress in localizing our platform within Saudi Arabia. We believe this initiative supports the Kingdom's Vision 2030 goals related to healthcare infrastructure, domestic manufacturing, and supply-chain resilience."

The lease covers an industrial facility of approximately 14,400 square feet in Sudair Industrial City, one of Saudi Arabia's leading industrial hubs. The facility is designated for approved manufacturing activities, including diagnostic instruments, laboratory testing equipment, and medical consumables, and is intended to support CoMira's planned manufacturing activities related to the Co-Dx PCR platform* and other Co-Dx technology, subject to applicable regulatory approvals and operational requirements.

The turnkey nature of the facility is expected to support a more efficient transition to operational readiness compared to traditional ground-up development, aligning with the Company's focus on capital-efficient expansion.

Ihssan Rjoob, CEO of CoMira Diagnostics, remarked "Sudair Industrial City is intended to play a central role in Saudi Arabia's Vision 2030 initiative to diversify the economy and expand local manufacturing capabilities. We believe that establishing a presence within this industrial ecosystem aligns CoMira with national priorities around healthcare localization and industrial development."

CoMira is focused on establishing localized manufacturing and distribution capabilities across Saudi Arabia and the broader Middle East and North Africa (MENA) region. The Company believes that domestic production of molecular diagnostics within the Kingdom may offer strategic advantages, particularly in government procurement processes that prioritize locally manufactured healthcare solutions.

In addition, the Company believes that as relevant regulatory clearances are obtained by the U.S. FDA, the Co-Dx PCR platform may be introduced into the Saudi market through a more streamlined regulatory pathway compared to other international jurisdictions, potentially supporting earlier commercial activity as the facility is developed.

This announcement represents the latest step in Co-Diagnostics' broader strategy to deploy its platform globally through localized partnerships, including its CoSara joint venture in India, and reflects the Company's continued focus on scalable, capital-efficient international expansion.

*The Co-Dx PCR platform (including the PCR Home^®, PCR Pro^®, mobile app, and all associated tests) is subject to review by the FDA and/or other regulatory bodies and is not yet available for sale.

About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform (subject to regulatory review and not currently for sale) and to identify genetic markers for use in applications other than infectious disease.

Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will," "seeks," "anticipates," and similar expressions, or the negative of these terms. Forward-looking statements in this press release include, but are not limited to, statements regarding: (i) the planned development, timing, scope, and operationalization of a manufacturing facility by CoMira Diagnostics; (ii) the ability of such facility to support manufacturing of molecular diagnostic instruments and assays; (iii) expectations regarding CoMira's positioning as an early domestic manufacturer within the Kingdom of Saudi Arabia; (iv) the potential benefits of local manufacturing, including participation in government procurement programs and contribution to Saudi Arabia's Vision 2030 objectives; and (v) the Company's broader international expansion strategy across the Middle East and North Africa. These forward-looking statements are based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management as of the date of this release. Such statements are subject to a number of risks and uncertainties, including, without limitation: risks associated with satisfying infrastructure requirements and other conditions precedent; risks related to the design, financing, construction, and timely completion of the contemplated manufacturing facility; risks associated with operating through a joint venture, including governance, funding, and partner-related risks; risks related to obtaining and maintaining required regulatory approvals in the Kingdom of Saudi Arabia and other jurisdictions; risks that anticipated benefits of localization and participation in government procurement programs are not realized; uncertainties associated with market acceptance and adoption of the Company's products; competitive dynamics in the global molecular diagnostics market; execution risks associated with international expansion; and general economic, geopolitical, and public health conditions in the regions in which the Company operates or intends to operate. Actual results may differ materially from those expressed or implied in these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. A further description of risks and uncertainties can be found in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, and in its other filings with the SEC. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

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SOURCE Co-Diagnostics

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Co-Diagnostics (CODX) announce about the Sudair facility on May 8, 2026?

Co-Diagnostics announced CoMira finalized a lease for a ~14,400 sq ft turnkey manufacturing facility in Sudair Industrial City. According to Co-Diagnostics, the site is designated for manufacturing PCR instruments, lab equipment and medical consumables, subject to regulatory approvals.

How will the Sudair lease affect CoMira's manufacturing timeline for CODX products?

The turnkey lease is expected to speed transition toward operational readiness compared with ground-up builds. According to Co-Diagnostics, the facility's turnkey nature should support a more efficient pathway to production, still subject to regulatory and operational steps.

Does the Sudair facility mean Co-Diagnostics (CODX) products are immediately available in Saudi Arabia?

No, the Co-Dx PCR platform is not yet available for sale and commercial activity depends on approvals. According to Co-Diagnostics, market introduction will follow applicable FDA and local regulatory clearances and operational readiness.

What size and purpose is the CoMira facility for CODX in Sudair Industrial City?

The lease covers approximately 14,400 square feet designated for approved manufacturing activities. According to Co-Diagnostics, intended uses include diagnostic instruments, laboratory testing equipment and medical consumables tied to the Co-Dx PCR platform.

How does the Sudair lease align with Saudi Vision 2030 for Co-Diagnostics (CODX)?

The lease supports healthcare localization and supply-chain resilience goals cited in Vision 2030. According to Co-Diagnostics, establishing domestic manufacturing in Sudair aligns CoMira with national priorities around industrial development and local healthcare production.

Will the Sudair facility serve markets beyond Saudi Arabia for Co-Diagnostics (CODX)?

CoMira plans regional distribution across the Middle East and North Africa (MENA) in addition to Saudi Arabia. According to Co-Diagnostics, localized manufacturing may offer strategic advantages in government procurement and broader regional supply chains.