Co-Diagnostics Signs Agreement to Significantly Expand Commercial and Distribution Territory Across South Asia

Rhea-AI Summary

Co-Diagnostics (Nasdaq: CODX) expanded its CoSara joint venture commercial territory to include Bangladesh, Pakistan, Nepal, and Sri Lanka, increasing the South Asia addressable market to an estimated $13.0 billion. The move supports planned commercialization of the PCR Pro® point-of-care instrument and SARAGENE® tests, subject to regulatory approvals.

CoSara will evaluate regulatory pathways, build distribution channels, and host a virtual distributor session in Q2 2026 with an in-person training meeting planned later in summer 2026.

Positive

• Addressable market expanded to $13.0 billion
• Territory growth: Bangladesh, Pakistan, Nepal, Sri Lanka added
• Distributor engagement planned: Q2 2026 virtual session and summer meeting

Negative

• Commercialization of PCR Pro and SARAGENE is subject to regulatory approvals
• Co-Dx PCR platform is not yet available for sale, limiting immediate revenue

News Market Reaction – CODX

-2.26% 187.8x vol

37 alerts

-2.26% Session close to close

+38.2% Peak Tracked

-19.6% Trough Tracked

$5.38M Market Cap

187.8x Rel. Volume

In the Mar 20 session, CODX declined 2.26%, reflecting a moderate negative market reaction. Argus tracked a peak move of +38.2% during that session. Argus tracked a trough of -19.6% from its starting point during tracking. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. Trading volume was exceptionally heavy at 187.8x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights CODX’s strategy to expand its CoSara joint venture’s reach across Bangl...

Analysis

This announcement highlights CODX’s strategy to expand its CoSara joint venture’s reach across Bangladesh, Pakistan, Nepal, and Sri Lanka, lifting the South Asia opportunity to an estimated $13.0 billion. It reinforces a broader pattern of building regional infrastructure for the Co-Dx PCR platform, which remains under regulatory review. Investors may track execution on distribution partnerships, planned Q2 2026 distributor sessions, and upcoming earnings on March 31, 2026 for further clarity on commercialization progress.

Key Figures

South Asia TAM: $13.0 billion Virtual session timing: Q2 2026

2 metrics

South Asia TAM $13.0 billion Estimated total addressable market after adding Bangladesh, Pakistan, Nepal, Sri Lanka

Virtual session timing Q2 2026 Planned virtual distributor information session

Historical Context

5 past events · Latest: Mar 17 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 17	Earnings date set	Neutral	-8.4%	Announced Q4 and full-year 2025 earnings release date and webcast details.
Mar 16	Conference participation	Neutral	-10.0%	Planned participation and platform presentation at Medical Korea 2026 in Seoul.
Mar 12	Patent granted	Positive	-18.8%	Japanese patent with 34 claims granted for Co-Dx PCR Pro and platform tech.
Mar 10	Nasdaq compliance	Positive	+101.8%	Regained compliance with Nasdaq listing rules including the $1.00 bid price.
Feb 09	Trade show showcase	Neutral	-4.7%	Showcased Co-Dx PCR platform at World Health Expo Labs Dubai via new MENA JV.

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

Pattern Detected

Recent news reactions have been mixed: listing compliance news drew a strong positive move, while patent and conference updates saw selling pressure. Today’s commercial expansion rally contrasts with prior negative reactions to operational or IP milestones.

Recent Company History

Over the last several weeks, CODX has issued a series of updates around its PCR point-of-care platform and corporate positioning. On Mar 10, regaining Nasdaq compliance with the $1.00 bid requirement coincided with a 101.83% move. Subsequent news on a Japanese patent and conference appearances saw declines of 18.83%, 10%, and 4.72%. An earnings date announcement on Mar 31, 2026 also preceded weakness. Today’s South Asia territory expansion adds a commercial-focused milestone to this progression of regulatory, IP, and visibility events.

Key Terms

pcr, point-of-care, hpv, fda

4 terms

pcr medical

"supports commercialization strategy for the PCR Pro® and SARAGENE® product line"

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.

point-of-care medical

"commercialize the CoSara PCR Pro® point-of-care instrument and tests"

"Point-of-care" refers to the location where immediate decision-making or actions happen, often involving the direct delivery of services or results. In healthcare, it describes tests or treatments performed directly at the patient's side, rather than in a distant laboratory. For investors, understanding "point-of-care" highlights the convenience, speed, and potential growth opportunities of services or products that bring solutions directly to the user or patient.

hpv medical

"molecular tests for tuberculosis, HPV, and upper respiratory infections"

Human papillomavirus (HPV) is a family of common viruses that infect skin and mucous membranes; some types cause harmless warts while others can lead to precancerous changes and cancers such as cervical cancer. For investors, HPV matters because vaccines, diagnostic tests, screening programs, and treatments drive regulatory approvals, public health policy, and recurring revenue streams for healthcare companies—think of it as a prevalent health risk that creates ongoing demand for prevention and care products.

fda regulatory

"subject to review by the FDA and/or other regulatory bodies"

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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Expansion into Bangladesh, Pakistan, Nepal, and Sri Lanka increases TAM in region to $13 billion and supports commercialization strategy for the PCR Pro^® and SARAGENE^® product line

SALT LAKE CITY, March 20, 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 the Company has signed an agreement for CoSara Diagnostics Pvt. Ltd. ("CoSara"), the Indian joint venture between Co-Dx and Ambalal Sarabhai Enterprises Limited ("ASE Group"), to significantly expand its commercial and distribution territory across South Asia to now include Bangladesh, Pakistan, Nepal, and Sri Lanka.

The expansion significantly increases CoSara's addressable market across South Asia, bringing the total regional opportunity to an estimated $13.0 billion based on internal analyses and third-party market data. It also supports CoSara's plans to commercialize the CoSara PCR Pro^® point-of-care instrument and tests as well as the SARAGENE^® product line across the region, subject to applicable regulatory approvals in each jurisdiction. As part of this expansion, CoSara is working to establish distribution channels in these newly added markets, including evaluating regulatory pathways, identifying priority customer segments, and engaging regional distribution partners.

Mohal Sarabhai, CEO of CoSara, commented, "South Asia represents a large and rapidly growing market for molecular diagnostics, with significant need for easily accessible, non-invasive, quick and reliable testing solutions. Expanding our territory allows us to begin building relationships with regional partners and positions us to support the future commercialization of the point-of-care PCR platform across these markets, increasing access to molecular tests for tuberculosis, HPV, and upper respiratory infections."

Co-Diagnostics CEO Dwight Egan added, "This expansion reflects our broader strategy of establishing regional infrastructure ahead of product commercialization. By building local manufacturing and distribution capabilities in key regions, including the United States, South Asia, and the Middle East and North Africa, we are positioning Co-Dx to support scalable, global deployment of our PCR point-of-care platform and drive long-term growth."

To support these efforts, CoSara plans to host a virtual distributor information session in Q2 2026, followed by an in-person distributor meeting and training event later this summer. Distributors interested in participating may contact the Company at info@co-dx.com for more information.

*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: the expected benefits of CoSara's expansion into additional South Asian markets, including the size and potential of the addressable market; plans to establish and develop distribution channels and partnerships in newly added territories; the timing, scope, and success of commercialization efforts for the Co-Dx PCR Pro® instrument, SARAGENE® product line, and related tests; anticipated regulatory pathways, submissions, approvals, and requirements in India and other jurisdictions; the Company's ability to build regional manufacturing and distribution infrastructure; planned distributor engagement activities and their expected outcomes; and the Company's broader strategy for global deployment and adoption of its PCR platform. 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 related to the Company's ability to obtain necessary regulatory approvals in multiple jurisdictions; uncertainties associated with market acceptance and adoption of the Company's products; the ability to successfully establish and manage distribution relationships; 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 27, 2025, 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

What does Co-Diagnostics (CODX) expansion into South Asia include?

The expansion adds Bangladesh, Pakistan, Nepal, and Sri Lanka to CoSara's territory. According to the company, this increases the regional addressable market to an estimated $13.0 billion and supports commercialization plans for PCR Pro and SARAGENE.

When will CoSara host distributor events related to CODX's South Asia expansion?

CoSara will host a virtual distributor information session in Q2 2026. According to the company, an in-person distributor meeting and training event is planned later in summer 2026 to engage regional partners and distributors.

Will CODX's PCR Pro and SARAGENE tests be immediately available in the new markets?

No; commercialization is conditional on local approvals. According to the company, the PCR Pro and SARAGENE product line rollout is subject to applicable regulatory approvals in each jurisdiction.

How does the South Asia expansion affect Co-Diagnostics' commercialization strategy?

The expansion builds regional infrastructure ahead of product launches. According to the company, it supports distribution channel development, regulatory pathway evaluation, and local manufacturing and distribution planning.

Does Co-Diagnostics (CODX) state the size of the South Asia market opportunity?

Yes; Co-Diagnostics estimates the South Asia opportunity at $13.0 billion. According to the company, this figure derives from internal analyses and third-party market data for the expanded territory.