Establishment Labs and Co-Diagnostics: A Comparison of Medical Companies

Examining the financial performance, valuation, and market positioning of these two NASDAQ-listed medical firms.

Published on Feb. 22, 2026

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This article compares the financial metrics, valuation, and market positioning of Establishment Labs (NASDAQ:ESTA) and Co-Diagnostics (NASDAQ:CODX), two medical technology companies traded on the NASDAQ exchange. The analysis covers factors like net margins, return on equity, revenue, earnings per share, volatility, institutional ownership, analyst ratings, and more to determine which stock is the superior investment.

Why it matters

Investors looking to gain exposure to the medical technology sector may be interested in understanding the relative strengths and weaknesses of Establishment Labs and Co-Diagnostics as potential investment opportunities. This analysis provides a comprehensive comparison to help inform investment decisions between these two NASDAQ-listed firms.

The details

The key findings of the comparison show that Co-Diagnostics has lower revenue but higher earnings per share than Establishment Labs. However, Establishment Labs is trading at a lower price-to-earnings ratio, indicating it is currently the more affordable of the two stocks. Establishment Labs also has a lower beta, suggesting its share price is less volatile than the broader market compared to the more volatile Co-Diagnostics. Institutional ownership is much higher for Establishment Labs at 72.9% versus just 15% for Co-Diagnostics, which is a positive indicator. Analysts currently have a higher price target and more favorable ratings for Co-Diagnostics, though, suggesting they see greater upside potential in that stock.

  • This analysis was published on February 22, 2026.

The players

Establishment Labs

A medical technology company that manufactures and markets medical devices for aesthetic and reconstructive plastic surgery, primarily silicone gel-filled breast implants under the Motiva Implants brand.

Co-Diagnostics

A molecular diagnostics company that develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules, including tests for COVID-19, influenza, tuberculosis, and other infectious diseases.

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The takeaway

This analysis highlights the differing financial profiles, market positioning, and analyst sentiment surrounding Establishment Labs and Co-Diagnostics. Investors will need to weigh factors like valuation, growth potential, volatility, and institutional support to determine which medical technology stock best aligns with their investment objectives and risk tolerance.