Richard Abbott
Co-DiagnosticsAbout Richard Abbott
Richard Abbott is President of Co-Diagnostics (CODX), appointed March 15, 2024; he was previously President of Advanced Conceptions (a CODX subsidiary) and earlier held CTO roles at Fenome and Vilicus and was a partner at SaltRidge LLC . He is 53 years old (as of April 10, 2025) and holds an MBA from The Wharton School and MS/BS in Mechanical Engineering from Brigham Young University . Company performance during his tenure shows continued operating losses and weak TSR: CODX cumulative TSR (value of $100) was $14.89 in 2023 and $8.40 in 2024, while net income was approximately $(35)M in 2023 and $(38)M in 2024 . Revenues declined from $0.99M to $0.77M and EBITDA improved modestly from $(41.5)M to $(38.7)M from FY 2023 to FY 2024 respectively; values marked with an asterisk are from S&P Global and not company filings.*
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Co-Diagnostics, Inc. (Advanced Conceptions, Inc. – wholly owned) | President, Advanced Conceptions; later President, CODX | 2021–Mar 2024 (ACI); Mar 2024–present (CODX) | Led design of automated instruments; ACI acquired by CODX in Dec 2021 |
| SaltRidge, LLC | Partner (management/consulting) | 2018–2021 | Provided management services to ACI and consulting to other clients |
| Vilicus (private) | Chief Technology Officer | 2017–2018 | Cloud-centered network provider of IoT devices for indoor agriculture |
| Fenome (private) | Chief Technology Officer | 2016–2017 | Focused on manipulating phenotypic expression via environmental control in indoor agriculture |
Fixed Compensation
| Year | Base salary ($) | Target bonus % | Actual bonus ($) | Notes |
|---|---|---|---|---|
| 2024 | 276,666 | Not disclosed | 15,000 | Smaller Reporting Company disclosure; no written employment contract (at-will) |
Performance Compensation
Annual/Cash Incentives
| Metric/Factor | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Combination of financial objectives, financial discipline, business development, product development, long-term stability | Not disclosed | Not disclosed | Not disclosed | 15,000 (2024 bonus) | Board may modify/re-weight objectives mid-year |
Equity Awards (RSUs)
| Grant date | Type | Units unvested at 12/31/2024 (#) | Market value at 12/31/2024 ($) | Vesting schedule |
|---|---|---|---|---|
| 07/25/2022 | RSUs | 32,938 | 24,704 (at $0.75) | 6 installments commencing six months after achievement of specified milestones; then every 6 months |
| 01/13/2023 | RSUs | 17,500 | 13,125 (at $0.75) | 6 installments commencing 05/23/2023; then every 6 months (e.g., 11/23/23; 05/23/24; 11/23/24; 05/23/25; 11/23/25) |
| 04/26/2024 | RSUs | 100,000 | 75,000 (at $0.75) | 6 installments commencing 11/23/2024; then every 6 months (e.g., 05/23/25; 11/23/25; 05/23/26; 11/23/26; 05/23/27) |
- Total unvested RSUs at 12/31/2024: 150,438 units; $112,829 market value at $0.75 .
- Stock awards recognized in SCT (grant-date fair value): $133,200 for 2024 .
- No option awards reported for Abbott in the “Outstanding Equity Awards at Fiscal Year-End 2024” table .
Equity Ownership & Alignment
| Measurement date | Beneficial ownership (#) | % of class | Source |
|---|---|---|---|
| 06/30/2024 | 590,816 | 1.9% | DEF 14A (2024) |
| 10/31/2025 | 656,991 | 1.1% | DEF 14A (Special, 2025) |
- Vested vs unvested: As of 12/31/2024, unvested RSUs totaled 150,438 units (see table above) .
- Options exercisable/unexercisable: None listed for Abbott at 12/31/2024 .
- Pledging/hedging: Proxies reviewed include an insider trading policy but do not disclose any share pledging by Abbott .
- Ownership guidelines: Not disclosed in reviewed filings.
- Related-party/earn-out exposure: Through a 50% interest in Whiteknob LLC (which owned 71.61% of Advanced Conceptions at acquisition), Abbott could indirectly share in up to 507,386 CODX common shares and 166,503 CODX warrants contingent on milestone achievement (Abbott has a 50% interest in any such earn-outs) .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | No written employment agreement; serves at-will |
| Start date/current role | Appointed President on March 15, 2024 |
| Change-in-control severance | Double-trigger: if terminated without cause or for good reason within 2 years post-CIC; payout equals Severance Multiplier × (base salary + greater of target bonus or average of 3 highest bonuses in prior 5 years) |
| Abbott multiplier | 1.5x (President) |
| Estimated CIC payout (as of 12/31/2024) | $625,729 |
| Other terms | Separation agreement required; may include post-close transition period |
| Non-compete / non-solicit | Not disclosed |
Performance & Pay Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | 991,473* | 770,048* |
| EBITDA ($) | (41,475,760)* | (38,704,044)* |
| Net Income ($M) | (35) | (38) |
| Cumulative TSR ($100 basis) | 14.89 | 8.40 |
- Values marked with an asterisk (*) retrieved from S&P Global.
Related Party Transactions
- Prior to CODX’s December 2021 acquisition of Advanced Conceptions, Abbott was President of Advanced Conceptions and indirectly owned 50% of Whiteknob LLC, which held 71.61% of Advanced Conceptions; earn-outs tied to milestones could add up to 507,386 CODX shares and 166,503 CODX warrants to Whiteknob LLC, of which Abbott would indirectly own 50% .
Investment Implications
- Alignment and ownership: Abbott holds ~1.1% of shares as of Oct 31, 2025, with additional alignment via unvested RSUs; no options outstanding reduces leverage-driven risk, and no disclosure of share pledging mitigates alignment concerns .
- Vesting/selling pressure: Semi-annual RSU vesting through 2027 (and milestone-triggered 2022 grant) creates periodic unlocks that could add incremental selling pressure around scheduled vest dates if liquidity is needed .
- Retention/transition economics: A 1.5x double-trigger CIC protection provides moderate retention without single-trigger acceleration; estimated payout of ~$626k (as of 12/31/24) is meaningful but not outsized for a President role at a Smaller Reporting Company .
- Pay-for-performance: 2024 cash bonus was modest ($15k) and equity is the primary at-risk component, while CODX TSR and earnings remained weak; absent explicit annual metric weightings, the program relies on Compensation Committee judgment tied to financial and product development milestones .
- Governance/related-party risk: The Advanced Conceptions earn-out (via Whiteknob LLC) introduces potential related-party optics; however, CODX discloses oversight under its related-party policy, and the earn-out is milestone-based, aligning with execution outcomes .