BIODESIX INC Financials

BDSX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 46/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

BIODESIX INC has an operating margin of -48.4%, meaning the company retains $-48 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -84.2% the prior year.

Growth

100

BIODESIX INC's revenue surged 45.3% year-over-year to $71.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

BIODESIX INC has a moderate D/E ratio of 1.92. This balance of debt and equity financing earns a leverage score of 40/100.

Liquidity

With a current ratio of 2.76, BIODESIX INC holds $2.76 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 90/100.

Cash Flow

While BIODESIX INC generated -$48.6M in operating cash flow, capex of $3.2M consumed most of it, leaving -$51.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

BIODESIX INC passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

1.13x

For every $1 of reported earnings, BIODESIX INC generates $1.13 in operating cash flow (-$48.6M OCF vs -$42.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.2x

BIODESIX INC earns $-4.2 in operating income for every $1 of interest expense (-$34.5M vs $8.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows BIODESIX INC (BDSX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$71.3M

YoY+45.3%

5Y CAGR+23.8%

BIODESIX INC generated $71.3M in revenue in fiscal year 2024. This represents an increase of 45.3% from the prior year.

EBITDA

-$28.7M

YoY+24.4%

BIODESIX INC's EBITDA was -$28.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.4% from the prior year.

Free Cash Flow

-$51.9M

YoY-13.3%

BIODESIX INC generated -$51.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 13.3% from the prior year.

Net Income

-$42.9M

YoY+17.7%

BIODESIX INC reported -$42.9M in net income in fiscal year 2024. This represents an increase of 17.7% from the prior year.

EPS (Diluted)

$-0.33

BIODESIX INC earned $-0.33 per diluted share (EPS) in fiscal year 2024. This represents an increase of 48.4% from the prior year.

Cash & Debt

$26.2M

YoY-0.1%

5Y CAGR+37.8%

BIODESIX INC held $26.2M in cash against $40.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

BIODESIX INC had 7M shares outstanding in fiscal year 2024. This represents a decrease of 92.4% from the prior year.

Gross Margin

N/A

Operating Margin

-48.4%

YoY+35.8pp

5Y CAGR+60.5pp

BIODESIX INC's operating margin was -48.4% in fiscal year 2024, reflecting core business profitability. This is up 35.8 percentage points from the prior year.

Net Margin

-60.2%

YoY+46.0pp

5Y CAGR+65.0pp

BIODESIX INC's net profit margin was -60.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 46.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$9.6M

YoY-4.3%

5Y CAGR-1.8%

BIODESIX INC invested $9.6M in research and development in fiscal year 2024. This represents a decrease of 4.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.2M

YoY-85.9%

5Y CAGR+19.8%

BIODESIX INC invested $3.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 85.9% from the prior year.

BDSX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$71.3M+45.3%	$49.1M+28.5%	$38.2M-29.9%	$54.5M+19.6%	$45.6M+85.6%	$24.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.6M-4.3%	$10.0M-23.8%	$13.1M+2.4%	$12.8M+18.2%	$10.8M+3.3%	$10.5M
SG&A Expenses	$80.5M+19.4%	$67.4M+9.6%	$61.5M+21.7%	$50.5M+44.9%	$34.9M+13.8%	$30.6M
Operating Income	-$34.5M+16.6%	-$41.3M+18.3%	-$50.6M-23.6%	-$40.9M-78.5%	-$22.9M+14.2%	-$26.7M
Interest Expense	$8.3M-13.4%	$9.5M+18.1%	$8.1M+79.1%	$4.5M-40.7%	$7.6M+152.8%	$3.0M
Income Tax	$0	$0	$0	$0	$0	N/A
Net Income	-$42.9M+17.7%	-$52.1M+20.3%	-$65.4M-51.6%	-$43.2M+34.1%	-$65.4M-113.0%	-$30.7M
EPS (Diluted)	$-0.33	$-0.64+58.7%	$-1.55+1.9%	$-1.58	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$21.8M+8.7%	$20.0M+11.5%	$18.0M-12.1%	$20.4M+14.0%	$17.9M+21.0%	$14.8M+1.0%	$14.7M+8.7%	$13.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.0M-8.5%	$3.3M+13.9%	$2.9M+18.9%	$2.4M-5.6%	$2.6M+25.4%	$2.0M+8.0%	$1.9M-2.5%	$1.9M
SG&A Expenses	$21.7M-3.1%	$22.4M+9.6%	$20.4M+1.1%	$20.2M+2.8%	$19.7M-4.4%	$20.6M+26.5%	$16.3M+4.9%	$15.5M
Operating Income	-$7.1M+27.5%	-$9.7M-6.4%	-$9.1M-37.4%	-$6.6M+19.3%	-$8.2M+25.3%	-$11.0M-60.4%	-$6.9M+4.2%	-$7.2M
Interest Expense	$2.1M+9.3%	$1.9M+12.6%	$1.7M-3.9%	$1.8M-9.4%	$1.9M-23.5%	$2.5M+8.6%	$2.3M-2.4%	$2.4M
Income Tax	N/A	N/A	$0	N/A	N/A	$0	N/A	N/A
Net Income	-$8.7M+24.0%	-$11.5M-3.3%	-$11.1M-34.5%	-$8.3M+23.7%	-$10.8M+20.6%	-$13.6M-49.0%	-$9.1M+16.5%	-$10.9M
EPS (Diluted)	$-1.16	$-0.080.0%	$-0.08	$1.29	$-0.08+42.9%	$-0.14-55.6%	$-0.09+35.7%	$-0.14

BDSX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$97.2M-1.9%	$99.1M+6.7%	$92.9M+22.1%	$76.1M-37.1%	$121.1M+168.8%	$45.0M
Current Assets	$39.5M-0.5%	$39.7M-25.6%	$53.3M+22.3%	$43.6M-49.4%	$86.1M+578.3%	$12.7M
Cash & Equivalents	$26.2M-0.1%	$26.3M-39.0%	$43.1M+31.7%	$32.7M-47.3%	$62.1M+1075.3%	$5.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$8.6M+12.0%	$7.7M+51.6%	$5.1M+38.5%	$3.7M-76.1%	$15.3M+189.2%	$5.3M
Goodwill	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M
Total Liabilities	$76.4M-19.2%	$94.5M+30.7%	$72.3M+28.3%	$56.4M-29.5%	$79.9M-70.4%	$270.2M
Current Liabilities	$14.3M-57.2%	$33.4M+46.3%	$22.8M-21.1%	$29.0M-9.9%	$32.1M+42.1%	$22.6M
Long-Term Debt	$40.0M-0.1%	$40.1M+33.0%	$30.1M+199.0%	$10.1M-64.1%	$28.1M	N/A
Total Equity	$20.9M+355.8%	$4.6M-77.8%	$20.6M+4.5%	$19.7M-52.1%	$41.2M+118.3%	-$225.1M
Retained Earnings	-$462.5M-10.2%	-$419.6M-14.2%	-$367.4M-21.7%	-$302.0M-16.7%	-$258.8M-13.8%	-$227.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$88.7M+1.1%	$87.7M+1.7%	$86.2M-11.3%	$97.2M-16.1%	$115.8M+32.8%	$87.2M-12.0%	$99.1M+14.2%	$86.8M
Current Assets	$33.4M+2.9%	$32.4M+9.5%	$29.6M-25.0%	$39.5M-31.4%	$57.6M+102.2%	$28.5M-28.2%	$39.7M+37.4%	$28.9M
Cash & Equivalents	$16.6M-19.9%	$20.7M+17.8%	$17.6M-32.9%	$26.2M-37.8%	$42.2M+267.4%	$11.5M-56.3%	$26.3M+32.5%	$19.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.7M+70.1%	$7.5M-2.5%	$7.6M-11.2%	$8.6M-15.1%	$10.1M+2.4%	$9.9M+28.8%	$7.7M+32.9%	$5.8M
Goodwill	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M
Total Liabilities	$90.4M+4.4%	$86.6M+15.2%	$75.2M-1.6%	$76.4M-4.0%	$79.6M-14.2%	$92.7M-1.9%	$94.5M+7.1%	$88.2M
Current Liabilities	$18.2M+19.7%	$15.2M+13.8%	$13.3M-7.0%	$14.3M-18.4%	$17.6M-43.8%	$31.2M-6.5%	$33.4M+2.3%	$32.6M
Long-Term Debt	$50.0M0.0%	$50.0M+25.0%	$40.0M0.0%	$40.0M-0.1%	$40.1M0.0%	$40.1M0.0%	$40.1M+33.2%	$30.1M
Total Equity	-$1.7M-251.3%	$1.1M-89.7%	$11.1M-47.0%	$20.9M-42.4%	$36.3M+759.0%	-$5.5M-220.1%	$4.6M+416.7%	-$1.4M
Retained Earnings	-$493.8M-1.8%	-$485.1M-2.4%	-$473.6M-2.4%	-$462.5M-4.2%	-$444.0M-2.5%	-$433.2M-3.2%	-$419.6M-2.2%	-$410.4M

BDSX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$48.6M-112.7%	-$22.9M+49.1%	-$45.0M-59.3%	-$28.2M-32.1%	-$21.4M+1.7%	-$21.7M
Capital Expenditures	$3.2M-85.9%	$22.9M+594.9%	$3.3M+47.2%	$2.2M+15.2%	$1.9M+48.5%	$1.3M
Free Cash Flow	-$51.9M-13.3%	-$45.8M+5.1%	-$48.3M-58.4%	-$30.5M-30.7%	-$23.3M-1.2%	-$23.0M
Investing Cash Flow	-$3.4M+85.1%	-$23.1M-552.6%	-$3.5M-38.8%	-$2.5M+13.0%	-$2.9M-56.4%	-$1.9M
Financing Cash Flow	$52.0M+78.7%	$29.1M-50.5%	$58.9M+4565.8%	$1.3M-98.4%	$81.1M+253.2%	$23.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$8.9M-35.2%	-$6.6M+23.6%	-$8.6M-110.0%	-$4.1M+77.9%	-$18.6M-21.3%	-$15.3M-24.7%	-$12.3M-220.0%	-$3.8M
Capital Expenditures	$48K-5.9%	$51K-31.1%	$74K-91.2%	$839K-56.4%	$1.9M+723.1%	$234K-92.2%	$3.0M-48.9%	$5.8M
Free Cash Flow	-$8.9M-34.9%	-$6.6M+23.7%	-$8.7M-75.8%	-$4.9M+75.9%	-$20.5M-31.9%	-$15.5M-1.8%	-$15.3M-57.7%	-$9.7M
Investing Cash Flow	-$67K+29.5%	-$95K+30.7%	-$137K+84.5%	-$884K+55.7%	-$2.0M-631.5%	-$273K+90.9%	-$3.0M+49.0%	-$5.9M
Financing Cash Flow	$4.8M-50.7%	$9.8M+9991.8%	$97K+153.6%	-$181K-100.4%	$51.3M+6385.0%	$791K-96.4%	$21.7M+78.8%	$12.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BDSX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-48.4%+35.8pp	-84.2%+48.2pp	-132.4%-57.3pp	-75.1%-24.8pp	-50.3%+58.6pp	-108.9%
Net Margin	-60.2%+46.0pp	-106.2%+65.0pp	-171.3%-92.1pp	-79.2%+64.5pp	-143.7%-18.5pp	-125.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-44.1%+8.5pp	-52.6%+17.8pp	-70.4%-13.7pp	-56.7%-2.7pp	-54.1%+14.2pp	-68.2%
Current Ratio	2.76+1.6	1.19-1.1	2.34+0.8	1.51-1.2	2.68+2.1	0.56
Debt-to-Equity	1.92-6.8	8.75+7.3	1.46+1.0	0.51-0.2	0.68+1.9	-1.20
FCF Margin	-72.7%+20.5pp	-93.3%+33.0pp	-126.3%-70.4pp	-55.9%-4.7pp	-51.2%+42.7pp	-93.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-32.4%+16.2pp	-48.5%+2.3pp	-50.9%-18.3pp	-32.6%+13.4pp	-46.0%+28.4pp	-74.4%-27.5pp	-46.8%+6.3pp	-53.2%
Net Margin	-40.0%+17.3pp	-57.3%+4.5pp	-61.8%-21.4pp	-40.4%+19.9pp	-60.3%+31.6pp	-91.9%-29.6pp	-62.3%+18.9pp	-81.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-9.8%+3.3pp	-13.1%-0.2pp	-12.9%-4.4pp	-8.5%+0.8pp	-9.3%+6.3pp	-15.6%-6.4pp	-9.2%+3.4pp	-12.6%
Current Ratio	1.84-0.3	2.14-0.1	2.22-0.5	2.76-0.5	3.28+2.4	0.91-0.3	1.19+0.3	0.88
Debt-to-Equity	-29.04-73.0	43.95+40.3	3.62+1.7	1.92+0.8	1.10+8.4	-7.28-16.0	8.75+29.6	-20.81
FCF Margin	-41.0%-7.9pp	-33.1%+15.2pp	-48.3%-24.1pp	-24.2%+90.2pp	-114.3%-9.4pp	-104.9%-0.8pp	-104.1%-32.3pp	-71.8%

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Frequently Asked Questions

What is BIODESIX INC's annual revenue?

BIODESIX INC (BDSX) reported $71.3M in total revenue for fiscal year 2024. This represents a 45.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is BIODESIX INC's revenue growing?

BIODESIX INC (BDSX) revenue grew by 45.3% year-over-year, from $49.1M to $71.3M in fiscal year 2024.

Is BIODESIX INC profitable?

No, BIODESIX INC (BDSX) reported a net income of -$42.9M in fiscal year 2024, with a net profit margin of -60.2%.

What is BIODESIX INC's earnings per share (EPS)?

BIODESIX INC (BDSX) reported diluted earnings per share of $-0.33 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is BIODESIX INC's EBITDA?

BIODESIX INC (BDSX) had EBITDA of -$28.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does BIODESIX INC have?

As of fiscal year 2024, BIODESIX INC (BDSX) had $26.2M in cash and equivalents against $40.0M in long-term debt.

What is BIODESIX INC's operating margin?

BIODESIX INC (BDSX) had an operating margin of -48.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is BIODESIX INC's net profit margin?

BIODESIX INC (BDSX) had a net profit margin of -60.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is BIODESIX INC's free cash flow?

BIODESIX INC (BDSX) generated -$51.9M in free cash flow during fiscal year 2024. This represents a -13.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is BIODESIX INC's operating cash flow?

BIODESIX INC (BDSX) generated -$48.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are BIODESIX INC's total assets?

BIODESIX INC (BDSX) had $97.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are BIODESIX INC's capital expenditures?

BIODESIX INC (BDSX) invested $3.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does BIODESIX INC spend on research and development?

BIODESIX INC (BDSX) invested $9.6M in research and development during fiscal year 2024.

How many shares does BIODESIX INC have outstanding?

BIODESIX INC (BDSX) had 7M shares outstanding as of fiscal year 2024.

What is BIODESIX INC's current ratio?

BIODESIX INC (BDSX) had a current ratio of 2.76 as of fiscal year 2024, which is generally considered healthy.

What is BIODESIX INC's debt-to-equity ratio?

BIODESIX INC (BDSX) had a debt-to-equity ratio of 1.92 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is BIODESIX INC's return on assets (ROA)?

BIODESIX INC (BDSX) had a return on assets of -44.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is BIODESIX INC's cash runway?

Based on fiscal year 2024 data, BIODESIX INC (BDSX) had $26.2M in cash against an annual operating cash burn of $48.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is BIODESIX INC's Piotroski F-Score?

BIODESIX INC (BDSX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are BIODESIX INC's earnings high quality?

BIODESIX INC (BDSX) has an earnings quality ratio of 1.13x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can BIODESIX INC cover its interest payments?

BIODESIX INC (BDSX) has an interest coverage ratio of -4.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is BIODESIX INC?

BIODESIX INC (BDSX) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.