BIODESIX INC Financials
BIODESIX INC (BDSX) reported $88.5M in revenue for fiscal year 2025, up 24.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Revenue scale-up is finally improving loss absorption, but the business still runs on external funding because cash burn persists.
From FY2022 to FY2025, operating margin improved from-132.4% to-31.5% , which suggests added revenue is now covering more of the fixed operating cost base instead of just expanding low-return volume. But that better income statement did not repair the capital structure: FY2025 ended with liabilities of$89.9M against assets of$87.5M , leaving book equity below zero.
Free cash flow improved much more sharply than operating cash flow between FY2024 and FY2025 because capital spending fell from
Short-term liquidity looks more comfortable than long-term solvency: the current ratio was 1.9x, yet cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of BIODESIX INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BIODESIX INC scores -6.23, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($235.7M) relative to total liabilities ($89.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
BIODESIX INC passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
BIODESIX INC reported a net loss of $35.3M while operations used $23.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
BIODESIX INC reported an operating loss of $27.9M against $7.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
BIODESIX INC generated $88.5M in revenue in fiscal year 2025. This represents an increase of 24.1% from the prior year.
BIODESIX INC's EBITDA was -$22.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.7% from the prior year.
BIODESIX INC reported -$35.3M in net income in fiscal year 2025. This represents an increase of 17.8% from the prior year.
BIODESIX INC earned -$4.67 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.7% from the prior year.
Cash & Balance Sheet
BIODESIX INC recorded an outflow of $23.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 54.6% from the prior year.
BIODESIX INC held $19.0M in cash against $50.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
BIODESIX INC's operating margin was -31.5% in fiscal year 2025, reflecting core business profitability. This is up 16.9 percentage points from the prior year.
BIODESIX INC's net profit margin was -39.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 20.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
BIODESIX INC invested $12.0M in research and development in fiscal year 2025. This represents an increase of 25.5% from the prior year.
BIODESIX INC invested $259K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 92.0% from the prior year.
Not reported for fiscal year 2025.
BDSX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $102.9M | $88.5M+24.1% | $71.3M+45.3% | $49.1M+28.5% | $38.2M-29.9% | $54.5M+19.6% | $45.6M+85.6% | $24.6M |
| R&D Expenses | $12.3M | $12.0M+25.5% | $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 | $93.2M | $87.5M+8.8% | $80.5M+19.4% | $67.4M+9.6% | $61.5M+21.7% | $50.5M+44.9% | $34.9M+13.8% | $30.6M |
| Operating Income | -$20.6M | -$27.9M+19.2% | -$34.5M+16.6% | -$41.3M+18.3% | -$50.6M-23.6% | -$40.9M-78.5% | -$22.9M+14.2% | -$26.7M |
| Interest Expense | $8.1M | $7.7M-6.6% | $8.3M-13.4% | $9.5M+18.1% | $8.1M+79.1% | $4.5M-40.7% | $7.6M+152.8% | $3.0M |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Net Income | -$27.8M | -$35.3M+17.8% | -$42.9M+17.7% | -$52.1M+20.3% | -$65.4M-51.6% | -$43.2M+34.1% | -$65.4M-113.0% | -$30.7M |
| EPS (Diluted) | — | -$4.67+29.7% | -$6.64 | -$0.64 | -$1.55 | -$1.58 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BDSX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $87.5M-10.0% | $97.2M-1.9% | $99.1M+6.7% | $92.9M+22.1% | $76.1M-37.1% | $121.1M+168.8% | $45.0M |
| Current Assets | $32.5M-17.6% | $39.5M-0.5% | $39.7M-25.6% | $53.3M+22.3% | $43.6M-49.4% | $86.1M+578.3% | $12.7M |
| Cash & Equivalents | $19.0M-27.7% | $26.2M-0.1% | $26.3M-39.0% | $43.1M+31.7% | $32.7M-47.3% | $62.1M+1075.3% | $5.3M |
| Accounts Receivable | $9.0M+5.0% | $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% | $15.0M0.0% | $15.0M |
| Total Liabilities | $89.9M+17.8% | $76.4M-19.2% | $94.5M+30.7% | $72.3M+28.3% | $56.4M-29.5% | $79.9M-70.4% | $270.2M |
| Current Liabilities | $17.4M+21.8% | $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 | $50.0M+24.9% | $40.0M-0.1% | $40.1M+33.0% | $30.1M+199.0% | $10.1M-64.1% | $28.1M | N/A |
| Total Equity | -$2.5M-111.8% | $20.9M+355.8% | $4.6M-77.8% | $20.6M+4.5% | $19.7M-52.1% | $41.2M+118.3% | -$225.1M |
| Retained Earnings | -$497.8M-7.6% | -$462.5M-10.2% | -$419.6M-14.2% | -$367.4M-21.7% | -$302.0M-16.7% | -$258.8M-13.8% | -$227.5M |
Not reported in any period shown, so not listed: Inventory.
BDSX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.8M | -$23.3M+52.2% | -$48.6M-112.7% | -$22.9M+49.1% | -$45.0M-59.3% | -$28.2M-32.1% | -$21.4M+1.7% | -$21.7M |
| Capital Expenditures | $412K | $259K-92.0% | $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 | -$20.2M | -$23.5M+54.6% | -$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 | -$569K | -$403K+88.3% | -$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 | $29.7M | $16.4M-68.5% | $52.0M+78.7% | $29.1M-50.5% | $58.9M+4565.8% | $1.3M-98.4% | $81.1M+253.2% | $23.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BDSX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -31.5%+16.9pp | -48.4%+35.8pp | -84.2% | -132.4% | -75.1%-24.8pp | -50.3% | -108.9% |
| Net Margin | -39.9%+20.3pp | -60.2% | -106.2% | -171.3% | -79.2% | -143.7% | -125.2% |
| Return on Equity | N/A | -205.6%+932.9pp | -1138.6%-821.0pp | -317.6%-98.8pp | -218.8%-59.8pp | -159.0% | N/A |
| Return on Assets | -40.3%+3.8pp | -44.1%+8.5pp | -52.6%+17.8pp | -70.4%-13.7pp | -56.7%-2.7pp | -54.1%+14.2pp | -68.2% |
| Current Ratio | 1.86-0.9x | 2.76+1.6x | 1.19-1.1x | 2.34+0.8x | 1.51-1.2x | 2.68+2.1x | 0.56 |
| Debt-to-Equity | N/A | 1.92-6.8x | 8.75+7.3x | 1.46+1.0x | 0.51-0.2x | 0.68 | N/A |
| FCF Margin | -26.6%+46.2pp | -72.7%+20.5pp | -93.3% | -126.3% | -55.9%-4.7pp | -51.2%+42.7pp | -93.8% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$2.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where BIODESIX INC Ranks
Frequently Asked Questions
What is BIODESIX INC's annual revenue?
BIODESIX INC (BDSX) reported $88.5M in total revenue for fiscal year 2025. This represents a 24.1% 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 24.1% year-over-year, from $71.3M to $88.5M in fiscal year 2025.
Is BIODESIX INC profitable?
No, BIODESIX INC (BDSX) reported a net income of -$35.3M in fiscal year 2025, with a net profit margin of -39.9%.
What is BIODESIX INC's EBITDA?
BIODESIX INC (BDSX) had EBITDA of -$22.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does BIODESIX INC have?
As of fiscal year 2025, BIODESIX INC (BDSX) had $19.0M in cash and equivalents against $50.0M in long-term debt.
What is BIODESIX INC's operating margin?
BIODESIX INC (BDSX) had an operating margin of -31.5% in fiscal year 2025, 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 -39.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is BIODESIX INC's free cash flow?
BIODESIX INC (BDSX) recorded an outflow of $23.5M in free cash flow during fiscal year 2025. This represents a 54.6% 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) recorded an outflow of $23.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are BIODESIX INC's total assets?
BIODESIX INC (BDSX) had $87.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are BIODESIX INC's capital expenditures?
BIODESIX INC (BDSX) invested $259K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does BIODESIX INC spend on research and development?
BIODESIX INC (BDSX) invested $12.0M in research and development during fiscal year 2025.
What is BIODESIX INC's current ratio?
BIODESIX INC (BDSX) had a current ratio of 1.86 as of fiscal year 2025, which is generally considered healthy.
What is BIODESIX INC's return on assets (ROA)?
BIODESIX INC (BDSX) had a return on assets of -40.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BIODESIX INC's cash runway?
Based on fiscal year 2025 data, BIODESIX INC (BDSX) had $19.0M in cash against an annual operating cash burn of $23.3M. This gives an estimated cash runway of approximately 10 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.
Why is BIODESIX INC's debt-to-equity ratio negative or not reported?
BIODESIX INC (BDSX) has negative shareholder equity of -$2.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is BIODESIX INC's Altman Z-Score?
BIODESIX INC (BDSX) has an Altman Z-Score of -6.23, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is BIODESIX INC's Piotroski F-Score?
BIODESIX INC (BDSX) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $35.3M while operations used $23.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $27.9M against $7.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.