Biodesix Announces First Quarter 2026 Results and Highlights

Rhea-AI Summary

Biodesix (NASDAQ: BDSX) reported Q1 2026 results: $25.6M revenue (+42% YoY), $22.3M Diagnostic Testing revenue (+37% YoY), and Development Services revenue of $3.3M (+99% YoY). Gross margin was 84% (82% excl. $0.4M one-time recovery). Net loss improved to $7.8M; Adjusted EBITDA loss was $4.1M. Cash and equivalents were $25.6M, up 35% from Dec 31, 2025, including $16.8M net ATM proceeds. Full-year 2026 revenue guidance raised to $108–114M (midpoint ≈25% growth). Conference call and webcast held May 4, 2026 at 4:30 p.m. ET.

Positive

• Total revenue +42% YoY to $25.6M
• Diagnostic revenue $22.3M; test volumes +29% to 17,800
• Development Services revenue +99% to $3.3M
• Gross margin 84% (82% excluding $0.4M one-time recovery)
• Raised FY2026 guidance to $108–114M (midpoint ≈25% growth)

Negative

• Operating expenses $27.6M, up 18% YoY
• Net loss $7.8M in Q1 2026
• Adjusted EBITDA loss $4.1M in Q1 2026

News Market Reaction – BDSX

+32.56% 5.7x vol

19 alerts

+32.56% Session close to close

+34.2% Peak in 28 hr 35 min

$156.76M Market Cap

5.7x Rel. Volume

In the May 5 session, BDSX gained 32.56%, reflecting a significant positive market reaction. Argus tracked a peak move of +34.2% during that session. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 5.7x the daily average, suggesting very strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +32.6% in the session following this news. A strong positive reaction aligns with s...

Analysis

The stock surged +32.6% in the session following this news. A strong positive reaction aligns with solid Q1 2026 execution: revenue reached $25.6M with 42% growth and gross margin of 84%. Historically, earnings moves have averaged -4.1% with both rallies and selloffs, so outsized gains have sometimes reverted. Investors reviewing past results may note the shift toward higher margins and narrower losses, while also considering the history of volatile earnings-day responses.

Key Figures

Q1 2026 revenue: $25.6M Diagnostic Testing revenue: $22.3M Development Services revenue: $3.3M +5 more

8 metrics

Q1 2026 revenue $25.6M 42% year-over-year growth in the quarter

Diagnostic Testing revenue $22.3M Q1 2026, 37% year-over-year growth

Development Services revenue $3.3M Q1 2026, 99% year-over-year growth

Test volumes 17,800 tests Q1 2026, 29% year-over-year increase

Q1 2026 gross margin 84% (82% ex-one-time) Includes $0.4M tax recovery; 300 bps improvement

Net loss Q1 2026 $7.8M Improved 30% over prior-year period

Adjusted EBITDA Q1 2026 ($4.1M) 35% improvement versus Q1 2025

FY 2026 revenue guidance $108–114M Raised; midpoint reflects 25% growth over 2025

Previous Earnings Reports

5 past events · Latest: Feb 26 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 26	Q4/FY25 earnings	Positive	+7.8%	Strong Q4/FY2025 growth, 83% gross margin, first positive Adjusted EBITDA.
Nov 03	Q3 2025 earnings	Positive	+19.9%	Q3 revenue growth, 81% gross margin, raised full-year 2025 guidance.
Aug 07	Q2 2025 earnings	Positive	-10.4%	Q2 revenue growth and 80% margin but shares fell post-report.
May 13	Q1 2025 earnings	Positive	-38.7%	Q1 growth, higher margins, revised 2025 guidance yet sharp price drop.
Mar 03	Q4/FY24 earnings	Positive	+1.0%	FY2024 revenue up 45%, improved margins, FY2025 guidance introduced.

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

Pattern Detected

Earnings releases have produced mixed reactions, with both strong rallies and sharp selloffs; average move across these earnings events was -4.1%.

Recent Company History

Over the past year, Biodesix has repeatedly reported rising revenue and expanding margins in its lung-focused diagnostics business. Earnings updates on Mar 3, 2025, May 13, 2025, Aug 7, 2025, Nov 3, 2025, and Feb 26, 2026 highlighted revenue growth, higher gross margins, and a path toward Adjusted EBITDA positivity. Market reactions have varied, from a +19.87% move after Q3 2025 results to a -38.74% drop after Q1 2025, underscoring inconsistent trading responses to fundamentally similar growth messages.

Key Terms

adjusted EBITDA, at-the-market, basis-point

3 terms

adjusted EBITDA financial

"Biodesix expects continued progress toward achieving and maintaining Adjusted EBITDA profitability"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

at-the-market financial

"Change in cash included $16.8 million of at-the-market net proceeds"

"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.

basis-point financial

"gross margin was 82%, representing a 300-basis-point improvement over the prior-year period"

A basis point is one one-hundredth of a percentage point (0.01% or 0.0001 in decimal form), used to describe very small changes in interest rates, bond yields, fees or spreads. Investors care because a shift of a few basis points can meaningfully alter borrowing costs, portfolio income or fund performance—similar to how pennies add up on a large bill—so tiny percentages can have real financial impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Delivered $25.6 million in revenue representing 42% growth in Q1 2026;

Achieved 84% gross margin in Q1 2026;

Increased FY 2026 Revenue Guidance to $108-114 million, mid-point reflects 25% growth;

Conference Call and Webcast Today at 4:30 p.m. ET

LOUISVILLE, Colo., May 04, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the first quarter ended March 31, 2026.

"Biodesix delivered exceptional first quarter results that reflect strong momentum across both our Diagnostic Testing and our Development Services business,” said Scott Hutton, Chief Executive Officer. “Test volumes grew 29%, Development Services revenue doubled, and average revenue per test increased through expanded payer coverage and improved revenue cycle management, driving total revenue growth of 42% year over year. We were also recognized as a Top Workplace for the third consecutive year, reinforcing that our culture is not aspirational, its operational. Our first quarter results reflect a disciplined culture of execution in service to our partners, healthcare providers, and the patients they serve. With strong performance across both business lines and continued operational leverage, we are raising our full-year 2026 guidance and remain on a clear path toward profitability."

Business and Financial Highlights for the First Quarter 2026

• Diagnostic Testing revenue was $22.3 million in the first quarter, representing 37% year-over-year growth, driven by a 29% increase in test volumes to 17,800 and higher average revenue per test. The improvement in average revenue per test was primarily attributable to expanded payer coverage and enhancements to revenue cycle management;
• Development Services revenue of $3.3 million in the first quarter 2026, representing a 99% increase year over year, driven by continued execution on existing contracts and the addition of new Development Services agreements;
• Total revenue of $25.6 million in the first quarter 2026, an increase of 42% over the respective prior year comparable period;
• Gross margin was 84% in the first quarter, including a one-time recovery of $0.4 million related to previously paid sales and use taxes. Excluding this one-time item, gross margin was 82%, representing a 300-basis-point improvement over the prior-year period. Margin expansion was driven by higher Diagnostic Testing volumes, improved average revenue per test, and continued optimization of laboratory workflows, resulting in a lower cost per test;
• Operating expenses (excluding direct costs and expenses) of $27.6 million for the first quarter 2026, an increase of 18% over the respective prior year comparable period. Sales, marketing, and general administrative investment increased 19% to support the 42% revenue growth delivered in the first quarter. The Company expects continued operating leverage as our expanded sales team advances along the productivity curve and converts growing experience into sustained performance.
  • Includes non-cash stock compensation expense of $1.1 million during the first quarter 2026, an increase of 15% over the respective prior year comparable period;
• Net loss of $7.8 million for the first quarter 2026, an improvement of 30% over the respective prior year comparable period;
• Adjusted EBITDA was a loss of $4.1 million in Q1 2026, 35% improvement from Q1 2025;
• Cash and cash equivalents of $25.6 million, an increase of 35% over the period ending December 31, 2025. Change in cash included $16.8 million of at-the-market net proceeds, partially offset by the planned cash outflows that occur annually during the first quarter of the year.
  
  

2026 Financial Outlook

For full year 2026, the Company expects total revenue of $108–114 million, with the midpoint representing approximately 25% growth over 2025. Biodesix expects continued progress toward achieving and maintaining Adjusted EBITDA profitability, driven by increasing sales productivity, expanded clinical evidence supporting the Nodify Lung tests, growth in the Development Services pipeline, and demonstrated operating leverage.

Metric	Prior FY 2026 Guidance	Updated FY 2026 Guidance
Total Revenue	$106-112M (mid-point is 23% growth)	$108-114M (raised midpoint reflects 25% growth)
Gross Margin	Maintain ~80%	Maintain ~80%
Adj. EBITDA	Continued improvement on path to profitability	Continued improvement on path to profitability

Conference call and webcast information

Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should access the live call by dialing (800) 715-9871 (domestic) or +1 (646) 307-1963 (international) and enter the passcode 2430172. A replay of the webcast will be available via the Company’s investor website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.

For a full list of Biodesix press releases and webinars, please visit biodesix.com.

About Biodesix

Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, including the Nodify Lung® Nodule Risk Assessment test and the IQLung® Cancer Treatment Guidance test, support clinical decisions to expedite personalized care and improve outcomes for patients with lung disease. Biodesix Development Services enable the world’s leading biopharmaceutical, life sciences, and research institutions with scientific, technological, and operational capabilities that fuel the development of diagnostic tests, tools, and therapeutics. For more information, visit biodesix.com.

Trademarks: Biodesix, Biodesix Logo, Nodify Lung, and IQLung are trademarks or registered trademarks of Biodesix, Inc.

Use of Non-GAAP Financial Measure

Biodesix reported results are presented in accordance with generally accepted accounting principles in the United States (GAAP). Biodesix has provided in this press release financial information that has not been prepared in accordance with GAAP. Biodesix uses the non-GAAP financial measure, Adjusted EBITDA, internally in analyzing its financial results and believes that use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Biodesix financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Biodesix financial statements prepared in accordance with GAAP. A reconciliation of Biodesix historical non-GAAP financial measure to the most directly comparable GAAP measure has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.

Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net loss or Loss from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.

We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.

Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning possible or assumed future results of operations, including descriptions of our revenues, profitability, outlook, and overall business strategy, the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on the company and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of our most recent Annual Report on Form 10-K, filed February 26, 2026, or subsequent Quarterly Reports on Form 10-Q during 2026, as applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement. 

Contacts:
Media:
Natalie St. Denis
natalie.stdenis@biodesix.com
(720) 925-9285

Investors:
Chris Brinzey
chris.brinzey@icrhealthcare.com
(339) 970-2843

Biodesix, Inc.
Condensed Balance Sheets (unaudited)
(in thousands, except share data)
	March 31, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	25,572			$	18,987
Accounts receivable, net of allowance for credit losses of $71 and $62		9,500				9,036
Other current assets		5,840				4,495
Total current assets		40,912				32,518
Non-current assets
Property and equipment, net		24,192				24,817
Intangible assets, net		3,451				3,883
Operating lease right-of-use assets		3,188				2,997
Goodwill		15,031				15,031
Other long-term assets		7,863				8,230
Total non-current assets		53,725				54,958
Total assets	$	94,637			$	87,476
Liabilities and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable	$	3,651			$	3,080
Accrued liabilities		8,234				11,033
Deferred revenue		223				961
Current portion of operating lease liabilities		1,452				1,364
Current portion of notes payable		2				6
Other current liabilities		927				992
Total current liabilities		14,489				17,436
Non-current liabilities
Long-term notes payable, net of current portion		46,487				47,445
Long-term operating lease liabilities		23,669				24,039
Other long-term liabilities		860				1,021
Total non-current liabilities		71,016				72,505
Total liabilities		85,505				89,941
Commitments and contingencies
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value, 5,000,000 authorized; 0 (2026 and 2025) issued and outstanding		—				—
Common stock, $0.001 par value, 200,000,000 authorized; 10,107,219 (2026) and 8,253,053 (2025) shares issued and outstanding		10				8
Additional paid-in capital		514,677				495,289
Accumulated deficit		(505,555	)			(497,762	)
Total stockholders’ equity (deficit)		9,132				(2,465	)
Total liabilities and stockholders’ equity (deficit)	$	94,637			$	87,476

Biodesix, Inc.
Condensed Statements of Operations (unaudited)
(in thousands, except per share data)
	Three Months Ended March 31,
	2026				2025
Revenues
Diagnostic Tests	$	22,291			$	16,316
Development Services		3,264				1,642
Total revenues		25,555				17,958
Direct costs and expenses		4,205				3,703
Research and development		3,285				2,870
Sales, marketing, general and administrative		24,261				20,448
Impairment loss on intangible assets		5				73
Total operating expenses		31,756				27,094
Loss from operations		(6,201	)			(9,136	)
Other (expense) income:
Interest expense		(1,977	)			(1,685	)
Change in fair value of warrant liability, net		—				(378	)
Other income, net		385				98
Total other expense		(1,592	)			(1,965	)
Net loss	$	(7,793	)		$	(11,101	)
Net loss per share, basic and diluted	$	(0.81	)		$	(1.52	)
Weighted-average shares outstanding, basic and diluted		9,656				7,300

Biodesix, Inc.
Reconciliation of Net Loss to Adjusted EBITDA (unaudited)
(in thousands)
	Three Months Ended March 31,
	2026				2025
Net loss	$	(7,793	)		$	(11,101	)
Interest expense		1,977				1,685
Depreciation and amortization		1,396				1,440
Share-based compensation expense		1,115				972
Change in fair value of warrant liability, net		—				378
Other (income) expense, net		(749	)			430
Adjusted EBITDA	$	(4,054	)		$	(6,196	)

FAQ

What were Biodesix (BDSX) Q1 2026 revenues and growth rates?

Biodesix reported $25.6M revenue in Q1 2026, a 42% year-over-year increase. According to the company, Diagnostic Testing revenue was $22.3M (+37%) and Development Services revenue was $3.3M (+99%).

Why did Biodesix raise FY2026 revenue guidance for BDSX on May 4, 2026?

Biodesix raised full-year guidance to $108–114M, midpoint ≈25% growth. According to the company, higher test volumes, improved revenue per test, and Development Services strength drove the change.

What margins did Biodesix report for Q1 2026 and what drove margin expansion?

Gross margin was 84% in Q1 2026 (82% excluding a $0.4M one-time recovery). According to the company, volume growth, higher average revenue per test, and lab optimization lowered cost per test.

How did Biodesix’s cash position change in Q1 2026 for BDSX?

Cash and equivalents were $25.6M at March 31, 2026, a 35% increase versus Dec 31, 2025. According to the company, the change included $16.8M of at-the-market net proceeds.

What were Biodesix’s profitability trends in Q1 2026 for BDSX?

Net loss improved to $7.8M and Adjusted EBITDA loss improved to $4.1M in Q1 2026. According to the company, both metrics reflect operating leverage and revenue growth progress.