Biodesix Announces Fourth Quarter and Fiscal Year 2025 Results and Highlights
Rhea-AI Summary
Biodesix (NASDAQ: BDSX) reported strong Q4 2025 results with $28.8M revenue, 83% Q4 gross margin, and the company’s first-ever positive Adjusted EBITDA of $0.5M. Fiscal 2025 revenue was $88.5M (+24% YoY) and net loss improved to $35.3M.
The company finished with pro forma cash of $33.7M (including ATM), amended its term loan to November 2028, and guided FY2026 revenue to $106–112M (midpoint +23%).
Positive
- Total revenue +24% to $88.5M in FY2025
- Q4 revenue +41% to $28.8M
- Q4 gross margin expanded to 83% (+400bps YoY)
- First-ever positive Q4 Adjusted EBITDA of $0.5M
- FY2026 revenue guidance midpoint implies +23% growth
Negative
- Fiscal 2025 net loss of $35.3M
- Adjusted EBITDA loss of $17.5M for FY2025
- Cash and cash equivalents $19.0M at December 31, 2025
News Market Reaction – BDSX
In the Feb 27 session, BDSX gained 7.81%, reflecting a notable positive market reaction. Argus tracked a peak move of +25.8% during that session. Argus tracked a trough of -4.6% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Q3 2025 earnings | Positive | +19.9% | Q3 2025 revenue growth to $21.8M and 81% gross margin with guidance raise. |
| Aug 07 | Q2 2025 earnings | Positive | -10.4% | Q2 2025 revenue $20.0M, 80% gross margin, strong growth across segments. |
| May 13 | Q1 2025 earnings | Negative | -38.7% | Q1 2025 revenue $18.0M with guidance cut to $80–85M despite growth. |
| Mar 03 | FY 2024 earnings | Positive | +1.0% | FY2024 revenue $71.3M, 45% YoY growth and 78% gross margin with FY2025 guide. |
| Jan 10 | Prelim FY 2024 | Positive | -14.2% | Preliminary FY2024 revenue $71.3M and strong growth in Lung Diagnostics. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced mixed reactions, with several strong fundamental updates followed by negative average price moves (~-8.5%), indicating a history of occasional selloffs even on positive results.
Across the last four reported quarters, Biodesix has shown consistent revenue growth and margin expansion. Q1 2025 revenue was $18.0M with 79.4% gross margin, Q2 reached $20.0M with an 80% margin, and Q3 climbed to $21.8M with an 81% margin and raised FY2025 guidance to $84–86M. FY2024 revenue was $71.3M with 78% gross margin and FY2025 ultimately came in at $88.5M. The current release confirms positive Adjusted EBITDA in Q4 2025 and extends this trajectory with FY2026 revenue guidance of $106–112M.
Key Terms
adjusted ebitda financial
at-the-market financial
senior secured term loan financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Delivered
Improved Net Loss by
FY2026 Revenue Guidance of
Conference Call and Webcast Today at 4:30 p.m. ET
LOUISVILLE, Colo., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the fourth quarter and year ended December 31, 2025 (fiscal 2025).
"Biodesix delivered exceptional results in the fourth quarter, with revenue of
Business and Financial Highlights for the Fourth Quarter and Full Year 2025
- Diagnostic Tests core organic revenue, excluding collection on claims older than one year, was
$24.1 million in the fourth quarter, growth of40% over the prior year comparable period, driven by test volume growth of23% and increased average revenue per test;- Diagnostic Test revenue of
$25.1 million and$79.2 million for the fourth quarter and fiscal 2025, respectively, an increase of46% and22% over the prior year comparable periods. Test volumes were 18,000 and 62,600 for the fourth quarter and fiscal 2025, respectively, an increase of23% and15% over the prior year comparable periods. The increase in average revenue per test was driven by additional payer coverage, improvements in revenue cycle management, and approximately$1.0 million in collections from claims older than one year;
- Diagnostic Test revenue of
- Development Services revenue of
$3.6 million and$9.3 million for the fourth quarter and fiscal 2025, respectively, an increase of12% and41% over the respective prior year comparable periods, a result of both delivering against the Company’s book of contracted business and securing new agreements; - Total revenue of
$28.8 million in the fourth quarter and$88.5 million in fiscal 2025, an increase of41% and24% over the respective prior year comparable periods, with gross margin expanding 400bps to83% in the fourth quarter and 300bps to81% in fiscal 2025;- Improvements in gross margin percentage were driven by growth in Diagnostic testing, improvements in average revenue per test, and optimization of testing workflows that resulted in decreases in costs per test;
- Operating expenses (excluding direct costs and expenses) of
$25.8 million and$99.7 million for the fourth quarter and fiscal 2025, an increase of14% and10% over the respective prior year comparable periods. Sales, marketing, and general administrative investment increased14% to support the41% revenue growth delivered in the fourth 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 and$4.1 million during the fourth quarter and fiscal 2025, a decrease of15% and38% over the respective prior year comparable periods;
- Includes non-cash stock compensation expense of
- Net loss of
$4.0 million and$35.3 million for the fourth quarter and fiscal 2025, an improvement of52% and18% over the respective prior year comparable periods; - Adjusted EBITDA of
$0.5 million in Q4 2025, the Company’s first quarter of Adjusted EBITDA positivity, representing a$4.5 million or113% improvement from Q4 2024. This milestone reflects strong revenue flow-through and operating leverage across Biodesix. Adjusted EBITDA for fiscal 2025 was a loss of$17.5 million , an improvement of21% over fiscal 2024;
| Metric | FY25 Guidance (Raised) | FY25 Actual | Result |
| Total Revenue | ✓ Above High End | ||
| Q4 Adj. EBITDA | Positive in Q4 | ✓ First-Ever | |
| Gross Margin (FY) | ✓ +300bps YoY |
- Pro forma cash and cash equivalents of
$33.7 million (including subsequent ATM proceeds), supported by the Company’s first quarter of Adjusted EBITDA positivity, which positions Biodesix to reduce quarterly cash consumption as revenue scales;- Cash and cash equivalents of
$19.0 million as of December 31, 2025 was inclusive of$2.3 million in at-the-market proceeds, and subsequent to the end of the quarter, the Company raised and additional$14.7 million to support continued growth investment; - Subsequent to the end of the quarter, the Company amended the Senior Secured Term Loan with Perceptive Advisors to extend the maturity date and interest only period to November 2028. The extension and additional cash strengthens the balance sheet and provides increased financial flexibility.
- Cash and cash equivalents of
2026 Financial Outlook
The Company anticipates generating between
| Metric | FY 2025 Actual | FY 2026 Guidance |
| Total Revenue | ||
| Gross Margin | Maintain ~ | |
| Adj. EBITDA | 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 use this link. 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, marketed as Nodify Lung® Nodule Risk Assessment and IQLung® Cancer Treatment Guidance, 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 acceptedaccounting 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. 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) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 18,987 | $ | 26,245 | ||||
| Accounts receivable, net of allowance for credit losses of | 9,036 | 8,603 | ||||||
| Other current assets | 4,495 | 4,636 | ||||||
| Total current assets | 32,518 | 39,484 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 24,817 | 27,828 | ||||||
| Intangible assets, net | 3,883 | 5,874 | ||||||
| Operating lease right-of-use assets | 2,997 | 1,767 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Other long-term assets | 8,230 | 7,260 | ||||||
| Total non-current assets | 54,958 | 57,760 | ||||||
| Total assets | $ | 87,476 | $ | 97,244 | ||||
| Liabilities and Stockholders' (Deficit) Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,080 | $ | 2,194 | ||||
| Accrued liabilities | 11,033 | 10,064 | ||||||
| Deferred revenue | 961 | 678 | ||||||
| Current portion of operating lease liabilities | 1,364 | 719 | ||||||
| Current portion of notes payable | 6 | 21 | ||||||
| Other current liabilities | 992 | 641 | ||||||
| Total current liabilities | 17,436 | 14,317 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 47,445 | 36,408 | ||||||
| Long-term operating lease liabilities | 24,039 | 24,828 | ||||||
| Other long-term liabilities | 1,021 | 815 | ||||||
| Total non-current liabilities | 72,505 | 62,051 | ||||||
| Total liabilities | 89,941 | 76,368 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ (deficit) equity | ||||||||
| Preferred stock, 0 (2025 and 2024) issued and outstanding | — | — | ||||||
| Common stock, 8,253,053 (2025) and 7,274,578 (2024) shares issued and outstanding | 8 | 7 | ||||||
| Additional paid-in capital | 495,289 | 483,366 | ||||||
| Accumulated deficit | (497,762 | ) | (462,497 | ) | ||||
| Total stockholders’ (deficit) equity | (2,465 | ) | 20,876 | |||||
| Total liabilities and stockholders’ (deficit) equity | $ | 87,476 | $ | 97,244 | ||||
| Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Diagnostic Tests | $ | 25,148 | $ | 17,205 | $ | 79,197 | $ | 64,708 | ||||||||
| Development Services | 3,607 | 3,224 | 9,302 | 6,615 | ||||||||||||
| Total revenues | 28,755 | 20,429 | 88,499 | 71,323 | ||||||||||||
| Direct costs and expenses | 4,879 | 4,342 | 16,719 | 15,573 | ||||||||||||
| Research and development | 2,870 | 2,414 | 12,001 | 9,559 | ||||||||||||
| Sales, marketing, general and administrative | 22,972 | 20,219 | 87,545 | 80,451 | ||||||||||||
| Impairment loss on intangible assets | 1 | 103 | 107 | 238 | ||||||||||||
| Total operating expenses | 30,722 | 27,078 | 116,372 | 105,821 | ||||||||||||
| Loss from operations | (1,967 | ) | (6,649 | ) | (27,873 | ) | (34,498 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (2,059 | ) | (1,752 | ) | (7,716 | ) | (8,258 | ) | ||||||||
| Loss on extinguishment of liabilities | — | — | — | (248 | ) | |||||||||||
| Change in fair value of warrant liability, net | — | — | (280 | ) | — | |||||||||||
| Other income, net | 46 | 150 | 604 | 73 | ||||||||||||
| Total other expense | (2,013 | ) | (1,602 | ) | (7,392 | ) | (8,433 | ) | ||||||||
| Net loss | $ | (3,980 | ) | $ | (8,251 | ) | $ | (35,265 | ) | $ | (42,931 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.49 | ) | $ | (1.13 | ) | $ | (4.67 | ) | $ | (6.64 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 8,065 | 7,330 | 7,551 | 6,470 | ||||||||||||
| Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (3,980 | ) | $ | (8,251 | ) | $ | (35,265 | ) | $ | (42,931 | ) | |||
| Interest expense | 2,059 | 1,752 | 7,716 | 8,258 | |||||||||||
| Depreciation and amortization | 1,387 | 1,449 | 5,670 | 5,773 | |||||||||||
| Share-based compensation expense | 1,075 | 1,265 | 4,139 | 6,638 | |||||||||||
| Loss on extinguishment of liabilities | — | — | — | 248 | |||||||||||
| Change in fair value of warrant liability, net | — | — | 280 | — | |||||||||||
| Other income, net | (11 | ) | (150 | ) | (10 | ) | (73 | ) | |||||||
| Adjusted EBITDA | $ | 530 | $ | (3,935 | ) | $ | (17,470 | ) | $ | (22,087 | ) | ||||
