Biodesix Announces Second Quarter 2025 Results and Highlights
Biodesix (NASDAQ: BDSX) reported strong Q2 2025 financial results with total revenue of $20.0 million, up 12% year-over-year. The company achieved an impressive 80% gross margin, a 150-basis point improvement from Q2 2024. Lung Diagnostic Testing revenue increased 8% to $17.9 million, while Development Services revenue grew 53% to $2.1 million.
Key operational highlights include expanding their sales team to 74 representatives (21% increase), achieving over 100% growth in primary care ordering of lung diagnostic tests, and reaching $12.5 million in development services contracts. Despite these improvements, the company reported a net loss of $11.5 million. Biodesix reaffirmed its full-year 2025 revenue guidance of $80-85 million and expects to achieve Adjusted EBITDA positivity in Q4 2025.
Biodesix (NASDAQ: BDSX) ha riportato solidi risultati finanziari nel secondo trimestre 2025 con un fatturato totale di 20,0 milioni di dollari, in crescita del 12% rispetto all'anno precedente. L'azienda ha raggiunto un notevole margine lordo dell'80%, con un miglioramento di 150 punti base rispetto al secondo trimestre 2024. I ricavi dai test diagnostici polmonari sono aumentati dell'8% a 17,9 milioni di dollari, mentre i ricavi dai servizi di sviluppo sono cresciuti del 53% raggiungendo 2,1 milioni di dollari.
Tra i principali risultati operativi si evidenzia l'espansione del team di vendita a 74 rappresentanti (aumento del 21%), una crescita superiore al 100% negli ordini di test diagnostici polmonari da parte della medicina primaria e il raggiungimento di 12,5 milioni di dollari in contratti per servizi di sviluppo. Nonostante questi miglioramenti, l'azienda ha registrato una perdita netta di 11,5 milioni di dollari. Biodesix ha confermato la sua previsione di fatturato per l'intero 2025 tra 80 e 85 milioni di dollari e prevede di raggiungere un EBITDA rettificato positivo nel quarto trimestre 2025.
Biodesix (NASDAQ: BDSX) reportó sólidos resultados financieros en el segundo trimestre de 2025 con un ingreso total de 20.0 millones de dólares, un aumento del 12% interanual. La compañía logró un impresionante margen bruto del 80%, una mejora de 150 puntos básicos respecto al segundo trimestre de 2024. Los ingresos por pruebas diagnósticas pulmonares aumentaron un 8% hasta 17.9 millones de dólares, mientras que los ingresos por servicios de desarrollo crecieron un 53%, alcanzando 2.1 millones de dólares.
Entre los aspectos operativos clave destacan la expansión del equipo de ventas a 74 representantes (un aumento del 21%), un crecimiento superior al 100% en los pedidos de pruebas pulmonares desde atención primaria y la consecución de contratos por 12.5 millones de dólares en servicios de desarrollo. A pesar de estas mejoras, la compañía reportó una pérdida neta de 11.5 millones de dólares. Biodesix reafirmó su guía de ingresos para todo 2025 de 80-85 millones de dólares y espera alcanzar un EBITDA ajustado positivo en el cuarto trimestre de 2025.
Biodesix (NASDAQ: BDSX)는 2025년 2분기에 총 매출 2,000만 달러를 기록하며 전년 동기 대비 12% 성장한 강력한 재무 실적을 보고했습니다. 회사는 2분기 2024년 대비 150 베이시스 포인트 개선된 80%의 높은 총이익률을 달성했습니다. 폐 진단 검사 매출은 8% 증가한 1,790만 달러였고, 개발 서비스 매출은 53% 증가한 210만 달러를 기록했습니다.
주요 운영 성과로는 영업팀 인원을 74명으로 21% 확대하고, 1차 진료에서 폐 진단 검사 주문이 100% 이상 성장했으며, 개발 서비스 계약 금액이 1,250만 달러에 달한 점이 있습니다. 이러한 개선에도 불구하고 회사는 1,150만 달러의 순손실을 보고했습니다. Biodesix는 2025년 연간 매출 가이던스를 8,000만~8,500만 달러로 재확인했으며, 2025년 4분기에 조정 EBITDA 흑자 전환을 기대하고 있습니다.
Biodesix (NASDAQ : BDSX) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires total de 20,0 millions de dollars, en hausse de 12 % par rapport à l'année précédente. La société a atteint une impressionnante marge brute de 80 %, soit une amélioration de 150 points de base par rapport au deuxième trimestre 2024. Les revenus des tests diagnostiques pulmonaires ont augmenté de 8 % pour atteindre 17,9 millions de dollars, tandis que les revenus des services de développement ont progressé de 53 % pour s'établir à 2,1 millions de dollars.
Parmi les faits marquants opérationnels figurent l'expansion de leur équipe commerciale à 74 représentants (augmentation de 21 %), une croissance de plus de 100 % des commandes de tests pulmonaires en soins primaires, et l'atteinte de 12,5 millions de dollars en contrats de services de développement. Malgré ces améliorations, la société a enregistré une perte nette de 11,5 millions de dollars. Biodesix a réaffirmé ses prévisions de chiffre d'affaires pour l'ensemble de l'année 2025, situées entre 80 et 85 millions de dollars, et prévoit d'atteindre un EBITDA ajusté positif au quatrième trimestre 2025.
Biodesix (NASDAQ: BDSX) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatz von 20,0 Millionen US-Dollar, was einem Anstieg von 12 % im Jahresvergleich entspricht. Das Unternehmen erzielte eine beeindruckende Bruttomarge von 80%, eine Verbesserung um 150 Basispunkte gegenüber dem zweiten Quartal 2024. Die Einnahmen aus Lungendiagnosetests stiegen um 8 % auf 17,9 Millionen US-Dollar, während die Erlöse aus Entwicklungsdienstleistungen um 53 % auf 2,1 Millionen US-Dollar zunahmen.
Zu den wichtigsten operativen Highlights zählt die Erweiterung des Vertriebsteams auf 74 Vertreter (21 % Steigerung), ein Wachstum von über 100 % bei der Primärversorgung für Lungendiagnosetests sowie der Abschluss von Entwicklungsdienstleistungsverträgen im Wert von 12,5 Millionen US-Dollar. Trotz dieser Verbesserungen meldete das Unternehmen einen Nettoverlust von 11,5 Millionen US-Dollar. Biodesix bestätigte seine Umsatzprognose für das Gesamtjahr 2025 von 80-85 Millionen US-Dollar und erwartet, im vierten Quartal 2025 ein positives bereinigtes EBITDA zu erreichen.
- Revenue growth of 12% year-over-year to $20.0 million
- Gross margin improved 150 basis points to 80%
- Development Services revenue increased 53% with 54% growth in dollars under contract
- Sales team expanded by 21% to 74 representatives
- Primary care ordering of lung diagnostic tests grew over 100%
- Digital ordering increased 63% year-over-year
- Cash position improved by $3.1 million from Q1 2025
- Net loss increased 6% to $11.5 million
- Operating expenses grew 15% year-over-year
- Adjusted EBITDA loss increased 29% to $7.2 million
Insights
Biodesix shows solid 12% revenue growth with improving margins, on track for Q4 profitability milestone while expanding its diagnostic reach.
Biodesix delivered $20.0 million in Q2 revenue, growing
The company's lung diagnostic testing segment, its core business, generated
From an operational perspective, Biodesix has successfully expanded its sales force by
While the company posted a net loss of
The increased operating expenses (
With the expanding digital ordering initiative (up
Q2 2025 Revenue of
Q2 2025 gross profit margin of
Reiterating FY2025 Total Revenue Guidance of
Conference Call and Webcast Today at 4:30 p.m. ET
LOUISVILLE, Colo., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the second quarter ended June 30, 2025.
“We had strong second quarter performance with
Hutton reinforced, "Based on the actual and planned expansion of our sales team and the anticipated sales rep productivity, coupled with strong growth in our services business line and operational effectiveness, we are poised to achieve Adjusted EBITDA positivity in the fourth quarter. The positive trends we're seeing across our business reinforce our confidence in achieving our full-year revenue guidance of
Second Quarter Ended June 30, 2025 Business Highlights
- Grew the size of the sales team to an average of 74 sales representatives in the field during the quarter, an increase of 13 reps, or
21% , over the prior year comparable period; - Increased primary care ordering of lung diagnostic tests over
100% during the quarter versus levels seen prior to the pilot program in 2024; - Achieved an all-time high in development services business dollars under contract of
$12.5 million , up54% over the prior year comparable period; - Expanded digital ordering initiative, including Electronic Medical Record integration, with digital ordering up
63% over prior year comparable period; - Announced new clinical and economic data supporting Nodify Lung® tests at the International Society for Pharmacoeconomic and Outcomes Research (ISPOR) 2025 Annual Meeting and the American Thoracic Society (ATS) 2025 International Conference – see website for additional details;
- Reached patient enrollment requirements in July 2025 for our prospective, randomized controlled trial, ALTITUDE. Patient follow up to continue for approximately one year; and
- Presented data on three pipeline initiatives including the combination genomic and proteomic MRD test at the AACR Annual Meeting, the use of the VeriStrat test in first line immunotherapy treatment selection at the ASCO Annual Meeting, and the VeriStrat test in hormone resistant cancer at ASMS. Please see our website for more presentations.
Second Quarter Ended June 30, 2025 Financial Results
- Total revenue of
$20.0 million for the second quarter 2025, an increase of12% over the respective prior year comparable period;- Lung Diagnostic Testing revenue of
$17.9 million for the second quarter, an increase of8% over the respective prior year comparable period; primarily driven by an increase in total tests delivered; - Development Services revenue of
$2.1 million for the second quarter, an increase of53% over the respective prior year comparable period;
- Lung Diagnostic Testing revenue of
- Gross margin was
$16.0 million , or80% for the second quarter 2025, a 150-basis point improvement over the prior year comparable period, continuing to be driven by growth in Lung Diagnostic testing and optimization of testing workflows that resulted in improvements in costs per test, and the ongoing expansion of our Development Services business; - Operating expenses (excluding direct costs and expenses) of
$25.7 million for the second quarter 2025, an increase of15% over the respective prior year comparable period;- Increase in operating expenses is primarily attributed to an increase in sales and marketing costs due to the planned expansion of the sales team to support Lung Diagnostic sales growth, as well as to enhance Biodesix market awareness and drive product adoption;
- Includes non-cash stock compensation expense of
$1.0 million during the second quarter 2025, a decrease of15% over the respective prior year comparable period;
- Net loss of
$11.5 million for the second quarter 2025, an increase of6% over the respective prior year comparable period; - Adjusted EBITDA was a loss of
$7.2 million for the second quarter 2025, an increase of29% over the respective prior year comparable period; - Cash and cash equivalents of
$20.7 million as of June 30, 2025, an increase of$3.1 million from the period ending March 31, 2025.
2025 Financial Outlook
- The Company reaffirms its 2025 financial outlook and expects to generate between
$80 million and$85 million in total revenue in 2025.
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 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 the impact of backlog and the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital, including under the term loan facility, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, assurances that our common stock will continue to trade on The Nasdaq Stock Market LLC and the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on Biodesix 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 March 3, 2025, or subsequent quarterly reports on Form 10-Q during 2025, 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) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 20,728 | $ | 26,245 | ||||
| Accounts receivable, net of allowance for credit losses of | 7,451 | 8,603 | ||||||
| Other current assets | 4,266 | 4,636 | ||||||
| Total current assets | 32,445 | 39,484 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 26,135 | 27,828 | ||||||
| Intangible assets, net | 4,871 | 5,874 | ||||||
| Operating lease right-of-use assets | 2,106 | 1,767 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Other long-term assets | 7,152 | 7,260 | ||||||
| Total non-current assets | 55,295 | 57,760 | ||||||
| Total assets | $ | 87,740 | $ | 97,244 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,973 | $ | 2,194 | ||||
| Accrued liabilities | 9,684 | 10,064 | ||||||
| Deferred revenue | 617 | 678 | ||||||
| Current portion of operating lease liabilities | 1,232 | 719 | ||||||
| Current portion of notes payable | 16 | 21 | ||||||
| Other current liabilities | 638 | 641 | ||||||
| Total current liabilities | 15,160 | 14,317 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 46,782 | 36,408 | ||||||
| Long-term operating lease liabilities | 24,111 | 24,828 | ||||||
| Other long-term liabilities | 549 | 815 | ||||||
| Total non-current liabilities | 71,442 | 62,051 | ||||||
| Total liabilities | 86,602 | 76,368 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, 0 (2025 and 2024) issued and outstanding | — | — | ||||||
| Common stock, 146,584,110 (2025) and 145,491,569 (2024) shares issued and outstanding | 146 | 145 | ||||||
| Additional paid-in capital | 486,058 | 483,228 | ||||||
| Accumulated deficit | (485,066 | ) | (462,497 | ) | ||||
| Total stockholders' equity | 1,138 | 20,876 | ||||||
| Total liabilities and stockholders' equity | $ | 87,740 | $ | 97,244 | ||||
| Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Diagnostic Tests | $ | 17,898 | $ | 16,539 | $ | 34,214 | $ | 30,335 | ||||||||
| Development Services | 2,120 | 1,386 | 3,762 | 2,408 | ||||||||||||
| Total revenues | 20,018 | 17,925 | 37,976 | 32,743 | ||||||||||||
| Direct costs and expenses | 4,031 | 3,877 | 7,734 | 7,052 | ||||||||||||
| Research and development | 3,269 | 2,558 | 6,139 | 4,598 | ||||||||||||
| Sales, marketing, general and administrative | 22,411 | 19,660 | 42,859 | 40,216 | ||||||||||||
| Impairment loss on intangible assets | 26 | 67 | 99 | 135 | ||||||||||||
| Total operating expenses | 29,737 | 26,162 | 56,831 | 52,001 | ||||||||||||
| Loss from operations | (9,719 | ) | (8,237 | ) | (18,855 | ) | (19,258 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (1,898 | ) | (1,936 | ) | (3,583 | ) | (4,465 | ) | ||||||||
| Loss on extinguishment of liabilities | — | (248 | ) | — | (248 | ) | ||||||||||
| Change in fair value of warrant liability, net | 98 | — | (280 | ) | — | |||||||||||
| Other income (expense), net | 51 | (387 | ) | 149 | (451 | ) | ||||||||||
| Total other expense | (1,749 | ) | (2,571 | ) | (3,714 | ) | (5,164 | ) | ||||||||
| Net loss | $ | (11,468 | ) | $ | (10,808 | ) | $ | (22,569 | ) | $ | (24,422 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.22 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 146,656 | 127,168 | 146,328 | 112,167 | ||||||||||||
| Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (11,468 | ) | $ | (10,808 | ) | $ | (22,569 | ) | $ | (24,422 | ) | |||
| Interest expense | 1,898 | 1,936 | 3,583 | 4,465 | |||||||||||
| Depreciation and amortization | 1,436 | 1,412 | 2,876 | 2,832 | |||||||||||
| Share-based compensation expense | 1,039 | 1,218 | 2,011 | 3,858 | |||||||||||
| Loss on extinguishment of liabilities | — | 248 | — | 248 | |||||||||||
| Change in fair value of warrant liability, net | (98 | ) | — | 280 | — | ||||||||||
| Other (income) expense, net | (20 | ) | 387 | 410 | 451 | ||||||||||
| Adjusted EBITDA | $ | (7,213 | ) | $ | (5,607 | ) | $ | (13,409 | ) | $ | (12,568 | ) | |||
FAQ
What were Biodesix (BDSX) Q2 2025 earnings results?
What is Biodesix's revenue guidance for full-year 2025?
How did Biodesix's Development Services business perform in Q2 2025?
What was Biodesix's cash position as of June 30, 2025?
When does Biodesix expect to achieve Adjusted EBITDA positivity?
