Biodesix Announces Second Quarter 2026 Results and Highlights
Rhea-AI Summary
Biodesix (Nasdaq:BDSX) reported second quarter 2026 revenue of $26.9 million, up 34% year-over-year, with Diagnostic Testing revenue of $25.3 million, up 42% on a 38% increase in test volumes to 20,900 and higher average revenue per test.
Gross margin reached 82%, a 200-basis point improvement, while operating expenses excluding direct costs rose 7% to $27.4 million. Net loss narrowed to $7.3 million, a 37% improvement, and Adjusted EBITDA loss improved 56% to $3.2 million. Cash and cash equivalents were $30.0 million, up 17% from March 31, 2026, including $6.5 million of net proceeds from an at-the-market program. For full year 2026, Biodesix maintained total revenue guidance of $108–114 million, targeting approximately 25% growth at the midpoint and gross margin of about 80%, with continued Adjusted EBITDA improvement toward profitability.
Positive
- Q2 2026 revenue $26.9M, up 34% year-over-year
- Diagnostic Testing revenue $25.3M, up 42% with 38% higher volumes
- Gross margin 82%, up 200 basis points year-over-year
- Net loss $7.3M, 37% improvement versus Q2 2025
- Adjusted EBITDA loss $3.2M, 56% improvement year-over-year
- FY 2026 revenue guidance $108–114M, midpoint implies ~25% growth
Negative
- Company remains loss-making with Q2 2026 net loss $7.3M
- Adjusted EBITDA still negative at $3.2M loss in Q2 2026
- Development Services revenue $1.5M vs $2.1M prior year quarter
- Operating expenses ex-direct costs $27.4M, up 7% year-over-year
- Long-term notes payable $46.8M and total liabilities $86.2M
- Share count 10.5M vs 8.3M year-end 2025, reflecting dilution
News Explained
At June 30, Biodesix had $30.0 million cash, but its larger common-share base creates dilution exposure for existing holders.
Biodesix has reported its second-quarter results; the
That larger reported share base is the material ownership change for existing common holders, while the company says its at-the-market program generated
An at-the-market program lets an issuer sell new shares gradually into the open market at prevailing prices rather than in one priced deal; the proceeds therefore finance the company while the share base can expand.
Using first-quarter operating cash use as the basis,
Sources and calculations
- Biodesix Second Quarter 2026 Results release (2026-08-05)
- At-the-market program definition (undated)
- Biodesix first-quarter 2026 fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $25,572,000 / ($10,168,000 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 04 | 1Q26 earnings | Positive | +32.6% | Revenue growth and raised FY2026 guidance accompanied improved losses and cash generation. |
| Feb 26 | FY25 earnings | Positive | +7.8% | Record quarterly revenue, first positive Adjusted EBITDA, and higher FY2026 guidance supported gains. |
| Nov 03 | 3Q25 earnings | Positive | +19.9% | Revenue growth, margin expansion, raised guidance, and expected EBITDA positivity preceded gains. |
| Aug 07 | 2Q25 earnings | Positive | -10.4% | Revenue and margin improved, but the stock reaction diverged negatively from operating results. |
| May 13 | 1Q25 earnings | Negative | -38.7% | Revenue and margins improved, but revised guidance coincided with a sharply negative reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical earnings reactions were aligned with announcement sentiment in three events and diverged in two, including both negative reactions.
Key Terms
adjusted ebitda financial
at-the-market program financial
non-gaap financial measure financial
revenue cycle management technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Delivered
Achieved
Maintained FY 2026 Revenue Guidance of
Conference Call and Webcast Today at 4:30 p.m. ET
LOUISVILLE, Colo., Aug. 05, 2026 (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, 2026.
“Biodesix delivered another strong quarter, highlighted by
Hutton continued, “In delivering against our mission to conquer lung cancer and other diseases, we believe our combination of clinical evidence, reimbursement strength, commercial execution, and disciplined expense management positions Biodesix to continue delivering sustainable growth while advancing toward profitability.”
Business and Financial Highlights for the Second Quarter 2026
- Diagnostic Testing revenue was
$25.4 million in the second quarter, representing42% growth, driven by a38% increase in test volumes to 20,900 and higher average revenue per test year-over-year. The improvement in average revenue per test was primarily attributable to expanded payer coverage and continued improvements to revenue cycle management; - Development Services revenue of
$1.5 million in the second quarter 2026, as compared to$2.1 million in the prior year period reflecting timing of project completion and revenue recognition. The Development Services pipeline is strong and supports expectations for growth over the remainder of 2026; - Total revenue of
$26.9 million in the second quarter 2026, an increase of34% over the respective prior year comparable period; - Gross margin was
82% in the second quarter, a 200-basis point improvement over the respective prior year comparable period. The Company continues to deliver strong gross margins 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
$27.4 million for the second quarter 2026, an increase of7% over the respective prior year comparable period. The Company expects continued operating leverage as our expanded sales team gains experience, increases productivity, and delivers sustained performance;- Includes non-cash stock compensation expense of
$0.8 million during the second quarter 2026, a decrease of21% versus the respective prior year comparable period;
- Includes non-cash stock compensation expense of
- Net loss of
$7.3 million for the second quarter 2026, an improvement of37% over the respective prior year comparable period; - Adjusted EBITDA was a loss of
$3.2 million in the second quarter 2026, a56% improvement over the respective prior year comparable period; - Cash and cash equivalents of
$30.0 million , an increase of17% over the period ending March 31, 2026. Change in cash included$6.5 million of net proceeds from our at-the-market program. We believe current cash, expected growth in revenue, and ongoing operational leverage provide sufficient liquidity to execute our growth strategy.
2026 Financial Outlook
For full year 2026, the Company expects total revenue of
| Metric | FY 2026 Guidance |
| Total Revenue | growth) |
| 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, 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 also presents Adjusted EBITDA, a non-GAAP financial measure, in this press release. Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance, for internal planning and forecasting purposes, and as an additional measure of our performance for the purposes of business decision-making, including managing expenditures. 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, and helps 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. 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. 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) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 29,996 | $ | 18,987 | ||||
| Accounts receivable, net of allowance for credit losses of | 9,113 | 9,036 | ||||||
| Other current assets | 4,456 | 4,495 | ||||||
| Total current assets | 43,565 | 32,518 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 23,803 | 24,817 | ||||||
| Intangible assets, net | 2,979 | 3,883 | ||||||
| Operating lease right-of-use assets | 3,542 | 2,997 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Other long-term assets | 6,406 | 8,230 | ||||||
| Total non-current assets | 51,761 | 54,958 | ||||||
| Total assets | $ | 95,326 | $ | 87,476 | ||||
| Liabilities and Stockholders' Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,160 | $ | 3,080 | ||||
| Accrued liabilities | 10,411 | 11,033 | ||||||
| Deferred revenue | 205 | 961 | ||||||
| Current portion of operating lease liabilities | 1,609 | 1,364 | ||||||
| Current portion of notes payable | — | 6 | ||||||
| Other current liabilities | 906 | 992 | ||||||
| Total current liabilities | 15,291 | 17,436 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 46,817 | 47,445 | ||||||
| Long-term operating lease liabilities | 23,370 | 24,039 | ||||||
| Other long-term liabilities | 704 | 1,021 | ||||||
| Total non-current liabilities | 70,891 | 72,505 | ||||||
| Total liabilities | 86,182 | 89,941 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity (deficit) | ||||||||
| Preferred stock, 0 (2026 and 2025) issued and outstanding | — | — | ||||||
| Common stock, 10,549,890 (2026) and 8,253,053 (2025) shares issued and outstanding | 11 | 8 | ||||||
| Additional paid-in capital | 521,961 | 495,289 | ||||||
| Accumulated deficit | (512,828 | ) | (497,762 | ) | ||||
| Total stockholders’ equity (deficit) | 9,144 | (2,465 | ) | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 95,326 | $ | 87,476 | ||||
| Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | ||||||||||||||||
| Diagnostic Tests | $ | 25,349 | $ | 17,898 | $ | 47,640 | $ | 34,214 | ||||||||
| Development Services | 1,512 | 2,120 | 4,776 | 3,762 | ||||||||||||
| Total revenues | 26,861 | 20,018 | 52,416 | 37,976 | ||||||||||||
| Direct costs and expenses | 4,820 | 4,031 | 9,025 | 7,734 | ||||||||||||
| Research and development | 3,135 | 3,269 | 6,420 | 6,139 | ||||||||||||
| Sales, marketing, general and administrative | 24,282 | 22,411 | 48,543 | 42,859 | ||||||||||||
| Impairment loss on intangible assets | 12 | 26 | 17 | 99 | ||||||||||||
| Total operating expenses | 32,249 | 29,737 | 64,005 | 56,831 | ||||||||||||
| Loss from operations | (5,388 | ) | (9,719 | ) | (11,589 | ) | (18,855 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (1,982 | ) | (1,898 | ) | (3,959 | ) | (3,583 | ) | ||||||||
| Change in fair value of warrant liability, net | — | 98 | — | (280 | ) | |||||||||||
| Other income, net | 97 | 51 | 482 | 149 | ||||||||||||
| Total other expense | (1,885 | ) | (1,749 | ) | (3,477 | ) | (3,714 | ) | ||||||||
| Net loss | $ | (7,273 | ) | $ | (11,468 | ) | $ | (15,066 | ) | $ | (22,569 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.71 | ) | $ | (1.56 | ) | $ | (1.51 | ) | $ | (3.08 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 10,296 | 7,333 | 9,977 | 7,316 | ||||||||||||
| Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss | $ | (7,273 | ) | $ | (11,468 | ) | $ | (15,066 | ) | $ | (22,569 | ) | |||
| Interest expense | 1,982 | 1,898 | 3,959 | 3,583 | |||||||||||
| Depreciation and amortization | 1,387 | 1,436 | 2,783 | 2,876 | |||||||||||
| Share-based compensation expense | 820 | 1,039 | 1,935 | 2,011 | |||||||||||
| Change in fair value of warrant liability, net | — | (98 | ) | — | 280 | ||||||||||
| Other (income) expense, net | (97 | ) | (20 | ) | (846 | ) | 410 | ||||||||
| Adjusted EBITDA | $ | (3,181 | ) | $ | (7,213 | ) | $ | (7,235 | ) | $ | (13,409 | ) | |||
