Biodesix Announces Third Quarter 2026 Results and Highlights

Quarter-end cash declined despite $6.3 million in net proceeds from the at-the-market share-sale program.

Rhea-AI Summary

Biodesix (BDSX) reported third-quarter 2026 revenue of $24.0 million, up 10% year over year, alongside narrower losses.

Diagnostic Testing revenue rose 16%, with test volumes up 24% to 19,400, partly offset by lower average revenue per test. Development Services revenue fell to $986,000 from $1.933 million. Gross margin remained 81%. Net loss narrowed 8% to $8.0 million; adjusted EBITDA, a non-GAAP earnings measure, was a $3.9 million loss, improving 16%.

Cash ended September at $28.4 million, down $1.6 million from June despite $6.3 million in net proceeds from share sales. Biodesix now expects 2026 revenue of $101 million to $103 million and gross margins of approximately 80%. Growth fell below company expectations amid sales staffing shortfalls, seasonality and customer-related project delays. The company anticipates commercial availability of its first Digital Diagnostics test in 2028.

23 points · 0 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 10% year over year to $24.0 million.
• Moderate pointTest volumes increased 24% year over year to 19,400 in the third quarter.
• Moderate pointThird-quarter net loss narrowed 8% to $8.0 million, versus $8.716 million a year earlier.
• Moderate pointAt-the-market share sales raised $6.3 million in net proceeds during the third quarter. 2.8% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 revenue is now expected at $101 million–$103 million, with midpoint growth of approximately 15% over 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Gross margins of approximately 80% remain the company's expectation as it works toward profitability.

17 minor points

• Minor pointDiagnostic Testing revenue increased 16% year over year, reaching $23.055 million in the third quarter.
• Minor pointGross margin held at 81% in the third quarter as laboratory optimization lowered cost per test.
• Minor pointNet loss per share narrowed to $0.75 from $1.16 in the prior-year quarter.
• Minor pointThird-quarter operating loss narrowed to $6.112 million from $7.051 million a year earlier.
• Minor pointAdjusted EBITDA loss improved 16% to $3.9 million in the third quarter.
• Minor pointShare-based compensation fell to $852,000 from $1.053 million in the prior-year quarter.
• Minor pointNine-month revenue increased to $76.457 million from $59.744 million in the corresponding 2025 period.
• Minor pointNine-month Diagnostic Testing revenue rose to $70.695 million from $54.049 million a year earlier.
• Minor pointNine-month Development Services revenue rose to $5.762 million from $5.695 million a year earlier.
• Minor pointNine-month net loss narrowed to $23.098 million from $31.285 million a year earlier.
• Minor pointNine-month net loss per share narrowed to $2.26 from $4.24 a year earlier.
• Minor pointNine-month operating loss narrowed to $17.701 million from $25.906 million a year earlier.
• Minor pointNine-month adjusted EBITDA loss narrowed to $11.096 million from $18.000 million a year earlier.
• Minor pointStockholders' equity reached $8.675 million at September 30, versus a $2.465 million deficit at December 31, 2025.
• Minor pointSales organization expansion and corrective actions were implemented; Biodesix reported accelerating new-customer acquisition early in the fourth quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Digital Diagnostics expansion includes a Vanderbilt-developed lung nodule test, with commercial availability anticipated in 2028.
• Minor pointTwo molecular residual disease monitoring programs are being validated with Memorial Sloan Kettering investigators alongside development partners.

Negative

• Moderate pointThird-quarter growth missed company expectations, with fewer contributing sales representatives than planned limiting new physician and account growth.
• Moderate pointAverage revenue per test declined year over year, primarily reflecting a larger Nodify CDT share of lung-test volume.
• Moderate pointAt-the-market share issuance diluted existing holders while providing third-quarter funding.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 outlook depends on timing of sales-team expansion, expected Development Services contract execution and revenue recognition.
• Minor pointGreater-than-anticipated seasonality, primarily in primary care, reduced ordering frequency among existing customers.

7 minor points

• Minor pointExternal customer dependencies delayed Development Services projects, postponing starts and associated revenue recognition.
• Minor pointDevelopment Services quarterly revenue fell to $986,000 from $1.933 million a year earlier.
• Minor pointThird-quarter operating expenses rose to $30.153 million from $28.819 million, including direct costs and expenses.
• Minor pointCash declined $1.6 million from June to $28.4 million at September 30, 2026.
• Minor pointCommon shares outstanding increased to 11,054,674 at September 30 from 8,253,053 at December 31, 2025.
• Minor pointNine-month operating expenses increased to $94.158 million from $85.650 million, including direct costs and expenses.
• Minor pointNine-month interest expense increased to $5.961 million from $5.657 million a year earlier.

News Explained

Biodesix reported $6.3 million in net proceeds from its at-the-market program, which permits gradual sales of new shares at prevailing prices; those sales can dilute existing holders, while shares outstanding stood at 11,054,674 on September 30, 2026, versus 8,253,053 on December 31, 2025.

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Key Figures

Total revenue: $24.0 million; +10% year over year Diagnostic Testing revenue: $23.0 million; +16% year over year Test volume: 19,400; +24% +5 more

Total revenue

$24.0 million; +10% year over year

Third quarter 2026

Diagnostic Testing revenue

$23.0 million; +16% year over year

Third quarter 2026

Test volume

19,400; +24%

Third quarter 2026

Gross margin

81%

Third quarter 2026; flat year over year

Net loss

$8.0 million; improved 8%

Third quarter 2026, year-over-year comparison

Adjusted EBITDA loss

$3.9 million; improved 16%

Third quarter 2026, year-over-year comparison

FY2026 revenue guidance

$101 million to $103 million

Revised outlook; prior Q2 guidance was $108–114 million

Development Services revenue

$1.0 million, compared with $1.9 million

Third quarter 2026 versus prior-year period

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 earnings results

   24h Move

   -3.0%

   Reported Q2 revenue growth and retained FY2026 guidance at $108–114 million.

2. May 04

   Q1 earnings results

   24h Move

   +32.6%

   Raised FY2026 revenue guidance to $108–114 million alongside revenue growth.

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

Key Terms

adjusted ebitda, at-the-market program, molecular residual disease, radiomics, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA was a loss of $3.9 million in the third quarter 2026"

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 program financial

"Change in cash included $6.3 million of net proceeds from our at-the-market program."

An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.

molecular residual disease medical

"Announced two complementary approaches to molecular residual disease (MRD) monitoring"

Molecular residual disease is the tiny amount of cancer that can remain in the body after treatment and is detectable only by sensitive tests that find cancer DNA or other molecular traces. It matters to investors because these measurements can predict relapse, guide whether additional therapy is needed, and shape the market for diagnostics and drugs—much like finding embers after a fire helps decide if more firefighting is required.

radiomics technical

"a radiomics-based test for lung nodule risk assessment"

Radiomics is a method that extracts large amounts of quantitative data from medical images (like CT, MRI or PET scans) and turns visual patterns into measurable numbers, similar to reading a barcode from a photo. For investors, it matters because these data-driven signatures can improve disease detection, predict treatment response, and speed decision-making for drug development or medical devices, potentially changing clinical adoption and commercial value.

pet imaging medical

"evaluating clinical utility, follow-up, and test sequencing with PET imaging."

PET imaging is a noninvasive medical scan that works like a molecular camera, using tiny radioactive tracers to reveal biological activity inside the body—for example metabolism, blood flow, or the presence of specific proteins. It matters to investors because PET results guide diagnosis, show whether a drug reaches its intended target and how patients respond, and therefore affect clinical trial success, regulatory approval, reimbursement decisions and demand for scanners, tracers and related services.

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Delivered total revenue of $24.0 million, an increase of 10% year over year

Grew Diagnostic Testing revenue 16% year over year, with test volumes increasing 24%

Maintained an 81% gross margin, improved Net loss and Adjusted EBITDA loss by 8% and 16%, respectively

Revises full-year 2026 revenue guidance to $101 million to $103 million

Conference call and webcast Today at 4:30 p.m. ET

LOUISVILLE, Colo., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the third quarter ended September 30, 2026.

“Biodesix delivered another quarter of year-over-year growth, with total revenue increasing 10%, Diagnostic Testing revenue increasing 16%, test volumes increasing 24%, and gross margin remaining strong at 81%,” said Scott Hutton, Chief Executive Officer. “However, our growth was below our expectations, and we understand the principal drivers: fewer contributing sales representatives than planned limited new physician and account growth; greater-than-anticipated seasonality, primarily in primary care, reduced ordering frequency among otherwise stable base customers; and delays in external customer dependencies postponed the start of Development Services projects and the associated revenue recognition. The factors that impacted the quarter were largely execution and timing related rather than a change in demand, clinical utility, or market opportunity. We have identified the drivers, taken corrective actions, and entered the fourth quarter with a larger sales organization positioned for improved execution. Early fourth-quarter trends indicate accelerating new customer acquisition, continued growth across our established customer base, and broader physician engagement. October produced our strongest month of new physician acquisition this year.”

“We also strengthened our long-term position in lung diagnostics through meaningful strategic progress; highlights include CHEST recognition of biomarker-guided lung nodule management, our expansion into multimodal Digital Diagnostics, and complementary MRD programs. As a result of this progress and the corrective actions implemented, we believe Biodesix is positioned to enter 2027 from a stronger strategic position than ever before.”

Recent Business Highlights

• The American College of Chest Physicians (CHEST) published “Building a Lung Nodule Program: From Detection to Diagnosis,” a framework developed by a multidisciplinary panel of expert clinicians that identifies validated biomarker testing, such as Nodify Lung® Risk Assessment Testing, as a core component of standardized risk stratification in lung nodule programs. The framework represents further recognition of biomarker-guided risk stratification as an important component of evidence-based lung nodule management supporting broader adoption by health systems and integrated care networks.
• Presented both sponsored and independent real-world evidence at CHEST 2026 supporting the integration of Nodify Lung® Risk Assessment Testing into routine nodule care, including analyses from the CLARIFY study of more than 2,000 patients evaluating clinical utility, follow-up, and test sequencing with PET imaging.
• Announced the addition of Digital Diagnostics to the Company’s Lung Diagnostics portfolio strategy, establishing the foundation for a multimodal platform that combines blood-based biomarkers, imaging biomarkers, and artificial intelligence. The first product, a radiomics-based test for lung nodule risk assessment developed with Vanderbilt University and Vanderbilt Health, is designed to complement the Nodify Lung® portfolio and we believe represents the next phase of innovation in lung diagnostics. Commercial availability is anticipated in 2028.
• Announced two complementary approaches to molecular residual disease (MRD) monitoring: a tumor-informed assay developed with Bio-Rad Laboratories and a tumor-naïve, methylation-based assay under development with Thermo Fisher Scientific. Both programs are being validated with investigators at Memorial Sloan Kettering Cancer Center and are designed as hybrid programs, combining a central lab model with distribution on partner platforms installed in laboratories globally.
  
  

Financial Highlights for the Third Quarter 2026

• Diagnostic Testing revenue was $23.0 million in the third quarter, representing 16% growth, driven by a 24% increase in test volumes to 19,400, partially offset by lower average revenue per test year-over-year. The lower average revenue per test was primarily attributable to a larger percentage of total lung test volume from Nodify CDT;
• Development Services revenue of $1.0 million in the third quarter 2026, as compared to $1.9 million in the prior year period, reflecting timing of project completion and revenue recognition;
• Total revenue of $24.0 million in the third quarter 2026, an increase of 10% over the prior year comparable period;
• Gross margin of 81% in the third quarter was flat compared to the prior year comparable period. The Company continues to deliver strong gross margins driven by higher Diagnostic Testing volumes and continued optimization of laboratory workflows, resulting in a lower cost per test;
• Operating expenses (excluding direct costs and expenses) of $25.5 million for the third quarter 2026, an increase of 3% compared to the prior year comparable period.
  • Includes non-cash stock compensation expense of $0.9 million during the third quarter 2026, a decrease of 19% versus the prior year comparable period;
• Net loss of $8.0 million for the third quarter 2026, an improvement of 8% over the prior year comparable period;
• Adjusted EBITDA was a loss of $3.9 million in the third quarter 2026, a 16% improvement over the prior year comparable period;
• Cash and cash equivalents of $28.4 million, a decrease of $1.6 million as compared to the period ending June 30, 2026. Change in cash included $6.3 million of net proceeds from our at-the-market program.
  
  

2026 Financial Outlook

For full-year 2026, now Biodesix expects total revenue of $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025. The Company expects to continue to make progress toward profitability while maintaining gross margins of approximately 80%. The outlook reflects third quarter results, the timing of our sales team expansion, and timing of expected Development Services contract execution and revenue recognition.

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, future products, 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)
		September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	28,409			$	18,987
Accounts receivable, net of allowance for credit losses of $121 and $62			9,117				9,036
Other current assets			4,609				4,495
Total current assets			42,135				32,518
Non-current assets
Property and equipment, net			23,616				24,817
Intangible assets, net			2,531				3,883
Operating lease right-of-use assets			4,334				2,997
Goodwill			15,031				15,031
Other long-term assets			6,297				8,230
Total non-current assets			51,809				54,958
Total assets		$	93,944			$	87,476
Liabilities and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable		$	2,626			$	3,080
Accrued liabilities			8,505				11,033
Deferred revenue			360				961
Current portion of operating lease liabilities			2,201				1,364
Current portion of notes payable			—				6
Other current liabilities			556				992
Total current liabilities			14,248				17,436
Non-current liabilities
Long-term notes payable, net of current portion			47,146				47,445
Long-term operating lease liabilities			23,093				24,039
Other long-term liabilities			782				1,021
Total non-current liabilities			71,021				72,505
Total liabilities			85,269				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; 11,054,674 (2026) and 8,253,053 (2025) shares issued and outstanding			11				8
Additional paid-in capital			529,524				495,289
Accumulated deficit			(520,860	)			(497,762	)
Total stockholders’ equity (deficit)			8,675				(2,465	)
Total liabilities and stockholders’ equity (deficit)		$	93,944			$	87,476

Biodesix, Inc.
Condensed Statements of Operations (unaudited)
(in thousands, except per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues
Diagnostic Tests		$	23,055			$	19,835			$	70,695			$	54,049
Development Services			986				1,933				5,762				5,695
Total revenues			24,041				21,768				76,457				59,744
Direct costs and expenses			4,660				4,106				13,685				11,840
Research and development			2,994				2,992				9,414				9,131
Sales, marketing, general and administrative			22,499				21,714				71,042				64,573
Impairment loss on intangible assets			—				7				17				106
Total operating expenses			30,153				28,819				94,158				85,650
Loss from operations			(6,112	)			(7,051	)			(17,701	)			(25,906	)
Other (expense) income:
Interest expense			(2,002	)			(2,074	)			(5,961	)			(5,657	)
Change in fair value of warrant liability, net			—				—				—				(280	)
Other income, net			82				409				564				558
Total other expense			(1,920	)			(1,665	)			(5,397	)			(5,379	)
Net loss		$	(8,032	)		$	(8,716	)		$	(23,098	)		$	(31,285	)
Net loss per share, basic and diluted		$	(0.75	)		$	(1.16	)		$	(2.26	)		$	(4.24	)
Weighted-average shares outstanding, basic and diluted			10,660				7,500				10,207				7,378

Biodesix, Inc.
Reconciliation of Net loss to Adjusted EBITDA (unaudited)
(in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net loss	$	(8,032	)		$	(8,716	)		$	(23,098	)		$	(31,285	)
Interest expense		2,002				2,074				5,961				5,657
Depreciation and amortization		1,400				1,407				4,182				4,283
Share-based compensation expense		852				1,053				2,787				3,064
Change in fair value of warrant liability, net		—				—				—				280
Other (income) expense, net		(82	)			(409	)			(928	)			1
Adjusted EBITDA	$	(3,860	)		$	(4,591	)		$	(11,096	)		$	(18,000	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Biodesix's third-quarter 2026 revenue and earnings results?

Biodesix reported $24.0 million in revenue, up 10% year over year, and an $8.0 million net loss, an 8% improvement. Net loss per share was $0.75, compared with $1.16 in the prior-year quarter. Adjusted EBITDA loss improved 16% to $3.9 million.

What is Biodesix's revised full-year 2026 revenue outlook?

Biodesix now expects $101 million to $103 million in 2026 revenue, with the midpoint representing approximately 15% growth over 2025. The company expects gross margins of approximately 80% while continuing progress toward profitability.

Which partners are developing Biodesix's molecular residual disease monitoring tests?

Biodesix is developing a tumor-informed assay with Bio-Rad Laboratories and a tumor-naïve, methylation-based assay with Thermo Fisher Scientific. Both programs are being validated with investigators at Memorial Sloan Kettering Cancer Center. They are designed to combine central-laboratory testing with distribution on partner platforms installed in laboratories globally.