Strong Q1 for Biodesix (Nasdaq: BDSX) with 42% revenue growth
Rhea-AI Filing Summary
Biodesix, Inc. reported strong first quarter 2026 results with total revenue of $25.6 million, up 42% year over year, driven by growth in both Diagnostic Testing and Development Services. Diagnostic Testing revenue reached $22.3 million on 29% higher test volumes and better average revenue per test, while Development Services revenue nearly doubled to $3.3 million.
Gross margin was 84% in the quarter, or 82% excluding a one‑time $0.4 million tax recovery, about a 300‑basis‑point improvement from a year earlier. Operating expenses rose 18% to $27.6 million as the company invested in sales, marketing, and G&A, including $1.1 million of share-based compensation. Net loss improved to $7.8 million from $11.1 million, and Adjusted EBITDA loss narrowed to $4.1 million from $6.2 million.
Cash and cash equivalents increased to $25.6 million from $19.0 million at year end, helped by $16.8 million of at-the-market net proceeds. Reflecting the strong start to the year, Biodesix raised its 2026 total revenue outlook to $108–114 million, with the midpoint implying about 25% growth over 2025, and continues to target progress toward Adjusted EBITDA profitability.
Positive
- Strong top-line growth and guidance raise: Q1 2026 revenue grew 42% year over year to $25.6 million, and full-year 2026 revenue guidance was increased to $108–114 million, with the midpoint implying about 25% growth over 2025.
- Margin expansion and loss reduction: Gross margin improved to 84% (82% excluding a one-time tax recovery), net loss narrowed by roughly 30% to $7.8 million, and Adjusted EBITDA loss improved to $4.1 million from $6.2 million.
- Improved liquidity: Cash and cash equivalents rose to $25.6 million from $19.0 million at December 31, 2025, including $16.8 million of at-the-market net proceeds, strengthening the balance sheet.
Negative
- None.
Insights
Biodesix delivered rapid Q1 growth, margin expansion, and raised 2026 revenue guidance.
Biodesix posted Q1 2026 revenue of $25.6M, up 42% year over year, with Diagnostic Testing at $22.3M and Development Services at $3.3M. Test volumes rose 29%, while improved reimbursement lifted average revenue per test.
Gross margin reached 84%, or 82% excluding a one‑time $0.4M tax recovery, about a 300‑basis‑point improvement versus Q1 2025. Operating expenses grew 18% to $27.6M, indicating continued investment but also emerging operating leverage as revenue scaled faster than costs.
Net loss narrowed to $7.8M from $11.1M, and Adjusted EBITDA loss improved to $4.1M from $6.2M. Cash increased to $25.6M, aided by $16.8M of at-the-market proceeds. For full year 2026, guidance was raised to $108–114M in revenue, with the midpoint implying about 25% growth over 2025, while management continues to emphasize a path toward Adjusted EBITDA profitability.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
gross margin financial
at-the-market financial
Development Services financial
forward-looking statements regulatory
non-GAAP financial measure financial
Earnings Snapshot
For full year 2026, total revenue is expected to be $108–114M, with the midpoint representing approximately 25% growth over 2025. The company expects continued progress toward achieving and maintaining Adjusted EBITDA profitability.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 4, 2026, Biodesix, Inc. (the Company) issued a press release announcing the financial and operating results of the Company for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
The information contained in Item 2.02 to this Current Report on Form 8-K and Exhibit 99.1 attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
No. |
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Exhibit |
99.1 |
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Press Release issued by Biodesix, Inc. dated May 4, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 4, 2026 |
BIODESIX, INC. |
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By: |
/s/ Robin Harper Cowie |
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Name: |
Robin Harper Cowie |
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Title: |
Chief Financial Officer |
Exhibit 99.1
Biodesix Announces First Quarter 2026 Results and Highlights
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, CO, May 4, 2026 – 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
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)
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March 31, 2026 |
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December 31, 2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
25,572 |
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$ |
18,987 |
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Accounts receivable, net of allowance for credit losses of $71 and $62 |
|
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9,500 |
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9,036 |
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Other current assets |
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5,840 |
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4,495 |
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Total current assets |
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40,912 |
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32,518 |
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Non‑current assets |
|
|
|
|
|
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||
Property and equipment, net |
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24,192 |
|
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24,817 |
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Intangible assets, net |
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3,451 |
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3,883 |
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Operating lease right-of-use assets |
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3,188 |
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2,997 |
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Goodwill |
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15,031 |
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15,031 |
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Other long-term assets |
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7,863 |
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8,230 |
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Total non‑current assets |
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53,725 |
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54,958 |
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Total assets |
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$ |
94,637 |
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$ |
87,476 |
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Liabilities and Stockholders' Equity (Deficit) |
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Current liabilities |
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Accounts payable |
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$ |
3,651 |
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$ |
3,080 |
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Accrued liabilities |
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8,234 |
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11,033 |
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Deferred revenue |
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223 |
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961 |
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Current portion of operating lease liabilities |
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1,452 |
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1,364 |
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Current portion of notes payable |
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2 |
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6 |
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Other current liabilities |
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927 |
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992 |
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Total current liabilities |
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14,489 |
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17,436 |
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Non‑current liabilities |
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Long‑term notes payable, net of current portion |
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46,487 |
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47,445 |
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Long-term operating lease liabilities |
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23,669 |
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24,039 |
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Other long-term liabilities |
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860 |
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1,021 |
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Total non‑current liabilities |
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71,016 |
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72,505 |
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Total liabilities |
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85,505 |
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89,941 |
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Commitments and contingencies |
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Stockholders’ equity (deficit) |
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Preferred stock, $0.001 par value, 5,000,000 authorized; |
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— |
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— |
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Common stock, $0.001 par value, 200,000,000 authorized; |
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10 |
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8 |
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Additional paid‑in capital |
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514,677 |
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495,289 |
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Accumulated deficit |
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(505,555 |
) |
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(497,762 |
) |
Total stockholders’ equity (deficit) |
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9,132 |
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(2,465 |
) |
Total liabilities and stockholders’ equity (deficit) |
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$ |
94,637 |
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$ |
87,476 |
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Biodesix, Inc.
Condensed Statements of Operations (unaudited)
(in thousands, except per share data)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Revenues |
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Diagnostic Tests |
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$ |
22,291 |
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$ |
16,316 |
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Development Services |
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3,264 |
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1,642 |
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Total revenues |
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25,555 |
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17,958 |
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Direct costs and expenses |
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4,205 |
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3,703 |
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Research and development |
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3,285 |
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2,870 |
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Sales, marketing, general and administrative |
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24,261 |
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20,448 |
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Impairment loss on intangible assets |
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5 |
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73 |
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Total operating expenses |
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31,756 |
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27,094 |
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Loss from operations |
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(6,201 |
) |
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(9,136 |
) |
Other (expense) income: |
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Interest expense |
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(1,977 |
) |
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(1,685 |
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Change in fair value of warrant liability, net |
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— |
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(378 |
) |
Other income, net |
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385 |
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98 |
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Total other expense |
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(1,592 |
) |
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(1,965 |
) |
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Net loss |
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$ |
(7,793 |
) |
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$ |
(11,101 |
) |
Net loss per share, basic and diluted |
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$ |
(0.81 |
) |
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$ |
(1.52 |
) |
Weighted-average shares outstanding, basic and diluted |
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9,656 |
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|
7,300 |
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Biodesix, Inc.
Reconciliation of Net Loss to Adjusted EBITDA (unaudited)
(in thousands)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Net loss |
$ |
(7,793 |
) |
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$ |
(11,101 |
) |
Interest expense |
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1,977 |
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1,685 |
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Depreciation and amortization |
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1,396 |
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1,440 |
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Share-based compensation expense |
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1,115 |
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|
972 |
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Change in fair value of warrant liability, net |
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— |
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378 |
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Other (income) expense, net |
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(749 |
) |
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|
430 |
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Adjusted EBITDA |
$ |
(4,054 |
) |
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$ |
(6,196 |
) |