Biodesix Q3 revenue rises 10% to $24M; loss narrows
The 2026 revenue range incorporates sales-team expansion and the timing of Development Services contract execution and revenue recognition.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Biodesix (BDSX) reported third-quarter 2026 revenue of $24.0 million, up 10% year over year; Diagnostic Testing revenue rose 16% and test volumes rose 24% to 19,400. Gross margin was 81%, flat year over year. Net loss was $8.0 million, an 8% improvement, and Adjusted EBITDA loss was $3.9 million, a 16% improvement.
Development Services revenue was $1.0 million versus $1.9 million a year earlier, reflecting project completion and revenue-recognition timing. CEO Scott Hutton said growth was below expectations, citing fewer sales representatives than planned, seasonality in primary care and delays in external customer dependencies. Cash and cash equivalents were $28.4 million, down $1.6 million from June 30, 2026; the change included $6.3 million of net proceeds from the at-the-market program.
Biodesix expects 2026 revenue of $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025, and expects gross margins of approximately 80%. A radiomics-based lung nodule test developed with Vanderbilt University and Vanderbilt Health is anticipated to be commercially available in 2028.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue rose 10% to $24.0 million year over year.
- Moderate pointDiagnostic Testing revenue rose 16% and test volume rose 24%.
- Moderate pointNet loss improved 8%; Adjusted EBITDA loss improved 16% year over year.
Negative
- Minor pointDevelopment Services revenue was $1.0 million, down from $1.9 million.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
gross margin financial
molecular residual disease (MRD) medical
radiomics-based test technical
tumor-naïve, methylation-based assay medical
Earnings Snapshot
For full-year 2026, Biodesix expects revenue of $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025, and gross margins of approximately 80%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did BDSX report for the third quarter of 2026?
What is BDSX's 2026 revenue guidance?
When will Biodesix's digital diagnostics lung test be commercially available?
What MRD programs did Biodesix announce?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction |
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(I.R.S. Employer |
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Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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 November 5, 2026, Biodesix, Inc. (the Company) issued a press release announcing the financial and operating results of the Company for the third quarter ended September 30, 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 November 5, 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: November 5, 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 Third Quarter 2026 Results and Highlights
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, CO, November 5, 2026 – 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
Financial Highlights for the Third Quarter 2026
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)
|
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September 30, 2026 |
|
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December 31, 2025 |
|
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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 |
|
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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 |
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Total assets |
|
$ |
93,944 |
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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 |
|
$ |
2,626 |
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$ |
3,080 |
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Accrued liabilities |
|
|
8,505 |
|
|
|
11,033 |
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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 |
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Total current liabilities |
|
|
14,248 |
|
|
|
17,436 |
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Non‑current liabilities |
|
|
|
|
|
|
||
Long‑term notes payable, net of current portion |
|
|
47,146 |
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|
|
47,445 |
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Long-term operating lease liabilities |
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|
23,093 |
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|
|
24,039 |
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Other long-term liabilities |
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|
782 |
|
|
|
1,021 |
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Total non‑current liabilities |
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|
71,021 |
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|
|
72,505 |
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Total liabilities |
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|
85,269 |
|
|
|
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; |
|
|
11 |
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|
|
8 |
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Additional paid‑in capital |
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529,524 |
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|
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495,289 |
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Accumulated deficit |
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|
(520,860 |
) |
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(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)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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||||
Diagnostic Tests |
|
$ |
23,055 |
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$ |
19,835 |
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$ |
70,695 |
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$ |
54,049 |
|
Development Services |
|
|
986 |
|
|
|
1,933 |
|
|
|
5,762 |
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|
|
5,695 |
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Total revenues |
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|
24,041 |
|
|
|
21,768 |
|
|
|
76,457 |
|
|
|
59,744 |
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Direct costs and expenses |
|
|
4,660 |
|
|
|
4,106 |
|
|
|
13,685 |
|
|
|
11,840 |
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Research and development |
|
|
2,994 |
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|
|
2,992 |
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|
|
9,414 |
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|
|
9,131 |
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Sales, marketing, general and administrative |
|
|
22,499 |
|
|
|
21,714 |
|
|
|
71,042 |
|
|
|
64,573 |
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Impairment loss on intangible assets |
|
|
— |
|
|
|
7 |
|
|
|
17 |
|
|
|
106 |
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Total operating expenses |
|
|
30,153 |
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|
|
28,819 |
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|
|
94,158 |
|
|
|
85,650 |
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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 |
) |