BDSX earnings analysis
What we found in BDSX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Biodesix reported a robust Q1 2026, with total revenue reaching $25.6 million, a 42% increase year-over-year driven largely by diagnostic testing. The company's gross margin improved to 84%, supported by higher volumes and better average revenue per test, despite a net loss of $7.8 million, indicating ongoing challenges in profitability but solid revenue growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue increased by 42% to $25.6 million versus Q1 2025's $17.96 million.
- Improved Gross Margin
- Gross margin improved to 84%, up from 81% in the prior year. Excluding a one-time tax recovery, it stands at 82%.
- Diagnostic Testing Surge
- Revenue from diagnostic testing rose by 37% year-over-year to $22.3 million, driven by higher test volumes and average revenue per test.
- Development Services Growth
- Development Services revenue surged 99% to $3.3 million, reflecting successful contract execution and new agreements.
- Reduced Net Loss
- Net loss narrowed to $7.8 million, an improvement of 30% from $11.1 million in Q1 2025.
- Cash Position Strengthened
- Cash and cash equivalents rose 35% to $25.6 million compared to December 31, 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Sustained Losses
- Despite revenue growth, the company posted a net loss of $7.8 million in Q1 2026, highlighting ongoing profitability challenges.
- Dependency on Payer Reimbursement
- Revenue heavily relies on reimbursement from third-party payers; changes in policies may adversely affect future revenues.
- Operational Cost Increases
- Operating expenses increased by 18% to $27.6 million, driven by sales and marketing investments to support growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.81
- Gross margin
- 84%
- Segment
- Diagnostic Tests
- Segment
- Development Services
What they said about what is next.
Management expects continued growth in diagnostic testing volumes and payer coverage.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Biodesix reported full-year 2025 revenue of $88.5 million, up 24% year-over-year, driven by Lung Diagnostic Testing ($79.2M, +22%) and Development Services ($9.3M, +41%). The company expanded gross margin to 81% (from…
- 10-Q · May 13, 2025
- Biodesix reported Q1 revenues of $17.958M (up from $14.818M in Q1 2024), net loss narrowed to $11.101M (EPS -$0.08 vs -$0.14) and gross margin improved to 79.4%. Operating loss remained large at $9.136M (operating…
- 10-Q · November 1, 2024
- Q3 2024 results show revenue of $18.15M (up $4.66M or ~34.6% vs Q3 2023) and reported EPS of -$0.07 (improved from -$0.14 a year ago). Gross margin remained healthy at 77.0% while operating margins stayed negative at…
- 10-Q · August 7, 2024
- Biodesix demonstrated a strong recovery in Q2 2024 with revenue reaching $17.9 million, representing a 51.6% increase from Q2 2023 and surpassing estimates by 10.6%. Gross margin remained solid at 78.4% with a marked…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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