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…
Earnings analysis · 10-Q
BDSX earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.81
- Gross margin
- 84%
- Segment
- Diagnostic Tests
- Segment
- Development Services
What stood out
-
Strong Revenue Growth
Total revenue increased by 42% to $25.6 million versus Q1 2025's $17.96 million.
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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%.
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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.
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Development Services Growth
Development Services revenue surged 99% to $3.3 million, reflecting successful contract execution and new agreements.
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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.
What to watch
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Sustained Losses
Despite revenue growth, the company posted a net loss of $7.8 million in Q1 2026, highlighting ongoing profitability challenges.
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Dependency on Payer Reimbursement
Revenue heavily relies on reimbursement from third-party payers; changes in policies may adversely affect future revenues.
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Operational Cost Increases
Operating expenses increased by 18% to $27.6 million, driven by sales and marketing investments to support growth.
Management's outlook
Management expects continued growth in diagnostic testing volumes and payer coverage.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.